1-2-3 Steps To A Successful Joint Venture

Written by Habiba Abubakar

A successful joint venture marketing effort isrepparttar goal of many small businesses, and is a great way to increase market visibility and profits.

Joint venture marketing is rising in popularity everyday, but it does take some skill, good planning and foresight to execute. Here arerepparttar 145081 steps a business owner should take to be successful in this arena… 1.Write down your goals and desired outcome

Be sure to have specific, measurable and action-oriented goals for your joint venture, along with a realistic time frame for their execution. These should be written down and easily accessible so that you can refer to them when implementing your action plan.

2.Analyzerepparttar 145082 target market you want to reach

Begin by reviewing your current clientele, then choosingrepparttar 145083 clientele you want to attract. Analyze your target market for buying habits, marketing trends, etc. Brainstorm other products and services used by your target market and determine whether there’s synergy with what you offer.

3.Identify potential partners who already serve this clientele

Think of potential partners that have influence and credibility with your target market. Remember that your network of business associates, suppliers, family and friends may be a good fit or can introduce you to prospective partners. Create a list of potential partners that offerrepparttar 145084 best expansion opportunities, and haverepparttar 145085 most desirable client base.

4.Determine your joint venture format

Do you want to offer a profit sharing format, or a reciprocal arrangement, or both? If you choose to pay your partner a percentage ofrepparttar 145086 profits, then you will pay them a specific amount or percentage for each new client they send your way. If you choose a reciprocal arrangement, then you will systematically send clients to each other. Think of something that is of high perceived value to offerrepparttar 145087 clients.

5.Determine your budget

It goes without saying that you should control costs fromrepparttar 145088 beginning of a project. That means you need to sit down atrepparttar 145089 start and list every item that’s required to carry outrepparttar 145090 joint venture.

The Most Powerful Marketing Strategy Available To Small Businesses

Written by Habiba Abubakar

Most small business owners want to generate huge profits, with little effort and inrepparttar least amount of time. If you fall into this category then joint venture marketing isrepparttar 145080 fastest, easiest and most profitable way to do that. Joint venture marketing involves two or more businesses combining their resources to work towards a common goal, and create a win-win situation for all parties involved. It’s about partnering with another business to leverage on resources that your small business wouldn’t otherwise have.

While it appears to be more popular with online businesses, joint venture marketing is still implemented by offline businesses, and it certainly works just as well inrepparttar 145081 offline world. In fact, one ofrepparttar 145082 reasons why many industry giants like Southwest Airlines are so successful is because they implement joint ventures.

Doing joint ventures has many benefits, but I’ll focus onrepparttar 145083 top seven benefits for small business owners.

Here are seven reasons why joint ventures arerepparttar 145084 most powerful marketing strategy available to any business, and why every small business should be doing joint ventures:

1.You’ll pay for results only.

When you place an ad or you rent names for a direct mail campaign, you still payrepparttar 145085 publication or list broker, whether you generate responses or not. With joint ventures, you only give your joint venture partner a cut ofrepparttar 145086 profits based onrepparttar 145087 sales made as a result ofrepparttar 145088 joint venture. If no sale is made then your joint venture partner gets nothing. That eliminates potential losses. How’s that for low-cost marketing?

2.You’ll increase credibility.

Your joint venture partner probably spent years building a good reputation within their industry. They therefore have influence and credibility with their clients. By partnering with them, you’ll be tapping into this resource. You can piggyback on your joint venture partner’s credibility and shine in their glow.

3.You’ll be adding value and getting more profits.

By endorsing products and services of great quality, you’re creating new, hassle-free profit outlets for your small business. You’ll also be offering your client base a larger variety of products and services. This means you’ll be adding value to what you already offer, and increasing your profits atrepparttar 145089 same time.

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