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Five Joint Venture Marketing Skills A Small Business Owner Must Have

Joint venture marketing is a lucrative way of leveraging the assets of two or more businesses. It is the fastest way for businesses to achieve certain business goals and benefit their clients at the same time.

For the joint venture partners, this usually translates into more visibility, more clients and more profits than they could create on their own. For the clients, the benefits include saving time, saving money and getting added value from the businesses. These are the reasons behind the popularity of joint ventures.

For any joint venture project to be successful, the partners must possess certain skills that are required to choose the right deal, the right partners, and to promote the project effectively. I’ve outlined a basic skill set consisting of the five most important attributes below:

1.The ability to nurture client relationships

People buy only from those that they know, like and trust. You must therefore keep in touch with your clients on a regular basis in order to nurture your relationship with them and turn them into loyal clients. Apart from earning their trust, this will also enable you to determine what offers they’ll respond to and when to offer a certain product or service. Without a loyal client base, the response rate will be very low when you endorse a product or service.

2.Creativity, and the ability to “think outside the box”

Every new joint venture project that you initiate will be different, and therefore deserves a different approach. The ability to apply fresh new ideas is very important in making sure you present the joint venture in the best possible light. Creativity comes in handy when creating irresistible offers and proposals, when deciding the compensation plan, and during the negotiation phase.

3.Resilience

Many small business owners don’t really understand the benefits of joint ventures and may be skeptical at first. You need the endurance to educate them about the many


benefits a joint venture brings, and to put their minds at ease concerning any issues they may have. You will also need resilience and patience after launching your campaign, as results may not be immediately forthcoming.

4.The ability to visualize synergy

Even if you choose the partner with the largest client list in the marketplace, if there’s no real synergy, the partnership will not jell. It is critical to make sure that the combination of products and/or services fit together, and are not the proverbial “round peg in a square hole.”

5.Effective negotiation skills

From the minute the door is opened to the possibility of a joint venture, serious negotiations begin. Negotiating skills are necessary in making sure that both parties reach a win-win agreement, and also so that you achieve the goals you have set in the planning stages of your project. The ability to present all the benefits of the joint venture to your prospective partner in the early phase of the negotiations is critical to their acceptance of your proposal.

Joint venture marketing is rising in popularity everyday, and is an excellent way for small businesses to springboard their efforts to new success levels. These skills are all acquirable skills, and many resources are available to the small business owner wanting to reach out in these directions.

Copyright © 2005 by Habiba Abubakar and Emprez. All rights reserved.

Note: You are welcome to republish this article as long as the resource box at the end is included fully and unaltered.

About the Author

Joint venture specialist Habiba Abubakar, a.k.a. The Profit Diva, specializes in helping small business owners who are struggling to increase their client base and are tired of earning mediocre profits. To sign up for your FREE copy of her revealing Mini eCourse, “The Easiest Way To Skyrocket Your Profits In 90 Days Or Less,” and to receive other FREE marketing resources, visit http://www.profitdiva.com

 

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Serves the professional, educational and career development needs of business-to-business marketers.
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Welcome - American Marketing Association - www.marketingpower.com
Dedicated to serving the educational and professional needs of marketing executives.
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Offers a Canadian source of news and articles on marketing, advertising and media.
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BidVertiser - Pay Per Click Advertising On Sites Of Your Choice.
Pay per click advertising - online advertising directly on sites of your choice, internet marketing solution for online advertisers.
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Online Behavioral Contextual Advertising and Marketing.
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Employment site for marketing and sales professionals.
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The Chartered Institute of Marketing
The Chartered Institute of Marketing is the world's largest international marketing professional body and helps with career support and information ...
www.cim.co.uk
 
Marketing: See what people are saying right now on Technorati
See all blog posts tagged with marketing on Technorati.
www.technorati.com
 
Marketing Profs - Marketing Concepts and Strategies: Expert ...
Marketing knowhow from professionals. Newsletter, articles and how-to's.
www.marketingprofs.com
 
Guerrilla Marketing Online - The Official Site
Guerrilla Marketing Online is anonline magazine for small business, entrepreneurs, sales people and marketers of all kinds.
www.gmarketing.com
 
Business Marketing - Small Business Marketing
Business marketing - Read everything your need to know about small business marketing.
www.entrepreneur.com
 
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ClickZ Internet Marketing Solutions for Marketers
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