Doing what you do best - and only what you do best - is the
ideal situation for everyone. For example, if you make an
excellent widget, then you want to keep perfecting those
widgets, not deal with the online sales and shipping of
your widgets. Or, if you are a writer of children's
books, you want to focus on the illustration - not on the
distribution and marketing of your books.
Obviously, sales and marketing are still very serious needs
that must be met in order for you to even have a company.
Thus, other people have found these needs and are willing
to fill them - if you let them do so. Makers of widgets
can hire companies to process all of their orders, ship the
widgets, and even handle the widget company's customer
service in its totality. Children's book authors work with
agents who create marketing campaigns for publication.
These types of partnerships are joint ventures in which
both companies win.
Focus on your expertise
The first step in forming this type of joint venture is
determining what you do best. If it is a product you
provide or an excellent service, you need to pin down how
your time is best spent.
Then figure out what part of your company you would like
someone else to handle. It could be as small as having an
outside company do your payroll, or as large as forming a
joint venture for your future advertising campaigns.
Forming a joint venture for a small or large part of what
you are doing now will allow you to focus on creating and
improving upon what you already do.
Seeking out joint venture partnerships
On the other end of the spectrum, if you are an excellent
sales and marketing professional, you might want to seek
out a company that has synergies with your business. If
you love their widgets, then propose a joint venture
marketing campaign that will propel both of you into the
forefront of the target audience. Or, if you find a great
children's book author and you sell children's toys, then
you can propose a joint venture email campaign.
The most important aspect in forming a joint venture in
your belief in what you do. If we are honest, we all know
there is something in which we excel. Indeed, we may have
become good at many things, but chances are we all have a
special skill or talent.
If you can discover your specialized talent, then you will
see where others are not as talented in that area.
Actually, you are likely to find people that despise doing
what you love to do, and vice-versa. This is a great
thing! The beauty of a joint venture is that your
strengths are the other partner's weaknesses, and
vice-versa. This helps you create a marketing campaign or
business strategy that is more powerful than your
individual efforts. Finding the synergies and
capitalizing upon those differences in a joint venture can
take your business to the next level.
----------------------------------------------------
Christian Fea is CEO of Synertegic, Inc. A strategic
Collaboration Marketing consulting firm. He empowers
business owners to discover and implement Integration,
Alliance, and Joint Venture marketing tactics to solve
specific business challenges. He demonstrates how to create
your own Collaboration Marketing Strategy to increase your
sales, conversation rates, and repeat business.
Contact: christian@christianfea.com
http://www.christianfea.com
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