Attract New Business by Creating Personal Connections with Business Partners and Clients

When attracting new business it is wise to build personal relationships with the people you interact with the most, whether it’s a business partner or a potential long term client. While it is important to be focused on the core business issues at hand during a conversation with a business partner or a new client, spending a few minutes to gather some personal information and being conscious of building a personal relationship will ensure that special connections can be made.

While a personal relationship does not always immediately attract new business it can be the difference in closing a deal or getting a business referral later down the road. Leverage your personal relationship in marketing strategies to reach new clients, especially through social media networks such as Facebook, Twitter, and LinkedIn. Focus on the most important details for a person and make them feel special to attract new business through personal relationships.

Details To Capture

During a business meeting there is often personal information that is shared either in the first few minutes before the meeting gets going or during the meeting when used to discuss a specific issue. Be aware of these details and jot them down in your notepad to record later. It’s important when meeting with someone that could be a business partner or long term client to be focused on developing a personal connection. Personal connections not only help you with the business transaction that is on the table at the time, but can assist in attracting new business down the road as well as build your own network of contacts.

The following details are often openly discussed and can be used to make a personal connection:

• Name of spouse – If someone mentions they are planning a birthday or anniversary for their spouse, write that down, if you are still doing business with that person in a year sending a message to say happy anniversary or birthday will be a surprise to them and be something that will help solidify a personal relationship.

• Special Dates – Be aware of any special days that are mentioned as being important to the person and jot this down. Can be a birthday for themselves or the kids, anniversary, or special holidays etc.

• Family names – Write down the names of children and ages also note down any specific activities. If someone mentions one of their kids is playing sports and they will be at a game that weekend, make sure to ask how Jimmy or Sally did in there game that weekend when you talk next. Showing that you care about what is important to them outside of the work environment is really important to create a relationship that is distinguishable from a standard working relationship.

• Favorite Activities – Learning what a person does in their free time gives you a reason to start off the next conversation with a topic that the person enjoys. An example would be if someone mentions that they were out fishing the previous weekend and you are meeting a few weeks later, asking if they got a chance to get out on the water shows you care to understand about what they are passionate about. This is the same if someone mentions they like going to music shows or seeing sporting events, finding out what a person enjoys and bringing it up during the informal parts of a meeting can forge the personal connection that leads to more business later.

Leverage Personal Relationships

Leveraging personal relationships in business to attract new clients is important. Most people that are active in social media and a business professional will have a LinkedIn account. Getting access to someone’s LinkedIn account by allowing them to connect with you is important even if it’s a purely business relationship. However if you can become friends with someone on Facebook the likely hood you can generate more business from them increases as most people are more reserved in who they will friend on Facebook versus LinkedIn. Depending on your business marketing strategy Facebook can be effective, but only if you have the friends that are the right people that can actually either act on the business opportunity or have people as friends that would make a business referral.

Getting your personal relationships to help attract new business for your business is the ultimate goal of spending the time necessary to build real relationships with people versus superficial ones or business only connections.

Christian Fea is CEO of Synertegic, Inc. A Joint Venture Marketing firm. He exemplifies how to profit from Joint Venture relationships by creating profit centers with minimal risk and maximum profitability.

Discover more Joint Venture Marketing Strategies join his free report on Joint Venture Marketing.

What Should Be In Your Business Partner Training Binder?

When forming a new joint venture marketing partnership it’s always a good idea to put together a training binder that has information about your company, the products and services the business provides and key details that are relevant to the business partnership. Training a business partner to execute the partnership in the right manner is critical to successfully finding new clients. Here’s a short overview of the standard documents that should be included in a binder that is provided to your business partner.

A binder that is provided to key executives and the one that is handed off to a person that is just involved in one element of a business partnership should be adjusted accordingly, however it is important that key individuals have a clear understanding of your business and the details of the relationship.

Binder Documents

• Executives should have a copy of the partnership agreement included in the binder.

• List of contacts based on role within partnership. It is always good to have at least two contacts for each vital link inside of a business partnership in order to resolve critical problems when needed.

• Current and future co-marketing campaign budgets should be included depending upon recipient.

• Flow charts for exchange of data, client information, client referrals, sales information, customer service requests and any other specific part of business transactions that occur based on the joint venture. Only include what each party requires.

• Company information, basic overview of company.

• Product and Services information. In depth information about the company’s product and services, pricing, etc.

• Incentives. Depending on the role within the company each joint venture partnership should include bonus incentives for employees that perform and excel in their roles of executing a successful partnership. For sales organizations this may already be included however; other positions that require additional work to perform the new duties should experience rewards of a successful business venture as well.

• Additional document. Depending on the businesses involved there may be additional information that companies wish to share with each other including demographic data, client information, and many more details.

Be sure to use a cloud based document storage service and keep a copy of your training binder available for all parties that require it.

The training binder is intended to serve the purpose of reinforcing the partnership agreement and act as an implementation tool for kick starting the business relationship. When distributing the binder to the appropriate people there should also be a timeline of when activities will begin and the flow charts will be followed. Create a visually appealing template that can be used for that specific partnership and any new clients or businesses that join the partnership in the future. Take the time necessary to clearly write out the details needed in the training binder and the chances for success will increase.

A well trained business partner will understand your business thoroughly and be able to sell your company and its products or services to new clients, which is ultimately the point in creating a joint venture marketing relationship in the first place. A well trained sales team that has been provided the right information will always deliver better results than the sales team that is given minimal or incomplete information and asked to educate themselves concerning the company’s products and services. By training your partners in a consistent manner, even when personnel change occurs during the course of the partnership and it will continue to remain productive and profitable due to the core training you have in place.

Christian Fea is CEO of Synertegic, Inc. A Joint Venture Marketing firm. He exemplifies how to profit from Joint Venture relationships by creating profit centers with minimal risk and maximum profitability.

Discover more Joint Venture Marketing Strategies join his free report on Joint Venture Marketing.

Find new clients by hosting seminars – Sample Agenda and Tips

joint venture marketing

Setting up a business seminar is an excellent way to find new clients, but it is important to make sure the event is well run and provides a lot of value to the attendees to increase the likelihood the event can be a catalyst for not only finding new clients but for closing deals. A business seminar should have a few core characteristics in order to be a success for all those participating as well as drive interest from others across social media websites. An informative topic that is related to the industry is critical as well as providing networking opportunities amongst the participants. Serving refreshments or a meal is always appreciated by business people that take time away to attend an event.

Luncheon seminars can work very well for business people as lunch is often a time for meeting with people or is a time that’s more flexible for most individuals. This can also be the case with morning events and dinners however many people have more obligations in the evening due to family commitments with kids in the evenings and should be considered depending on the target audience for the seminar.

A sample schedule of a short business luncheon seminar:

11:30 Registration / Name Badges

• Networking
• Lunch should be available
• Any handouts / presentation should be placed at the tables

12:00 Noon start the seminar

• First 5 minutes should be for introduction / speaker background
• Mention ways to learn more about speakers company

15 – 25 minutes Presentation about the topic

• The presentation can go longer if the topic is less likely to have a need for interaction with the audience, but no longer than 45 minutes.

5-15 minutes for questions and answers

End by 1PM

• Reserve the space with the location for at least up to 30 minutes of post seminar networking and interactions with the speaker and attendees.
• An additional 30 minutes should also be planned for breaking down equipment, marketing collateral, etc. Do not do this until at least a majority of the guests have left the facility.

While this is a sample short seminar it fits with many busy business peoples schedules and a lot of information can be delivered and connections created. It is recommended to always have additional team members on site for networking with the attendees so the speaker does not feel required to try and meet everyone if the group is a larger one.

Of course seminars can be developed that take up an entire morning or afternoon or even a whole day depending on the topic and frequency of the seminars but short luncheon seminars are a great way to put a face to a name and begin developing relationships with potential clients.

Good items to serve

• Sandwiches
• Pizza
• Fruit / Cheese / Cracker platter
• Breakfast items like Bagels, Muffins, etc.
• Always have a vegetarian option available.

Bad items to serve

• Soup
• Pasta with sauce
• Foods that can potential spill or not easily eaten by holding in a single hand.

Always serve bottled water regardless the time of the event and then adjust other beverages accordingly. Some sodas are usually desired at a luncheon seminar, but also have an alternative such as a juice. If all that is served is bottled water it will still be fine and can be easier to plan and execute if you are setting up the seminar without utilizing outside catering.

Use an online website like Meetup.com or Eventful.com to assist in marketing the event as well as tracking the number of attendees and potential attendees. This is very helpful when deciding on how much food and drink to order. If attendees will be paying to attend the meeting then setting up a payment process through PayPal generally is the easiest method.

Have fun hosting a group of business people for a seminar and if it goes well you will develop relationships with new clients. A regular schedule of seminars can really help establish a new company in an industry and is an awesome platform to use to separate oneself from the existing market.

christian fea is CEO of Synertegic, Inc. A joint venture marketing firm. He exemplifies how to profit from Joint Venture relationships by creating profit centers with minimal risk and maximum profitability.

Discover more joint venture marketing Strategies join his free report on joint venture marketing.

joint venture marketing

Find More Clients Being Active in Local Business Communities

Small business owners can find more clients by becoming active members in the local business community, whether by joining a local business chamber of commerce or through industry groups, or just attending business social events and local trade shows. By interacting with local businesses a small business owner has the best chance at locating companies that can be excellent joint venture partners that are currently servicing their exact demographic. The following, highlights a few of the most important aspects of developing joint ventures through participation at local business community events.

Find Industry Groups / Business Owner Gatherings

Determining the type of companies and people that are required to develop the relationships needed to create successful joint ventures is the first thing required before identifying where to meet them. There are lots of places to find information about local business groups and trade shows for industry groups. A few Google searches for trade shows and a specific location will result in lists of venues and upcoming events. Attend relevant events that would be interesting for pursuing companies and individuals of interest to your business. One good source for finding local events is Meetup.com where there are plenty of business / entrepreneur focused groups where business owners get together to talk about business topics as well as industry groups that are interested in a specific niche, like software developers that get together to talk about industry topics.

Develop Relationships with Business Decision Makers

When at business functions and events as a small business owner it is best to focus energies on meeting and spending time talking with individuals that are decision makers. At business events and trade shows time can be wasted interacting with a sales rep that is just looking for sales opportunities. This can be good if there is an existing customer base for your business that aligns with their product or service, but if the desire is to locate new existing customers for a business through joint ventures, spending time with executive management is key and it’s best to avoid the typical sales rep just pitching products and services.

Establish Joint Venture Partnerships with Local Businesses

Reaching out to local businesses to become joint venture partners is a proven way to find more clients in a specific region. For most small business owners the focus is on servicing the local community with a product or service and so developing partners with other local businesses can quickly expand brand awareness to the right demographic of customers. Local business owners will be easier to develop relationships with regardless if a business is planning on only servicing a local region or planning an eventual national or global launch. It’s important that each joint venture is successful to build momentum in the market and maintaining strong communication between partners is more easily done when decision makers for each business are close enough to meet in person.

Don’t Sell – Find Champions Who Sell

When meeting business executives and business decision makers it is important to not spend lots of time selling a product or service, instead develop relationships with others that can become a champion for your product or service to their existing customer base which will lead to your business finding more clients. Build a personal relationship first even though attending business related functions, the business part will always come, but learn the kids and spouse’s names and other details through the conversation to be used in later conversations to develop a personal relationship with a potential business partner. By the time a partnership agreement is on the table and discussions about how to implement the marketing strategies for promoting the joint venture the terms will always be more favorable than if approaching joint venture partnerships from a strictly business perspective when dealing with local business owners.

Find more clients locally by becoming engaged with local business activities such as small business owner events, chambers of commerce, and other business related activities such as industry trade shows. These venues provide the capability to meet with local business decision makers and find individuals that can help really drive a successful joint venture marketing partnership for the long term.

Christian Fea is CEO of Synertegic, Inc. A Joint Venture Marketing firm. He exemplifies how to profit from Joint Venture relationships by creating profit centers with minimal risk and maximum profitability.

Discover more Joint Venture Marketing Strategies join his free report on Joint Venture Marketing.

Reasons for Joint Ventures During Uncertain Economic Times

When the economy is in a downturn there are several really good reasons for joint ventures as a way for a struggling company to get the little extra business required to stay afloat and live to do business another day. Joint ventures provide many opportunities for companies to grow into new markets, extract additional revenue from their existing client base, and develop a strong network of other businesses that can be relied upon for supporting their customers to ensure a high level of customer retention. During tough times people do not spend as quickly or freely as during good times and so it’s very important to do everything possible to service existing customers and make it as comfortable as possible for new customers to try a product or service for the first time.

Develop New Customer Acquisition Strategies

One of the best reasons for a joint venture during a time of economic uncertainty is the potential to acquire new customers. Acquiring a customer is expensive and time consuming and the beauty of joint venture marketing partnerships is the potential to market to a partners existing customer base a product or service. Gaining access to customer lists or the capability to have a logo and company description sent out from a V.P. of Sales to existing customers can be a make it or break it opportunity for a small business in a tough economy. If a product or service your company is selling fits well with a partners existing offering you might receive new sales and never have to touch the customer because the partner is handling all of the customer facing activities and delivering your product or service to them directly.

Earn Additional Revenue

Earning additional revenue from an existing client base is an excellent reason for joint venture marketing relationships to be established with companies seeking to market to the demographic of existing customers. During tough economic times companies might be willing to negotiate better referral fees and percentages of revenue for each closed sales lead increasing the value of the partnership. Most small businesses are not servicing their customer’s entire needs and so it’s easy to identify at least 3 or 4 great potential partnerships that could support customers’ needs and put money in the company’s pockets simply for making products and services available to the company’s customers.

Create a Strong Web of Support

It is vital to create strong network of partners during a tough economy. It’s important to remain active pursuing the best and most attractive joint venture opportunities. Companies do fail during bad economies and so it is imperative that if a business has an important joint venture partner that is supporting its clients and putting money in its bank account that there is a backup plan in case a partner goes out of business. While it may not be the number one reason to continue to pursuing joint ventures during tough times, if a company that your business has a relationship with fails, it’s important to be able to quickly replace them with a new partner and promptly provide customers the confidence needed to not jump ship. Failing to not have a backup plan in place for servicing client requirements that are supported by joint venture partners is a big problem, but can be resolved by creating a strong network of associates and even partners that are in place, but not yet fully active.

There are many good reasons for joint venture marketing in a tough economy as well as during good times. Focus on developing strong JV partners to limit potential risks that may occur during a down economy and make sure to continue to track down new opportunities. Every joint venture partner is a new potential channel to acquire fresh customers and at the same time is an opportunity to gain additional revenue from an existing customer base.

Christian Fea is CEO of Synertegic, Inc. A Joint Venture Marketing firm. He exemplifies how to profit from Joint Venture relationships by creating profit centers with minimal risk and maximum profitability.

To discover more Joint Venture Marketing Strategies join his free report on Joint Venture Marketing.

How To Increase Your Wealth Through Joint Ventures

How to increase your wealth is probably one of the most asked questions in the world. The challenge is there are no guaranteed answers for success. Progress depends on your capabilities, education, efforts and opportunities. The potential to increase your wealth on your own is one thing, finding a partner for a joint venture agreement opens up an entirely different pathway.

A joint venture is a business agreement, and the parties are all about contributed equity. In other words what do you bring to the table? So, where do you start when asking how to increase your wealth through joint ventures? Here are a few steps to consider:

Choose the right partner

This is often the hardest part, as the first step is generally the biggest challenge. Everybody will guarantee you the best deal and easy money, but do not fall for it. Carefully consider what your future partner is offering that balances out your areas of weakness. Choose wrong and you can fall further behind the curve because of wasted time and other resources.

Before you even approach someone or respond to a joint venture partnership offer, learn all you can about the individual or organization. Try to discover:

• How well is their business performing?
• What is their motivation for the partnership?
• Are they open to the idea of collaboration?
• Do you have the same business goals?
• What is their reputation in the marketplace?
• What does their financial background look like?

Sharing information and technology

If you want this to work, both sides must act as one. The joint venture partners need full access to technology and financial reports essential for the endeavor. While you need to have a strong working relationship, do not let your guard down as it relates to financial reporting. It is especially relevant to keep track of any business moves, no matter how insignificant they may seem. You should share all relevant information with your joint venture partner, and demand they do the same to avoid surprises down the road.

Take advantage of your partnership

Of course, in a good way! In today’s economy, it’s a challenge for small businesses to survive alone. Withholding key business information can hinder the success of the endeavor. Share market insights, marketing tools and customer contacts where relevant to the success of your joint venture. A partnership can also save you money by eliminating new employee hiring costs. If you attempted to expand on your own when creating new products or services, new staff is often a significant part of the investment costs. Reducing your expenses is an effective answer to the dilemma of how to increase your wealth.

The capacity

Let’s face it some businesses never reach the top on their own. It doesn’t always mean they’re not smart enough but having the right resources could have made the difference. A joint venture partner can help your business grow efficiently and cost effectively. Otherwise you may be full of exciting ideas, but with limited resources, those ideas will never come to life.

Entering a joint venture may be a tough decision, but it is worth taking a chance. Thousands of companies have found JV partnerships are an effective way to answer the question of “how to increase your wealth”. However, in order to achieve success and avoid risky situations, it’s necessary to define the process and take it one step at a time.

Christian Fea is CEO of Synertegic, Inc. A Joint Venture Marketing firm. He exemplifies how to profit from Joint Venture relationships by creating profit centers with minimal risk and maximum profitability.

To discover more Joint Venture Marketing Strategies join his free report on Joint Venture Marketing.

Defining the Relationship in a Joint Venture Marketing Plan

Business is all about developing relationships and forming partnerships to get your business off the ground. A poorly planned joint venture is destined to fail from the very start. One way to ensure this doesn’t happen is to create a joint venture agreement that is aligned with the goals of your JV.

Reciprocal

Reciprocity is very simple. If you’re good to your partner and create revenue for them, they’ll want to reciprocate. The referral mechanism for a reciprocal agreement could be as easy as displaying your partner’s business cards or adding its logo to your marketing materials. You are basically saying you give your partner’s company your stamp of approval. Think about how your pediatrician can recommend a good nutritionist for your kids, or how many Wal-Mart locations have a McDonald’s inside the store; this is reciprocity at work.

In mid-July, American Airlines, British Airways and Iberia were finally able to announce their joint venture. The European Commission had approved their partnership which allowed them to expand their code sharing. The companies were able to sell their partners’ flights under their own name and flight number. This venture gives American Airlines more cities to sell flights to and from Europe.  British Airways and Iberia would be able to use American Airlines extensive network in Canada, Mexico, the United States and South America. This is an example of a multi-national company successfully designing a reciprocal relationship that should fit the needs of both organizations. However, small local companies can do the same.

Profit Sharing

Profit sharing also means risk sharing. When you decide to choose a profit sharing joint venture, you’re also agreeing to share half the risk and half the potential losses. To avoid confusion the contract must clearly state that both companies are equal partners. All profits, risks and loses are shared equally between you and your joint venture partners.

Delta Airlines and Air France/KLM put together a $12 million per year profit-sharing venture which would allow the companies to become a single carrier on North Atlantic routes. This offer also extends to a previous venture between Northwest and KLM which has been in place since 1997. This is the most advanced model of successful international of airline cooperation. The benefit to customers and the businesses are paramount. Where can you form a joint venture marketing agreement with a local partner that will answer the needs of your customers?

The Best of Both Worlds

Recently SkyWest and Virgin Blue Group signed a 10-year joint venture agreement which will provide Australia with up to 18 Virgin Blue-branded aircraft. This venture makes it possible for SkyWest and Virgin Blue to operate at a number of existing and new destinations in Australia.

If both reciprocal and profit-sharing agreements seem like a good option for your business, you’re in luck because a joint venture marketing agreement is completely customizable. All you have to do is put what you want in writing to be presented to your potential partner at negotiations. You may have to make some compromises, but that’s the case in most business partnerships.

Christian Fea is CEO of Synertegic, Inc. A Joint Venture Marketing firm. He exemplifies how to profit from Joint Venture relationships by creating profit centers with minimal risk and maximum profitability.

To discover more Joint Venture Marketing Strategies join his free report on Joint Venture Marketing.

In Joint Venture Marketing the Who and What Remain Important

Since the late 1800s, joint ventures have been a common practice for businesses. The railroad industry was the first to make use of this strategy to expand its reach and profits. By the middle of the 20^th century, the manufacturing industry was dominated by joint ventures. Today they are wide spread and used in almost all types of business. To successfully develop a joint venture marketing relationship it’s important to identify your target market and the goals for your joint venture.

Target Audience

Before starting negotiations and well before you sign the agreement contract, you need to ask yourself; “who is my target market”. To make a joint venture successful, both partners should have similar target markets but not exactly the same, as you’ll want each company to be able to expand the reach and profits of their business.

According to a July 25^th 2011 press release, the Dow Chemical Co. and the Saudi Arabian Oil Co. announced their plans to proceed with plans to build a $20 million chemical complex. The new venture, Sadara Chemical Co. now promises to be the largest chemical facility ever built to date. Separately these two companies reach millions and earn significant profits but together they substantially expand their resources and increase efficiency making them even more profitable.

Reaching the Audience

With your target market identified, take some time to get to know each other. Do not assume you know your potential customer. Assumptions will only lead to misplaced advertising, promotions and pricing that may not reach your target market. By asking consumers simple questions, you can find out useful and important information. Have your customers fill out short surveys with demographic data and offer a coupon or discount for completing the survey.

Venture Goals

The ultimate goal of any joint venture is to generate more revenue without having to spend more money on advertising, research and product development. Other goals for your JV might be, expanding your target market to include consumers who were previously unaware of your products or services or maybe you envision taking your business globally for cheaper manufacturing and development by combining resources with your JV partner to form a new business.

Omega Navigation Enterprises Inc., an international provider of marine transportation developed a partnership with Topely Corporation to form a joint venture company named Megacore Shipping. The two companies bring what they do best to the relationship, while helping each other in ways that traditionally cost them more money than their areas of expertise. Sharing resources and industry knowledge through a joint venture is one way even small businesses can boost their bottom line with the right marketing partnership.

Profits and Cost

At the bottom line of any business venture, big or small is revenue. Companies join forces to improve their bottom line without taking a big bite out of their profits. A joint venture offers the ability to make more and spend less for everyone involved, whether they are large and well-established corporations or small businesses just starting out. If executed properly, both companies will increase their revenue more so than they ever could on their own.

Christian Fea is CEO of Synertegic, Inc. A Joint Venture Marketing firm. He exemplifies how to profit from Joint Venture relationships by creating profit centers with minimal risk and maximum profitability.

To discover more Joint Venture Marketing Strategies join his free report on Joint Venture Marketing.

Effectively Using Joint Venture Marketing to Grow Your Business

During the 1950s, Simplot researchers developed a method to freeze french fries, and the new engine that would propel the J.R. Simplot Company’s growth. Simplot, once a very small business with only a potatoes sorter, made great gains in the 1960s. During that decade, the company developed a partnership with Ray Kroc, a fast-food operator who became the single most important person in Simplot’s business dealings. The fast-food chain Kroc founded was none other than McDonald’s, which had a nearly insatiable need for the frozen french fries first developed by the J.R. Simplot Company a decade earlier. Simplot would go on to become the single largest supplier of frozen french fries to the massive hamburger chain.

Right Partner with the Right Connections

Having the right partner in a joint venture can effectively grow your business. If your company partners with another company that has a diversified consumer base than your own, you will able to beat your competition by selling to a larger target audience. You may be able to use your venture partner’s customer database to market your product, or offer your partner’s services and products to your existing customers. Your company can exchange endorsements with your partners companies, which will be featured in newspapers, on the Internet or on television. When entering into a joint venture marketing agreement with a reputable company, you will add more credibility to your business and gain potential customers’ trust in your company and products or services.

Building on their success in the past with join ventures, in July 2009, the J. R. Simplot Company and Agri-Trend Data Corp. announced a new joint-venture company called U.S. Agri-Data Solutions LLC (USADS) to deliver their proprietary Agri-Data Solution NetWare platform to agricultural producers and processors in the United States.

Shared Expenses, Greater Profit

Joint ventures often enable growth without having to borrow funds or to look for outside investors. When having a partner to share expenses with it will help your business grow faster, increase productivity and generate greater profits. A successful joint venture can offer access to new markets and distribution network, increase capacity, sharing of risks and costs with a partner.

In 2003, the Simplot opened a new state-of-the-art French fry plant in Manitoba in order to capitalize on the economic advantages the region had to offer, including the lucrative exchange rate between the U.S. and Canadian dollars.

Better Research and Development

An effective joint venture allows access to better research and development because the two companies can pool their resources in those areas which means less outsourcing while still enjoying a significant reduction in expenses. When developing a product or marketing and existing product, research and time put into a product means a better product. Better product development means your company will not have as many returns of the product from retailers or customers, in short more profit for your venture.

Christian Fea is CEO of Synertegic, Inc. A Joint Venture Marketing firm. He exemplifies how to profit from Joint Venture relationships by creating profit centers with minimal risk and maximum profitability.

To discover more Joint Venture Marketing Strategies join his free report on Joint Venture Marketing.

Good Business Decisions That Make A Joint Venture Partnership Work

Nearly 70 percent of all joint venture partnerships fail for a variety of reasons ranging from starting off on the wrong foot, to complex ideology issues. Not every venture can be a success as there are risks involved with any business opportunity. However; with some basic steps in place during startup and a little preparation you’ll be well on your way to creating your first successful joint venture marketing campaign.

Smart Decisions

Many joint venture mistakes are made out of desperation by businesses that need additional capital or some other kind of resource to launch their new product or service. Picking the wrong partner can be worse than having no help at all, so it’s important that a company knows what to look for when choosing the ideal JV partner. Finding a partner who is targeting the same audience as yours is a good start. Researching their past joint ventures is also a good idea. If possible, learn if they’ve had other failed attempts and why they failed. Always keep in mind a good JV marketing partnership is one where both companies can equally extend their reach and increase their profits.

Leadership and Agreements

Another common reason joint ventures fail is improper leadership. When a company drafts a joint venture marketing agreement, they need to make sure the leadership roles of the venture are clearly defined. Without proper leadership, a joint venture will fail the same as any other business venture. In a perfect agreement, both companies bring valuable resources to the table. Smaller businesses usually have far less margin for error than multinational corporations do, or even mid-sized companies. Some experts recommend business owners consider joint venture marketing with another company to launch a small idea first. Such small projects will allow companies to test the relationship without committing large amounts of money or resources.

Product Detail

A company needs to have a valuable product or service that will generate profits. If the product or service is not strong, ROI will not be high because it’s not worth what the consumer paid for it, which in-turn will cut into the company’s profits. This will also weaken the joint venture partnership due to lack of profit and a bad reputation for all companies involved. Make sure a well thought out and researched product or service is marketed to avoid inevitable failure.

Christian Fea is CEO of Synertegic, Inc. A Joint Venture Marketing firm. He exemplifies how to profit from Joint Venture relationships by creating profit centers with minimal risk and maximum profitability.

To discover more Joint Venture Marketing Strategies join his free report on Joint Venture Marketing.

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