Let's be honest, everyone in business wants a win-win and forming a strategic partnerships can be your "fast-track" to a win-win situation. It does not matter whether the parties involved are huge companies, a few individuals or whether they are start-ups. Businesses with similar products and services within the same niche can pool their resources together to create that "win-win" through utilizing shared affiliates with the ability to drive targeted traffic to your offer or tapping into each others "buyers list" in order to take a product or service further than they could have individually. This strategic alliance is known as a Joint Venture and marketers easily fall into the ten mistakes that are inherent with this strategy but first let's look at the benefits of joint venture.
The Benefits of a Win-Win Joint Venture
- Selling your own product instead of promoting someone else's
- Immediate Traffic - Affiliates do all the heavy lifting when it comes to traffic generation
- Relationship Building with Vital Contacts
- Shared Economic Risk
- Leverage on New Methods and Skills
Note: I probably won't expand on all 10 joint venture blunders and they're not in any particular order but I created a nifty little "info-graphic" for your viewing pleasure at the bottom of this post. =)
So here we go; The first suggestion to ensure a successful joint venture is to at all costs avoid approaching a potential JV partner when he or she is busy or worst yet, for example, when they're on vacation; and more than likely, it won't be so much the potential JV who gets annoyed by your unwanted intrusion during their hiatus, as much as their spouse will be annoyed by it! I've had a few experiences similar to this and I've realized that entrepreneurs are usually open to "talking-shop" anywhere, anytime but it won't be received well when done on the spouse's time. One way to avoid this blunder is familiarizing yourself with their schedule and just have a good sense of "there's an appropriate time and place for everything".
Critical and Crucial if You're an Unknown
The critical part of a joint venture is execution therefore letting a potential JV partner know your schedule is crucial. Don't let the clock to run down and ask for help few days or even a few hours before a product launch. Conversely, three to four weeks notice should be sufficient enough to have a successful launch. If you are an unknown, it may be difficult to get partners for potential JV's because honestly, it's difficult to work with someone on an uneven playing field. So if you're new to JV's, focus on getting your name out there by giving more value to the market than you're getting back monetarily and with experience you can more easily approach the top people in your niche.
Prospective joint venture partners need to know that you have a history of reciprocating equally in promotion. If someone fails to promote products equally, there is no incentive for people to come aboard but keep in mind, no matter what happens, it is very unprofessional to try and "guilt" someone into promoting. Investors like confidence and winners. To attract the best people, you may have to do all the work because frankly, an investor may have money, but they may not want to work.
Escaping the "Newbie Zone" in JV's
When you're working towards escaping the "Newbie Zone", don't let a potential partner know that you have less experience than he or she and the thing that will go along way, is to ensure you work all the kinks out of a plan before presenting it to any prospective partner. Professionalism is key to any joint venture and potential investors may back off if they are uncertain whether you're up to the task.
Here's the "Top 10 Mistakes in Joint Venture" in a super duper entertaining "info-graphic" format! ENJOY!
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