Five Joint Venture Marketing Skills A Small Business Owner Must Have

Written by Habiba Abubakar

Joint venture marketing is a lucrative way of leveragingrepparttar assets of two or more businesses. It isrepparttar 145075 fastest way for businesses to achieve certain business goals and benefit their clients atrepparttar 145076 same time.

Forrepparttar 145077 joint venture partners, this usually translates into more visibility, more clients and more profits than they could create on their own. Forrepparttar 145078 clients,repparttar 145079 benefits include saving time, saving money and getting added value fromrepparttar 145080 businesses. These arerepparttar 145081 reasons behindrepparttar 145082 popularity of joint ventures.

For any joint venture project to be successful,repparttar 145083 partners must possess certain skills that are required to chooserepparttar 145084 right deal,repparttar 145085 right partners, and to promoterepparttar 145086 project effectively. I’ve outlined a basic skill set consisting ofrepparttar 145087 five most important attributes below:

1.The ability to nurture client relationships

People buy only from those that they know, like and trust. You must therefore keep in touch with your clients on a regular basis in order to nurture your relationship with them and turn them into loyal clients. Apart from earning their trust, this will also enable you to determine what offers they’ll respond to and when to offer a certain product or service. Without a loyal client base,repparttar 145088 response rate will be very low when you endorse a product or service.

2.Creativity, andrepparttar 145089 ability to “think outsiderepparttar 145090 box”

Every new joint venture project that you initiate will be different, and therefore deserves a different approach. The ability to apply fresh new ideas is very important in making sure you presentrepparttar 145091 joint venture inrepparttar 145092 best possible light. Creativity comes in handy when creating irresistible offers and proposals, when decidingrepparttar 145093 compensation plan, and duringrepparttar 145094 negotiation phase.

Five Most Common Mistaken Beliefs About Joint Venture Marketing

Written by Habiba Abubakar

Apart from beingrepparttar fastest, easiest, and most profitable strategy for attracting clients and boosting profits in any small business, there are so many other advantages of joint venture marketing for all parties involved. So, why aren’t all small business owners implementing joint ventures?

Here’s a partial list ofrepparttar 145074 most common mistaken beliefs about joint venture marketing. I’ve pickedrepparttar 145075 top five to shorten your reading time, but you can listen to more mistaken beliefs when you tune in to hear me being interviewed by Doug Hudiburg at

Mistaken Belief #1: That There’s A High Risk Of Losing Money.

If you’re like most small business owners, thenrepparttar 145076 fear of losing money is inevitable because you’re probably on a shoestring budget to start with. However, you can’t lose money when you’re paying for results only. You only pay out a commission when your joint venture partners’ clients buy from you. So, you actually getrepparttar 145077 revenue before incurringrepparttar 145078 expense.

The only other pre-sale expenses are production costs and printing/postage costs for letters, coupons or vouchers. Whether you do joint ventures or not, these are costs you’ll incur anyway, because you’ll need those coupons or vouchers for other marketing tactics. So,repparttar 145079 belief that there’s a high risk of losing money is misplaced.

Mistaken Belief #2: That You’ll Lose Your Clients.

Your clients will purchase other products and services whether you like it or not. So, it would do your business good to recommend what they purchase and make a profit from it.

In fact, recommending high-quality products and services to your clients will strengthen your relationship with them. How? Firstly, you’re shortening their decision-making process by saving themrepparttar 145080 time they’ll otherwise spend on finding and trying out those products and services. Secondly, by arranging exclusive discounts and bonuses, you’re saving them money. By saving them time and money, you’re adding value to what you already offer your clients, and this will therefore strengthen your client relationships.

Mistaken Belief #3: That Doing Joint Ventures Will Eat Your Profits

Most small business owners would rather struggle to get clients, and get mediocre profits at best, instead of sharingrepparttar 145081 profits with a joint venture partner that sends clients their way.

They don’t realize that joint venturing actually eliminatesrepparttar 145082 risk of wasting money. For example, when you pay for an advert, you have no clue whether it will generate responses or not. So, you’ll lose money ifrepparttar 145083 ad fails.

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