How to Nurture Trust in Your Joint Venture Partnership

Investing in a joint venture marketing partnership is a great way to build the trust of customers and increase your bottom-line overall. However, before you can nurture a relationship with customers, you must first build trust and confidence with your potential JV partners. This article will cover some of the best ways to build trust among the members of a JV partnership.

Building Trust in the Value of Your Business

If you are just beginning the process of establishing JV partnerships, you will need to start by demonstrating your authenticity and credibility to other companies. This can be done in a number of ways:

– Show customer testimonials that attest to the value, quality and honesty of your business.

– Obtain positive press coverage about your company and the products or services you offer.

– Show endorsements for your company that have come from other respected individuals in your field.

Even if you successfully demonstrate the legitimacy of your business, you may have to resort to offering a large amount of benefits to another company at first to offset the risk they are undertaking. This may include providing a significant portion of your profits in return for the advertising and endorsement you receive from your JV partners.

Building Trust between Partners

Once you have found potential joint venture partners who are interested in working with you, it’s important to build and maintain a professional and trusting relationship between partners. The techniques for nurturing your JV partnerships are the same used in building any type of professional relationship and include:

– Keeping your word, which means never making promises you aren’t sure you can keep

– Always telling the truth to partners, even if it isn’t something they want to hear

– Maintaining an air of confidentiality between you and your JV partners

– Keeping open lines of communication, so your partners never worry that you’re hiding something from them

– Always returning calls and emails promptly, so your partners know you are available and accessible to them

– Never talking about another company behind the back of the business owner, particularly when the information is negative or confidential in nature

By performing in a professional manner consistently, your prospective and current JV partners will come to know you as a business owner with integrity and honesty. The longer they work with you on this level, the easier it will be to trust you in all the business dealings the two of you are involved in.

A JV partnership is about much more than making a buck; it is about building professional relationships that will stand up against time. When your JV partners trust you, your business and your motives, you’re doing more than nurturing that particular relationship, you are establishing yourself and your company as one that others will be willing to work with thanks to your integrity, honesty and professionalism. A trustworthy business is one that is worth its weight in gold, and one that will continue to thrive in all sorts of economic climates.