A good joint venture marketing partnership creates a type of synergy that benefits both parties in greater ways than going solo. One could say that the sum of a JV is greater than the individual parts. How is this so? Using the right marketing techniques together in a combined effort just makes sense if it saves money on the budget and generates more revenue.
JV Match Maker
Finding the right JV match can be time consuming. When you look for a potential JV partner, you should consider which type of people (direct, aggressive, or creative) you like working with. Sometimes a great JV partnership is gained from sharing different talents in a combined effort. For example, you may be a techno wiz and need a creative person who can help with marketing messages. Together your talents can benefit the other.
You also may want to look at the type of industry or business of your potential JV partner. Sometimes working with someone who does a similar business can create a synergetic partnership, and sometimes a company doing a completely different business can be beneficial. Look for what you want to gain.
Sending the Right Message
A synergetic JV partnership develops the right message to customers. Opening the right market channels through your message helps both parties gain more clients and customers, as well as other potential business partners.
More Money
Of course, one of the main goals of a joint partnership is earning more revenue. Through the synergetic efforts of both parties, a JV partnership can save money on marketing costs, possibly production costs, and generate more revenue with increased sales.
Consider if you had a budget of $10,000 per year on marketing costs. Through a combined joint venture effort, including sharing marketing costs, you’ll find that you can save $2,000 a year on that portion of your budget. That’s $2,000 that could be spent on other efforts such as R & D, or perhaps hiring additional employees for all the extra products you need to produce.
Another way of forming cost savings with a JV partnership is by creating an economy scale. Perhaps by using your special container equipment combined with your JV partner’s ability to efficiently manufacture and package goods, your economies of scale synergy can result in saving of costs of goods sold and increased revenue.
Ultimately a successful JV will produce satisfying profits for both parties. Increased revenue with only half or a portion of the effort is successful synergetic business. With increased revenue, you can help take your company to another level of business.
Your potential joint venture partner can help your business succeed. Consider the possibilities of working with another business owner to develop ways of making new business. It starts with choosing the right partner, and working your synergy to develop the right marketing message that results in extra money in your business account.
Christian Fea is CEO of Synertegic, Inc. A Joint Venture Marketing firm. He exemplifies how to profit from Joint Venture relationships by creating profit centers with minimal risk and maximum profitability.
To discover more Joint Venture Marketing Strategies join his free JV Wealth e-zine.