5 Tips For Building Successful Joint Venture Partnerships

5 Tips For Building Successful Joint Venture Partnerships

Partnering with another Business to promote each others services is a sure fire way to grow your customer numbers and boost your profile. Here are our top tips on how to do it successfully! www.bigthinkingonline.com

 

For Any Business, Winning New Customers

and generating new leads is a huge part of the daily grind. Without new customers even a business with incredible customer retention will run dry sooner or later.

 

One of the best ways to reach out to a new group of prospective customers or clients is to form a joint venture partnership with another like minded business where you send each other leads or referrals for a mutually agreeable term.

 

If you think this wouldn’t work for your business, you’d be wrong. All it takes is for two businesses who may want to target similar customers for different reasons to figure out a way to get each other’s clients through their doors.

 

For example, a Dentist could team up with a local hairdresser and offer a tooth whitening deal to the hairdresser’s customers, or the hairdresser could offer half price highlights to anyone who has had treatment at the dentist.

 

Partnering your business up with another business can be one of the quickest ways to access a whole new pool of targeted clients, or to raise your business profile in a new area. It’s a great way to reach out to a new audience, and yet many businesses are missing out on this great resource.

 

The reason that joint ventures or partnerships are such a good promotional method is that you are tapping into a group of customers who know and trust your new business partner. They have a history with that business and a relationship, so they will trust recommendations that come from that business.

 

So what exactly does it take to reach out to another business and convince them to help you promote yours? Here are my top 5 tips on the Dos and Don’ts of seeking out new partnerships.

  1. Build A Friendship:

    Almost every successful partnership begins with some kind of prior relationship. If you’re not sure where to start, try going to some local networking events or if there is a particular business that has caught your eye why not approach them directly and introduce yourself?

  2. Make Sure Your Offer Is Awesome:

    Don’t expect to throw an idea out there and for your prospective business partner to accept it straight away. Show them you mean business by offering a fantastic customer experience so that there will be no bad reflection on either party. Take the time to understand how this partner will be able to support the offer (or not!), for instance if their customers go back to them with questions about your deal, what will they do?

  3. Keep it Personal:

    Do not use a template or cookie-cutter type email when approaching a potential business partner. Take the time to write a personal email, or even better pick up the phone and call them. The more personal the message, the better chance for a response.

  4. Don’t Approach By Asking For Something:

    The fact is, even if you are offering this partner a commission for sending their clients your way, you are still asking for a favour. Approaching someone for the first time and asking for a favour gives them no reason to trust you or listen to you, they may even delete your email without a second thought. May I remind you of point number 1, build a friendship first!

  5. Bring Value:

    Once you’re on the way to building a great relationship with your potential joint venture partner find out what their needs are first and see if you can help them out. Support your partner and bring value to the relationship. By proving that you are willing to help, you also increase the chances of them wanting to return the favour and help you out too. You’re also building a far more solid foundation for any future working partnerships and business referrals.

 

Have you had any success in building joint venture partnerships with other businesses? Let me know what has worked for you in the comments below!

How to Make a Success of Your Business Online. The 4 “Ity’s”

How to Make a Success of Your Business Online. The 4 “Ity’s”

How to Make a Success of Your Business Online. The 4 “Ity’s”

success of your business onlineBusiness success online today is all about connection and conversation; community and collaboration. While traditional online marketing methods and social media complement each other, it is no longer good enough to be found on Google alone. You have to have a solid and positive presence on social media networks and ultimately where your targeted client spends their time online.

Not only so you can take part, contribute and be an active participant in relevant dialogue to attract and engage with potential customers, but also so you can harness the power of the people and have others generate a buzz about your business on your behalf.

In order to get others speaking highly about your business you need to invest in the four following factors that will influence your online success.

Visibility

Getting your business in front of as many targeted users as possible is paramount to success no matter the size, format or niche of your business. Many business owners believe, or are mistakenly told, that by getting online and developing a website they will be inundated with phone calls, bookings and sales. The truth of the matter is that it won’t. Your website will simply add to the hundreds of millions that are there competing for the same traffic.

In the past a business owner had to attend networking events or seminars in order to raise their profile and get in front of targeted business partners. Now social media means that you can connect with like minded people online and if your profile is right then people will be attracted to you and connect with you.

Select a social media platform based on the business partner you want to attract. 50 year old business owners might use LinkedIn, 17 your old males might prefer YouTube, twenty something girls could be on Facebook. Then select a group where your niche will like to spend their time, join, watch and learn how people are connecting and how those who are getting the most interaction are engaging and use some of their strategies to help increase your visibility in the group.

Credibility

We all want our message to be heard by as many people as possible. That right has to be earned through building credibility in your subject or niche.

Getting people to like you or follow shows that you have demonstrated a reason for them to connect with you. From that point on your focus should be on motivating them beyond the like to connecting with you, speaking with you, sharing conversations with you and with the people that follow them.

Credibility online is a two way street. It should be viewed in terms of conversation. The better the quality of the conversation you have, the more trusted, well liked and respected you will be and as a result the more people will introduce you and refer business to you; and the more business you will generate.

Make your conversations meaningful. Interact and converse, don’t just broadcast.

Credibility is not all about what you say. It is about how you listen to other people and the value of the responses and information that you share.

Positivity

When looking to build long term business relationships it is all about quality and not about quantity. Having ten thousand Facebook fans or followers is great as it means that you have great visibility but it is counterproductive when looking to build true and meaningful relationships.

Interact and engage with people that have a high profile and large influence on their following. Be positive and add valuable input to their conversations and you will find that people stop and take note of who you are and interact with you.

Likewise you need to make sure that your brand is reflected in a positive manner online. Take the time to research what is being said about your reputation and if there are any negative sentiments make an effort to contact that person and set the record straight or help them overcome the problem they had with your brand or business.

For people who are looking for someone with your skills for the first time, being presented with negative information from other people is not a great way to start a relationship. Make sure that when people search for your online reputation, what people find is positive and a true reflection of you and your business.

Profitability

  • How can someone in your network help someone else?
  • What do others need?
  • How can you help?

Profitability might mean what is in it for you but rather than going in with the “what’s in it for me” attitude, think about how you can be a conduit for others. Your relationships and the connections you have developed are one of the most valuable assets that you have and will ever have. By introducing and interweaving your connections with others you are building a stronger web of connections that you can turn to when you need something like an introduction or referral.

Keeping everything you know and everyone you know locked away in the annals of your mind is not going to get you anywhere. Share what and who you know and build more and more connections. Those connections will manifest themselves into relationships and profit.

People do business with people they know, like and trust. Ultimately the success of your business will come down to how good you are at building relationships. The more value you can add to other people, the more relationships you will develop giving yourself the greater chance of closing more sales.