1-2-3 steps to a successful joint venture

A successful joint venture marketing campaign is the goal of many small businesses and is a great way to market visibility and profits increased.

Joint venture marketing growing in popularity every day, but it requires some skill, good planning and foresight to run. Here are the steps that should take an entrepreneur to be successful in this field to be ...

1. Write down your goals and desired outcome

Make sure you are specific, measurable and action-oriented goals for yourJoint venture together with a realistic time frame for their execution. These should be documented and easily accessible so that you can relate to them in carrying out your action plan.

2. Analysis of the target group you want to achieve

Start by reviewing your current clientele, then select the winning customers. Analyze determine your target market for consumer behavior, marketing trends, etc. Brainstorm other products and services used by your target audience and whetherThere are synergies with what you offer.

3. Identification of potential partners, which already serve this clientele

Think about potential partners who have influence and credibility among your target audience. Remember that your network of business partners, suppliers, friends and family can be a good fit or you can introduce potential partners. Make a list of potential partners who offer the best opportunities for expansion and sought after on the customer base.

4. Determine yourJoint Venture format

Do you want to offer a profit-sharing format, or a reciprocal arrangement, or both? If you wish to pay with your partner a percentage of the profits, they pay a certain amount or percentage for each new customer they send their way. When you become a reciprocal arrangement, then you send customers to each other systematically. Think of something to offer to customers is of high value.

5. Determine your budget

It goes withoutto say that you should control the costs of beginning a project. That means you have to sit down at the beginning and list all the elements required for the implementation of the joint venture.

6. Create an action plan to implement and

If your potential partners are listed, create an action plan. This should be the steps you take to approach them and implement your joint venture project contact details, for example, "I'm Joe Bloggs of XYZ Corporation on July 15." So that you concentrate, relate toYour goals in creating and implementing your plan of action. Also note that the details of your plan will change, depending on the pace at which the project goes.

7. Contact your partner, and open the door for talks

Make your first contact with potential partners and a meeting. You can by phone, mail or e-mail, phone, address but still the best method. At the meeting, keep your eyes open and ears to ensure that the market is so fit well as youoriginally thought. Also ensure that the chemistry is good between you and your potential partner. Emphasize the benefits of your proposal.

8. Choose either a contract or shake his hand too much

If you choose to ensure an agreement that they are conditions for the review, and not to lock into a long term agreement with no specific criteria for the economics are. If you choose needs to shake a hand tailored product, you should trust your partner!

9. Start testing your joint venture andresults

Start small by using a first test run. Write, print and send the consent form and implement the tracking system. Make sure you are equipped to handle the flood of new customers, if you have set in motion the joint venture.

These steps are simple and easy to lead. If you follow it properly, you can look forward to a profitable, win-win joint venture projects! As with any marketing strategy, remember to test, optimize, track, and the results of the checks until youYou can find the best fit.

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