Creating Abundance With Joint Venture Alliances

Intentionally creating WIN-WIN-WIN promotional opportunities with those who have a vested interest in your success can set the stage for abundance to flow effortlessly into your business. Collaborating with like minded individuals can be one of the fastest ways to promote and sell your products and services. I have experienced substantial growth in many areas of my businesses including revenue, attraction of customers more aligned with my offerings, a substantially larger mailing list, reduced marketing expenses, and so forth. A Joint Venture (JV) happens when 2 or more entities come together to create a mutually beneficial relationship that not only supports one another’s success but also creates more value for the customer. Because it has become such an important and effective marketing strategy over the past few years, I devote a fair amount of time going over the nuances of creating and sustaining these relationships in my business development programs. The strategies include:

1. Establishing a common objective to base the relationship on.
2. Finding your ideal Joint Venture partner.
3. Making that initial contact and inspiring a JV to do business with you.
4. Crafting a WIN-WIN-WIN scenario beyond basic financial compensation.
5. Execution of the promotion.

There are many reasons WHY one would want to create a JV relationship. Here are a few scenarios that tend to produce the most fruitful outcomes for me and the clients I’m working with:

1. Rapidly expand your subscriber base. It’s easy to quickly increase your list of prospective customers when you can tap into someone else’s list and the goodwill they have already established.

2. Establish instant credibility. If you’re new to your industry and would like to quickly establish trust with your market, having an endorsement from a well-respected player could be exactly what’s needed.

3. Create a successful program or product launch. Allow your JV to assist with promotions of your products and services to their already established markets that contain your ideal customer. For instance, if I owned a scrapbook supply company and my JV had a substantial mailing list of scrapbookers, it would be in my best interest to collaborate with them for my product promotion.

4. Offer more value to your customers. Who doesn’t enjoy a “gift with purchase”! Bundling your products and services with those of your JV partners truly creates a WIN-WIN-WIN because your JV partner gets exposed to a new market, you get to offer more value which will help increase sales and your customer gets to take home the prize.

5. Use the JV partnership to establish a milestone. There’s strength in numbers and your JV partners may be able to help you achieve bestseller status if you’re an author, win an award or contest or help you make an outstanding contribution to a non-profit simply by reaching out to their database.

6. Use it to attract necessary resources. There are resources you need in your business to be able to serve more customers. Your JV partners can help you attract these resources and may include capital, media attention, team, and manufacturing support.

To discuss next steps to creating profitable and rewarding Joint Ventures and how to include them in your business, email simone@passion2prosperity.com for a private consultation