Five Joint Venture Marketing Skills A Small Business Owner Must Have

Joint venture marketing is a lucrative way of leveraging the assets of two or more businesses. It is the fastest way for businesses to achieve certain business goals and benefit their clients at the same time.

For the joint venture partners, this usually translates into more visibility, more clients and more profits than they could create on their own. For the clients, the benefits include saving time, saving money and getting added value from the businesses. These are the reasons behind the popularity of joint ventures.

For any joint venture project to be successful, the partners must possess certain skills that are required to choose the right deal, the right partners, and to promote the project effectively. I've outlined a basic skill set consisting of the five most important attributes below:

1. The ability to nurture client relationships

People buy only from those that they know, like and trust. You must therefore keep in touch with your clients on a regular basis in order to nurture your relationship with them and turn them into loyal clients. Apart from earning their trust, this will also enable you to determine what offers they'll respond to and when to offer a certain product or service. Without a loyal client base, the response rate will be very low when you endorse a product or service.

2. Creativity, and the ability to "think outside the box"

Every new joint venture project that you initiate will be different, and therefore deserves a different approach. The ability to apply fresh new ideas is very important in making sure you present the joint venture in the best possible light. Creativity comes in handy when creating irresistible offers and proposals, when deciding the compensation plan, and during the negotiation phase.

3. Resilience

Many small business owners don't really understand the benefits of joint ventures and may be skeptical at first. You need the endurance to educate them about the many benefits a joint venture brings, and to put their minds at ease concerning any issues they may have. You will also need resilience and patience after launching your campaign, as results may not be immediately forthcoming.

4. The ability to visualize synergy

Even if you choose the partner with the largest client list in the marketplace, if there's no real synergy, the partnership will not jell. It is critical to make sure that the combination of products and/or services fit together, and are not the proverbial "round peg in a square hole."

5. Effective negotiation skills

From the minute the door is opened to the possibility of a joint venture, serious negotiations begin. Negotiating skills are necessary in making sure that both parties reach a win-win agreement, and also so that you achieve the goals you have set in the planning stages of your project. The ability to present all the benefits of the joint venture to your prospective partner in the early phase of the negotiations is critical to their acceptance of your proposal.

Joint venture marketing is rising in popularity everyday, and is an excellent way for small businesses to springboard their efforts to new success levels. These skills are all acquirable skills, and many resources are available to the small business owner wanting to reach out in these directions.

Copyright © 2005 by Habiba Abubakar and Emprez. All rights reserved.

Note: You are welcome to republish this article as long as the resource box at the end is included fully and unaltered.

Habiba Abubakar, a.k.a. The Profit Diva, specializes in helping small business owners who are struggling to increase their client base and are tired of mediocre profits. The tips in this article have been excerpted from her home-study program, "Joint Venture Profits For Small Business Owners." To learn more about this step-by-step program, and to sign up FREE for her revealing Mini eCourse, "The Easiest Way To Skyrocket Your Profits In 90 Days Or Less," visit http://www.profitdiva.com

____________________

Advertisement: Honest Riches - Click Here!

Advertisement: Lost AdWords - Click Here!

Advertisement: Get $1 Million A Month In Google Pay-Per-Click Ads Free! - Click Here!

Advertisement: Who Loves Money? - Click Here!

Advertisement: SEO Elite, the GrandDaddy of SEO Software - Click Here!

In The News:

---

LA reveals unveils new tourism marketing slogan
San Jose Mercury News,  USA - 3 hours ago
AP LOS ANGELES—The city on Friday unveiled a new marketing campaign built around the slogan "That's So LA" to keep tourists coming despite the nation's ...
New campaign to boost LA tourism abc7.com
all 23 news articles

Reuters
Audi says it will increase US marketing efforts
Chicago Tribune, United States - 6 hours ago
Those marketing dollars have an aim to push Audi US sales to 200000 vehicles by 2018. Schwarzenbauer said the company has a goal to sell 1.5 million Audis ...
Audi plans record US marketing spending Reuters
Audi plans to boost US marketing budget Automotive News
Audi says it will increase US marketing efforts Fox 28
DetNews.comall 16 news articles

Columbus tech firm buys Dayton marketing company
Bizjournals.com, NC - 8 hours ago
Implications International, which specializes in interactive marketing, brand design, and Web development, has offices in Peoria, Ill., Mumbai, India, ...

Wellstar/TMI Begins Marketing Imaging System to Long-Term Care ...
MSNBC - 3 hours ago
TMI's marketing plan includes a program where LTC facilities can lease the equipment necessary to perform skin assessments and store the necessary data ...

Halekulani to get marketing boost from Japanese hotel
Bizjournals.com, NC - 8 hours ago
Effective April 1, Imperial Hotel will start reservations service, sales, marketing and public relations activities within Japan for Halekulani and Waikiki ...

Proton Laboratories Announces New Sales & Marketing Office
MSNBC - 20 hours ago
Proton will start by marketing a variety of enhanced water products that provide health benefits for people and the planet as well as the commercial product ...
Proton Laboratories opens Southern California office Bizjournals.com
all 9 news articles

Zoo honored for marketing campaign
Salt Lake Tribune, United States - 5 hours ago
... different companies around the US The Utah Chapter of the Society for Marketing Professional Services recognizes excellence in marketing communications ...

Boston Globe
FedEx trims '09 marketing budget by 25%
Bizjournals.com, NC - Jan 8, 2009
United Parcel Service Inc. rival FedEx Corp. will cut its marketing budget by more than 25 percent for 2009, the company recently disclosed on its blog. ...
FedEx cuts marketing spend by more than 25 percent Reuters
FedEx cuts marketing budget DM News
FedEx to reduce marketing budgets by 25% Brand Republic
all 45 news articles

Katz Media Launches New Marketing Unit
FMQB, NJ - 11 hours ago
Katz Media Group has launched a new, national marketing unit that will create custom solutions for advertisers and their agencies with the goal of ...
Katz Launches National Marketing Unit, Trims Staff Media Buyer Planner
Katz Media Group forms marketing unit BtoB Magazine
Katz creates unit to handle ads for new radio platforms SmartBrief
all 6 news articles

Examiner.com
Cape May tourism department wins marketing award
Examiner.com - 15 hours ago
by William Sokolic, Jersey Shore Examiner The Hospitality Sales & Marketing Association International will recognize the Cape May County Department of ...

marketing - Google News

8 Instant Ways to Create Consistently Successful Marketing Campaigns

It's almost a given that when I speak to a new client, she tells me how much she's always hated marketing herself. "I'm no good at it"... Read More

Neuromarketing: Smart Marketing Or Jedi Mind Control Trick?

In the international bestseller "Blink," Malcolm Gladwell explains why our decisions to choose brands, select a mate, sue our doctor or make choices that decide Presidential elections,... Read More

Effective Use of Promotional Products and Ad Specialties

1. Determine the goals of your promotional products program. Do you want to create awareness? To attract new customers? To reward or provide incentives to existing customers?... Read More

A Successful Solution: 10 Things to Consider

A provocation for the coming year, decade, century or millennium.By now, you've set a working direction for the year, established clear-cut objectives. Your first-iteration plan to reach... Read More

13 Lessons in Marketing, Super Bowl Style

Each year, the Super Bowl provides marketers opportunity to study and learn from the games' advertisers, players, and coordinators. Super Bowl XXXVI (February, 2002) was no exception.... Read More

Hold Onto What Youve Got

You probably spend a great deal of your time looking for new customers or clients. However, are you sure your doing enough to hold onto the ones... Read More

How to Booste Your Profit Quickly

There are so many competitions by running business. So you must do something in a smart way. Check this list to see which ones you can use... Read More

D.A.N.C.E. With Me

Recently, a client asked what he could do to help my business, but I wasn't ready with the answer. A lot of us probably miss these opportunities... Read More

Networking the Media

The media is a business's absolute best friend. It is THE source of information distribution to the masses. Even "bad" press has been known to stimulate business.The... Read More

Five Tips for Trade Show Success on a Small Budget

No matter how small your marketing budget, your business can afford to have a successful presence at trade shows without incurring big expenses. Here are five tips... Read More

Off the Shelf Small Business Mapping Software

All small businesses can benefit from inexpensive off the shelf CD Rom mapping software. If you own a business you need to where your customers are coming... Read More

The Five Most Common Joint Venture Marketing Mistakes To Avoid

Joint Venture marketing has become a highly popular way for small businesses to maximize their profits. When two or more businesses combine their resources synergistically, it creates... Read More

Two kinds of Advertising for a Marketing Strategy

Advertising is the lifeblood of any business. If you do not learn how to advertise your products and services both efficiently and effectively, you won't be in... Read More

Know Thy Competition

BREAK FROM HO-HUM MARKETING ? IT'S TOO BORING! Once you break from ho-hum marketing, and learn to put your deeper beliefs and values into your promotion, a... Read More

Color Part 2: Formats and Systems

There are several color formats and systems available for mixing and specifying colors. Here, we explain three of the most common systems: RGB, CMYK, and Pantone colors.RGB... Read More

Sales and Marketing: Can One Exist Without the Other?

Simply put the marketing people and the sales people depend on each other 100%. One cannot say that a marketing department is any more or less important... Read More

Take the Test: Do Your Marketing Materials Really Grab Attention?

Today's constant bombardment of marketing messages means your materials must grab your prospects attention in the first few seconds, or your efforts are wasted.How do you know... Read More

Why Instant Gratification Marketing Condemns Businesses To Losing 90% Of Their Potential Customers

Most businesses target only people "ready-to-buy". These hot prospects are "Now Buyers" because they've been inching closer to a decision for some period of time. They're just... Read More

Beyond the Booth

With the advent of spring, trade shows begin to blossom. Research suggests that tradeshows are where today's businesses invest much of their marketing budgets. According to EXPO... Read More

Marketing to a Critical Mass

In "Developing a Marketing Plan", we covered the first steps to developing a marketing plan and tracking where your customers are coming from.The thing that I noticed... Read More

Leverage The Power Of Using Flyers To Advertise Your Online Product or Service Offline

One commonly overlooked method of advertising offline is flyers. Flyers are extremely easy to create. They also allow you to exhibit some of your creative side, making... Read More

Tradeshow Booth Cures - Living Color

Feng Shui is the Ancient Chinese practice of configuring home or work environments to promote health, happiness, and prosperity. By utilizing elements such as light and color,... Read More

Seven Secrets For Building Customer Loyalty In Your Restaurant

Imagine how much your sales and profits would increase if each of your customers come back just one more time a week or a month. You would... Read More

The Biggest Problem With Your Marketing Is...?

What is the biggest problem most marketers have? Who knows. We don't, and they certainly don't either. That is exactly the problem. Most marketers don't know whether... Read More

Practical Advice to Generate Successful Campaigns Using Merged Lists

You could end up with poor results when designing a direct mail campaign that combines your inhouse list with one or more rented lists. Merging lists generates... Read More

Customer Lifetime Value - The Key To Maximizing Your Profits!

The greatest asset to your business is your Customer, specifically, your Customer Lifetime Value.In my many years in Sales and Marketing, I've met many CEOs and business... Read More