Joint ventures may be the best way to stimulate growth when you have limited
resources and skills that you are willing to devote to a particular channel of
marketing. Joint venture marketing deals should be a part of the thinking of
every executive who wants fast, impressive growth.
Joint venture marketing relationships can be extremely valuable. Every ambitious
entrepreneur and marketing director should be open to them. Making them work,
however, does take time and consume resources. And because you don't have
unlimited time and resources, it makes sense to be strategic in selecting your
joint venture partners.
* Look for strong partners - businesses that have significant skills and/or
resources that you lack.
* Make sure that your contribution to the deal is equal to your partner's. An
unbalanced partnership is not good for either party.
* Avoid partners you don't trust.
* If possible, limit the scope of the venture in the beginning and extend it as
* Make agreements simple, but put them in writing.
* To avoid costly misunderstandings after the venture has begun, identify the
value of each partner's contributions at the outset. These should include
skills, intellectual resources, marketing resources, capital, and so on.
* In determining the value of those contributions, remember that fairness is not
an exact number, but a range. Try to be flexible - and favor partners who
demonstrate the same flexibility.
* Establish clear protocols at the beginning for amending or unwinding the
relationship if it fails to meet expectations.
* Goodwill is essential for success. Goodwill means that you want your partner
to benefit from the relationship as much as you do.
The idea is to develop joint venture relationships that are easy to maintain,
financially profitable, intellectually rewarding, and long-lasting. After a
necessary period of negotiation and implementation, you want the relationship to
grow well and quickly and painlessly.
If you pick a weak or untrustworthy partner, the joint venture will eventually
fail. If your partner sees you as weak or untrustworthy, the venture will also
fail. If, on the other hand, you develop a reputation for being a good,
trustworthy partner, good people will come to you and be happy with the terms
Source: ETR, 9 Strategies for Successful Joint Ventures by By Michael
Masterson and MaryEllen Tribby
Four Easy Steps to a Powerful Joint Venture
One of the most common misunderstandings about Joint
Ventures is that you have to be a 'Big Dog' to do a
successful JV. Nothing could be farther from the truth. If
you have a good idea, access or resale rights to a great
product, or a responsive mailing list (size really doesn't
matter) you are a perfect candidate to create a winning JV.
The Secret To Million Dollar Joint Ventures
Small JV's are easy to set up, but to set up really
worthwhile JV's... what I call "million dollar joint ventures" you need
to do this face to face.
What are Joint Ventures (JVs)?
JVs are a win-win situation. If
you want more TRAFFIC and know someone who already have it, all you have
to do is contact that person, talk with him and form a
Leverage Your Way to Profits With Joint Ventures
How do you identify a good
Joint Venture situation? How do you structure the
partnership so that everyone wins? How do you approach a
potential Joint Venture partner?