Being Bruce -: Relationship Marketing Tip #22– Joint Ventures (We’re Not Talking BBQ)

Tuesday, September 22, 2009

Relationship Marketing Tip #22– Joint Ventures (We’re Not Talking BBQ)

Forming joint ventures with other businesses and individuals is an extremely powerful way to build relationships. When you work together for on common business project, which may be focused on a single event or one-time occurrence or the basis for ongoing work, as each party does her or his part in meeting both the performance and income objectives of the venture, your personal relationship grows even stronger, which can result in future work together as well as a heightened opportunity for future cross-referrals.

Working on, supporting or promoting each others' deals or projects is a great way to enhance each other's presence in the market place (a team has a stronger impact than individuals or even small companies). Particularly in times when it seems that everyone is over-worked and over-booked, a joint venture's ability to provide a one-stop solution can often clear the way for harried decision makers.

The best joint ventures are those among equals, where each pulls for the common goal and benefits from the other's strengths and performance. In nature this type of relationship is called symbiosis, where two different species each aid the other in a mutually rewarding existence.

Unless you have a large support staff, don't attempt to set up too many joint ventures, at least at first, because if you spread yourself too thin and can't deliver the disappointment felt by all will outweigh the value of the lost opportunity.

The best way to start a joint venture is not to sit and wait for someone to propose one, and probably not to bring up the topic in general, but rather to actively look for a project where you could assist another business and then propose that you work on it together. Of course there may be a myriad of reasons why your first suggestions aren't embraced, but keep trying and when you finally engage in and succeed at your first joint venture, future work with that person and work with others will come easier.

Of course you have to be able to offer solid value when proposing a joint venture to someone, but even your asking them to consider working on a mutually advantageous project can aid your relationship.