As an entrepreneur and business owner, it's a given that
you are constantly thinking of ways to grow your business
and increase your profits. Joint venturing is a great way
to do just that. However, many times business owners
approach the concept of the joint venture with a "what's in
it for me attitude," as opposed to taking a look at what's
in it for the potential joint venture partner.
Approaching a joint venture opportunity from this other
person's perspective can be a great way to open doors for
future joint venture opportunities. Your ability to
successfully expose your joint venture partner's product or
service to your network makes you a valuable asset to their
company. Combine that with word-of-mouth marketing, and
you will have other companies coming to you to propose
joint venture ideas. So think about providing "the other
guy" with a fantastic joint venture experience, knowing
that your efforts on the front end will reap great rewards
down the road.
Once you've proven yourself in several situations, you may
find that more opportunities for larger joint ventures come
your way. Successful people tend to create more success.
Joint ventures are intended to create marketing synergies
that allow monies, ideas, and market share to grow. The
more valuable you are in creating a winning joint venture
for your partners, the more valuable you'll be when it
comes time for future joint ventures. Think about what you
can bring to the table and how you can best benefit your
joint venture partners.
For instance, one small business owner recognized that
there was a product that would do very well in salon, and
that the product was not being offered by any other salon
in the region. She researched the market and put together
a proposal. In her proposal, she showed how she would take
the time to introduce the product to the salon's clients,
since she was aware that the salon owner had no time to
promote additional products.
She then showed how the salon could make anywhere from an
additional $300 - $1000 per week, simply by making a strong
product introduction and then capitalizing on the reorders.
Her role would be to introduce the product, and share in
the revenue generated. The salon's job would be to give
her access to the customers and then help to promote the
re-orders via the internet. The salon owner loved the
idea. They started the venture with the understanding that
the feedback from the customers would ultimately be the
deciding factor. The customers loved the product, the
salon owner saw a profit, and the business owner increased
her market share and profit. It was a win-win all the way
around. Of course, other businesses have now contacted the
small business owner about the product and are looking to
see if there are other products she might be able to bring
to the table on behalf of their businesses.
In the scenario above, the small business owner took the
risk of giving time and the initiative of approaching
another business owner. She looked to see how it could
benefit the other business first. Needless to say, there
is a strong on-going relationship between the salon owner
and the small businesswoman. Think about the benefit to
your potential joint venture partner, put together an
operating strategy, and reap the mutual rewards.
----------------------------------------------------
Christian Fea is CEO of Synertegic, Inc. A strategic
Collaboration Marketing consulting firm. He empowers
business owners to discover how to implement Integration,
Alliance, and Joint Ventures marketing tactics to solve
their specific business challenges. He demonstrates how you
can create your own Collaboration Marketing Strategy to
increase your new sales, conversation rates, and repeat
business. He can be reached at christian@christianfea.com -
http://www.christianfea.com
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