Often the most challenging part of a joint venture is getting the partnership set up in the first place. Finding and wooing potential partners can be an intimidating process, particularly if you don’t consider yourself a “people person.”
It helps to go into that initial meeting armed with all the information you need to sell your business and your joint venture concept. We have tips to ensure the first meeting with your prospective partner goes off without a hitch.
Know Your Partner
Before you meet with your potential JV partner, research the company thoroughly to know exactly what you are getting into. Know their precise target market so you can show how you are catering to a similar client base. Find out what holes in the company profile you can fill, so you can sell the advantages of the joint venture at the very first meeting.
Business owners will be flattered that you took the time to familiarize yourself with their company, and they will be more likely to listen to your pitch in full.
Sell Your Benefits
Instead of talking about the benefits the JV will offer you at the first meeting, focus instead on how the proposed alliance could benefit your partner with increased exposure and sales. If you are the smaller company looking to lure a larger business, offer a portion of your sales in exchange for the endorsements you stand to receive. By letting a prospective partner know what’s in it for him, you will be more likely to lure them into your joint venture proposal.
Prepare a Comprehensive Marketing Plan
When you come to your initial meeting with a comprehensive marketing plan already in place, you show that you’re interested enough to give it your best effort. While the proposal you bring to the table may need some tweaking once the partnership is formed, by bringing a plan to the table in the first place, you are letting prospective partners know you have the time, resources and marketing savvy to see the project through to its fullest potential.
Ensure a High Quality Product or Service
Before approaching potential partners, determine which product or service you want to bring to the table. Make sure it is the best your business has to offer, as well as an effective complement to a product or service your partner will provide. When you come in with quality, your prospective partner will be more likely to take your proposal seriously and see it as a mutually beneficial arrangement for both of you.
The first meeting with a prospective JV partner can be nerve-wracking, but preparation is the key to a successful encounter. When you come to the table with knowledge about your potential partner’s business, the possible benefits he might enjoy and a comprehensive marketing strategy, a potential partner will be much more likely to take your proposal to heart.
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 report on Joint Venture Marketing.