A joint venture marketing partnership is a low risk way to potentially boost your market visibility and to grow your company. The low risk associated with a joint venture marketing partnership makes it a win-win endeavor for all parties included.
Low-risk Trial
Most joint venture marketing partnerships require very little risk, and often no formal legally binding contract in order to sample and see for yourself just how effective such a partnership can be for your business. While there are no guarantees that a joint venture partnership will absolutely deliver the results you are looking for, but experimenting with a joint venture marketing partnership can be executed in a low risk way, minimizing any potential long term disasters.
A joint venture marketing partnership can be performed on a very small scale, without a formal contract, making it fast and easy to implement. The easiest way to try out a joint venture marketing partnership is to align your business with only one other company to start with. Ideally, you’ll also want to partner with another company who is also looking to start small with the joint venture marketing experiment, and a company who is comparable in size to yours.
Identify Goals and Trial Length
Once you identify a company with which you would like to partner, the next step is to discuss the particulars of your arrangement, identifying what each of you is looking for from such a partnership. You will also want to be sure that you have the same goals in mind for the length of time for which you will try out this partnership. You may want to agree to three months, six months, or even a year, depending on the size of your company. The size of your business will have an effect on how quickly you notice a change in your customer numbers and profits after implementing your joint venture marketing partnership.
Generally speaking, a larger company will notice a run in their sales and customers because they have a larger base to begin working with. Therefore, when two medium to large sized companies get together to engage in a joint venture marketing partnership, they will often see a difference very quickly, and they may need only a three month trial period to assess if a joint venture is something they want to continue. A smaller company may require up to six months or even a year to truly assess the effectiveness of their joint venture marketing partnership.
Whatever length of time you decide to use as your trial period, what makes a new joint venture marketing partnership so deliciously low-risk is the ease in initiating the process. Once you agree to a mutual vision, you do not necessarily need to involve an attorney for a legal agreement, but you will want to put something in writing to protect both of your interests, which will also ensure that both parties are clear on the terms to which they are agreeing. You can draft an informal agreement that will be legally binding should anything digress, without involving the services of a lawyer.
Christian Fea is CEO of Synertegic, Inc. A Joint Venture Marketing & Consulting firm empowering business owners to discover and implement Integration, Alliance, and Joint Venture marketing tactics to solve specific business challenges and increase profits. To read more articles related to Joint Venture Marketing, please go to his Joint Venture Blog Site. He can be reached at christian@synertegic.com
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