Networking is a very important element of joint venture marketing because more you network, more you meet potential partners and build relationships that lead to profitable joint ventures.

Your network of business associates, vendors, family and friends, plays a big part when it comes to implementing your joint venture marketing strategy. This is because most successful partnerships are with people you know, like and trust, and vice versa.

Of course, many profitable joint ventures have taken place between partners that have not known each other for long, but any “cold” contact you meet would need time to evaluate your character and your business, before committing to a partnership with you. Sometimes this could take a few weeks, and other times it may take up to a year.

For joint venture partners, this usually translates into more visibility, more clients and more profits than they could create on their own. For clients, benefits include saving time, saving money and getting added value from businesses. These are reasons behind popularity of joint ventures.

For any joint venture project to be successful, partners must possess certain skills that are required to choose right deal, right partners, and to promote project effectively. I’ve outlined a basic skill set consisting of 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, response rate will be very low when you endorse a product or service.

2.Creativity, and ability to “think outside box”