What Has Networking Got To Do With Joint Ventures?Written by Habiba Abubakar
What has networking got to do with joint ventures? “PLENTY” is short answer to this question.
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.
Before joining organizations or associations in your markets, do your homework to identify which ones are most likely to produce results aligned with your business goals. Make sure you keep in close contact with those in your network. Send thank you cards, meet for lunch, make brief phone calls, remember birthdays, and ask them to subscribe to your newsletter.
Five Joint Venture Marketing Skills A Small Business Owner Must HaveWritten by Habiba Abubakar
Joint venture marketing is a lucrative way of leveraging assets of two or more businesses. It is fastest way for businesses to achieve certain business goals and benefit their clients at same time.
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”
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 present joint venture in best possible light. Creativity comes in handy when creating irresistible offers and proposals, when deciding compensation plan, and during negotiation phase.