PR Business

Tips for Win-Win Joint Ventures

By Carol Wright

Joint ventures can produce some of the easiest and biggest profits you can make. If you’ve been around in online marketing, then you’ll have noticed few marketers use JVs. You are leaving quite a bit of money on the table if you don’t use this potentially profitable technique. If your business is lacking in any way (and most are), this is a fast way to gain some leverage. Leverage is an essential principle in the business world, allowing you to benefit from another business’s resources. The fact is, anyone can learn to manage JVs, even if you’ve never created one before.

The success you reach with your joint venture is also going to depend quite a lot on the primary 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. Friendliness (or cordiality) is important. It’s important that you do not seem like you lack trust or faith in them; people are far more likely to give you their trust when you offer them the same from you. You need to work hard to build a good relationship with these people. It’s important to do this so that you’ll have an easier time setting up joint ventures in the future.

One of the best ways to promote your joint venture offer is to do the same things that you do when you want to promote your own offers to other buyers. In your package, sell them the benefits they will enjoy by doing the JV with you. Make them an offer they positively cannot refuse on any day. Do not hype your offer and then tone it down or you’ll kill your JV. You are offering them something of great value, and that is really what you do in business with a customer. You will find yourself in competition when you know that they are getting joint venture offers from others. It’s important to practice care when trying to offer things separate from your main idea–like bonus products. This is typically something that doesn’t happen unless it is truly fantastic and you know that they are going to be interested.

If you have a great idea for a joint venture, then begin looking for potential partners. You can research, looking for partners. To do this, you should have the appropriate keywords to use to find them on Google or other search engines. After you have found a list of potential JV partners, do research on every one of them. It is in your best interest to avoid larger businesses, and not approach them if this is the case. Your partnership must complement one another. It is an important guideline you need to abide by. What you must avoid is anything that amounts to direct competition. Each partner in a JV has to bring something that works well with the other. The reputation of your potential partner must be solid as well.

Decide that you are going to do at least one joint venture this year. This is absolutely doable and once you do it you’ll see your business in a whole new light. When you keep doing them, your business and your profits will grow.