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joint venture marketing
A joint venture marketing partnership is an excellent way to potentially expand your business and move it forward. The specifics of a partnership can vary, but the essential idea remains consistent, regardless of how the partnership is executed.
Sharing Resources to Boost Profits
A joint venture marketing partnership is an agreement or formal contract between two or more businesses, which agree to combine their individual resources for the mutual benefit of each company involved. This may be an arrangement where your company shares its client list in exchange for access to your partner’s client lists.
This sharing of existing clients is one way in which these kinds of partnerships are most frequently executed. If this is the kind of joint venturing marketing partnership you choose to develop, (and it is often the most simple and straightforward one to pursue) it is important to note that you should seek partners who are not in exactly the same business as you are. You don’t want your partners to be in direct competition with you for clients – these would be competitors, not partners, and there are enough competitors out there already that you don’t need to go looking for them!
How to Find Synergistic JV Partners
Now that you’ve decided that developing a joint venture marketing partnership may help take your business to the next level, how do you find these wonderful partners? If you are already running your own small business and tapped out in terms of time and resources, it may be difficult to fit in the research necessary to find good potential partners. You may be well versed in who your direct competitors are, but identifying tangentially related businesses may prove to be more difficult and not companies that come immediately to mind. Working with consultants that are experts in your industry is a great way to help identify potential joint venture marketing partners and to streamline your process in setting up these partnerships, ultimately saving you precious time.
Employing Industry Consultants
Industry consultants work with a variety of companies within the realm of a specific industry. These consultants are often experts who are hired to execute a specific task, and they are not necessarily on staff at any one specific company. Thus, they have exposure to and contact with a number of different companies. Because of this exposure, these consultants are a valuable resource to help you identify potential joint venture marketing partners.
Joint Venture Marketing Partnership Consultants
Once you identify and decide to work with industry consultants, their specific role can take a couple of different directions. You may want to use an industry consultant to simply help you identify other companies that might be a good match for a joint venture partnership. These consultants can provide valuable information that would be difficult and time consuming for you to track down on your own. You would then reach out directly to these companies and work on sorting out an agreement on your own.
There are also professional consultants who can be used to officially broker your marketing partnership agreements and deals for you. Some businesses feel more comfortable with this type of arrangement and have the resources to spare to hire such a consultant. However if you decide to proceed with your joint venture marketing partnership, employing the resources of a consultant can be hugely beneficial.