Few types of business deals can be more profitable than joint ventures if you know how to plan them. The number of online businesses that participate in JVs is quite a bit smaller than you might think. You are leaving quite a bit of money on the table if you don’t use this potentially profitable technique. This is a way to gain leverage that you would not otherwise have access to. You are teaming up with another business and gaining access to their assets. Putting your first JV together can be challenging, which is why we’ll be sharing some helpful tips on the subject in this article.
Professionalism
Your joint venture’s success is also dependent upon mastering some simple rules of etiquette. Professionalism is key, as are friendliness and politeness. You want to make a great impression on your fellow JVers but you do not need to actually befriend them. Be friendly as much as you can, or as it is called in business: be cordial to your coworkers. Help them understand that you trust them and they will be more likely to extend you the same courtesy. It is imperative that you find a way to create a positive business relationship with your fellow JVers. The reason that you do this is because you want to set up more joint ventures in the future.
JV Partners
One thing that you can do to better sell your joint venture offer by providing the same things for what you sell to other people. Within your package, it is important to sell benefits that you know they will enjoy while they do their JVs with you. You want them to be incapable of refusing your offer. Do not overly hype your offer and then try to tone it down after you get someone to join you, this immediately kills your joint venture. It is important to offer people proper value–it is what you would do if you were selling to a regular customer. When they get JV offers from other people you’ll have to make sure you can compete. It’s important to practice care when trying to offer things separate from your main idea–like bonus products. You usually shouldn’t do this unless it is truly great and you know that your prospects will be interested.
Preparation
Before you start contacting people about your JV, make sure you’re fully prepared. The larger corporations will be more formidable but that’s no reason to avoid them. If you are an IM marketer looking at another marketer, that’s easy stuff and no sweat. But large businesses require you to get in touch with as many relevant people as possible. It’s important that every party gets a copy of your joint venture offer, if several people are decision makers. Avoid staggering any mailings because it’s more effective to get them on the same page, all together. If you don’t have their names, just call the business and explain what you need and why.
Many aspects of online marketing, such as social networking, have only been around for a few years. But joint ventures have been done throughout history. There are innumerable ways for JVs to be created. Remember that anyone can propose a JV, so don’t be afraid to try one out yourself. The key is starting off with an idea that can be profitable for both businesses, so make sure you bring something valuable to the table.
