Why Joint Venture?

In business, relationships are everything. They can make you or break you. They can bring you to success, or bury you in the gutter. On so many different levels. But I just want to talk about one type of relationship today. Strategic partnerships.

What is a strategic partnership? Some people call them joint ventures. They are when two smart business people come together to create an opportunity that will benefit a larger group of people. Usually, their audience.

So why are they important? We have heard that you do business with those you know, like and trust. And since the onset of the internet and the loss of personal relationships, this is more true now than ever. A business partnership creates an opportunity to get in front of new people, build your list, get new clients, and offer quality services that are complimentary to you and your own offerings. It provides greater value for your audience, but combining resources. And if you are in front of your partner’s audience, you are an instant expert.

When you are developing your own joint venture, there is some criteria you must follow to insure a long-lasting relationship with both the partner and the audience. First, you must assess the target market to see how it compares to your own. Sometimes, this means that you want to reach out to more of your own target. But now always. Sometimes, it is an opportunity to reach out to a different/new audience. However, you must make sure about one thing: you must have something of value for the new audience. Perhaps it is a strategy to help them reach their goals quicker or fix their problems faster.

Some other criteria used in assessing a good relationship is identifying the purpose of the relationship. Are you just trying to produce a product? Are you looking to build your list? Be clear about what you are doing and why you are doing it. This will affect your audience and determine how long the relationship lasts.

Finally, keep an open mind when approaching people about beginning a business relationship with them and their list. You must provide something of benefit and value to their list, which might be different than what your audience likes. Use this as an opportunity to grow and think outside the box. And never pigeon-hole a potential JV. Offer options and be willing to discuss other possibilities that you may not have thought about.

Top 10 Marketing Tips

1. Stop selling.

Nobody likes to be sold on anything. Everyone loves to be shown the benefits of their decision to invest in your product/service. So show them!

2. Turn your mobile phone into a Trade Directory

Start listing key business people you know under the business category they are in so that you can access a contact when someone says “do you know a ………?”

3. Give out someone else’s Business Cards

When next you give out your own business card also give out the card of someone you know and trust. Say “if you ever need a …………then this is someone I highly recommend.”

4. 10 words or less

When someone says “what do you do” be different and don’t rattle of the standard list of products or services. Know how to describe how you help people in 10 words or less.

5. Use your voicemail message

When you record your voicemail message add to the end of it a brief testimonial about someone else whose product/service you have used and suggest that callers to ask you about them.

6. Give up the expectation of “getting the order”

When you have an expectation of “getting the order” it influences what you say and do. Rather approach the prospect/client with “how can I help you?” and sales will result.

7. Use your email signature

Develop an email signature where you can add recommendations about people you know and trust. Then change it regularly.

8. Ask for testimonials

Every time someone says how much they appreciated your product/service ask them for a testimonial – every time!

9. Start a “brag book”

Collect all testimonials, laminate them and keep them filed in a binder. Then show people when talking about how you can help them.

10. Display your “we want introductions” list

Develop a list of companies you want to do business with, have it headed “can you help us”, have it printed large, mount it in a frame and display it in the reception area.

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