What Joint Venture Partners Want from You
Deciding that joint ventures will help your business grow is the easy part. Once you have decided to pursue this marketing avenue, you must search out potential JV partners and convince them that it would be to their advantage to work with you. This process can be easier said than done, particularly if you are a smaller company with fewer loyal customers and sales to offer.
However, even small business owners bring something to the table in a joint venture arrangement. Consider the features potential JV partners want from you to help you put your best foot forward in the proposal and negotiation process.
A Solid Agreement
One of the biggest reasons joint ventures fail to materialize is because the business looking for JV partners fail to provide a clear strategy for the venture. Larger businesses want to work with other business owners who are well-versed in the purpose of a joint venture and how to formulate one that is mutually beneficial to all involved. The company wants to know that you've done your homework and will supply compelling reasons why a business arrangement between your two companies would be a positive marketing step.
A Solid Business
You may be just starting out or much smaller than your prospective partner, but that doesn't mean businesses you approach will never take you seriously. If you want a prospective partner to sit up and take notice, you need to present yourself as a polished, professional company. This means creating a proposal that is comprehensive and well written. It also involves presenting yourself as an expert in your chosen field, whether you are hosting your own blog on a related topic or hosting your own booth at a trade show.
A Solid Profit
Prospective JV partners always want to know what's in it for them. While you may not be able to offer much at the beginning in terms of marketing prospects or customer lists, you can provide a significant percentage of your sales to make the agreement worthwhile for your partner.
Sometimes it may seem that you are giving up too much to establish a lucrative joint venture. However, those initial profits will pay back tenfold when your JV partner helps you build a larger customer base and a healthier bottom line.
A Solid Relationship
Many companies turn down prospective partners because the two businesses involved have absolutely nothing in common. While you don't want to enter into a joint venture with a direct competitor to your own business, you do want to choose companies that will attract a similar clientele for different products. When you approach a prospect, make sure you're detailed in describing the potential symbiotic relationship in question, so your potential partners can see the advantages to working with you right away.
Landing JV partners isn't easy, but it helps to see the potential joint venture from the perspective of the other company. When you can offer features the other company wants, you will be more likely to land successful joint ventures.
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