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5 Steps to Targeting Your Marketing Message
In order to win at the game of business, a company needs a good plan. This can be done in-house, with a marketing consultant, or with a marketing firm. Here are five steps to developing and implementing a good marketing message: 1. Determine your...
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What's in store for those trying to become successful in the Internet Marketing field in the future? Will the increasing popularity of the Internet benefit or hinder your efforts? How do I as a marketing professional take advantage of this ...
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What's a small business owner to do if they have more than one audience to market to? Perhaps they need to attract clients but they also need to recruit business partners or vendors. Do they need two marketing plans or can they use one plan that...
Marketing to the Affluent - with Wine
With its association to an affluent, sophisticated lifestyle, wine can make a good accompaniment when marketing to an affluent audience. However, I am not talking here about ordering expensive wine at a client dinner. Wine can be used more...
Put Your Marketing To The "So What?" Test
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The Five Most Common Joint Venture Marketing Mistakes To Avoid

Joint Venture marketing has become a highly popular way for small businesses to maximize their profits. When two or more businesses combine their resources synergistically, it creates greater marketing impact and bigger profits than either can have alone.

Doing joint ventures has many benefits, but there are also many mistakes that can be made. These mistakes can be costly, not only in revenue, but in credibility with your client base.

These are not the only joint venture marketing mistakes made by small businesses, but as these are the most common, avoiding or correcting them will certainly put you on the right path.

Here are the five most common mistakes to avoid:

1.Not taking the time to ensure that your partner has great-quality products and services and a solid reputation.

When you choose a partner, it is imperative to choose one that has high-quality products and services as well as a good reputation within the industry. Sometimes, a company may look better on the surface than it really is. Your credibility is at stake if you partner up with a company that has sub-standard products and services or one that is popular for bad customer service. Do your research about your potential joint venture partners and review their products and services before endorsing them as these issues will reflect on you and your business!

2.Offering your partner too small of a deal

There has to be an incentive for your partner to engage with you, and offering too small of a deal won’t make it worth their time and effort. Remember that endorsers with a large, targeted and loyal client base are the most wanted joint venture partners. They’ll partner with others if you offer a percentage of the profits that’s too low. So make this mental note... if they are worth pursuing, they are worth sharing the profits with.

3.Simply handing over your


client list

This can constitute breach of contract with your clients if you have committed to their privacy. You’ve also worked very hard to build your client list, and this forms part of the value you have to contribute to the joint venture relationship. If you simply hand over your client list, you have no point of leverage.

4.Not devising an exit strategy

Even the best of relationships can go sour, or simply not work. Make sure you have an open door to leave the joint venture if for any reason it is not working out.

5.Committing to a long term relationship from the beginning, without testing your strategy first

Any joint venture should involve a trial period to see if profits will show a real upwards trend, or if the idea is a valid one. If you sign a long term contract, you may be stuck in a no-win situation with no way to escape. As with any marketing strategy, test in small numbers first, before rolling out fully.

Joint Venture marketing is very lucrative, and with some forethought and planning, can help springboard your business to new success levels. Just make sure to do your homework right from the start, and avoid these pitfalls to ensure high returns on your investment of time, money and effort.

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

 

KnowThis: For Marketing, Market Research, Internet Marketing ...
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Marketing.org - Home of the Business Marketing Association
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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Advertising, Marketing, Media and PR News - Brand Republic
Find the latest Advertising, Marketing, Media and PR news from Brand Republic, the online resource for up to the minute advertising and marketing news and ...
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Marketing Magazine - Marketing News - Brand Republic.
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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.
www.bidvertiser.com
 
Online Behavioral Contextual Advertising and Marketing.
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Sales Jobs / Marketing Jobs / Advertising Jobs - MarketingJobs.com
Employment site for marketing and sales professionals.
www.marketingjobs.com
 
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
 
All About Marketing
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