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Click here for: Joint Ventures are Powerful Partnerships on Biz Tips with Becky Cortino

Applied correctly, Joint Ventures are powerful partnerships. Even experienced marketers make mistakes. Here are some JV Partnership Power Tips to keep you on the mark for a successful joint venture effort:

1) Know your prospective JV Partner well enough to determine (before contacting them directly to inquire if they are interested):

• What they bring to the table. Do they have a specific product, skill set, or service that relates, and could add to your campaign or idea?
• If necessary, do they have the capability and willingness to put something special together for your project, that aligns with your vision?

Tip: Research and determine before contacting a potential JV partner; then verify specifically. Establishing details and parameters of a JV Partnership should be firmly cemented in the initial conversation, so everyone has a totally clear picture of expectations, involvement and delivery. Only then can a JV effort successfully proceed.

2) Know your prospective Joint Venture Partner’s networking and presentation style, to determine:

• If it is a “fit” for what you have in mind.
• If their joining you in this effort will be mutually beneficial. It is always a 2-way street.

Tip: Everyone works differently. Don’t assume someone works within their network exactly as you do in yours.

3) Understand your prospective JV Partner’s way of doing business, to determine:

• If what you’re looking for or asking might even be considered as ‘possible,’ based on their own work and communication style. A “system” that works for one doesn’t necessarily work for all others.
• If the involvement is in keeping with their network — not everyone ‘hard sells,’ and their approach may well be vastly different from yours.

Tip: ‘Different’ is not a detractor, as long as you and your JV Partner can collaborate, playing to and on each others’ strengths and differences. Differences can add dimension to what is offered, reaching more people. Finding a “clone” assures overlaps with potential conflict, probably yielding less-than positive results.

4) Just because someone has established an extended network, enjoys a healthy level of engagement, and is well-seated in what you perceive to be “your target market,” does not guarantee success. This harks back to the premise that ‘if you think everyone is your market — no one is your market,’ because that is an impossibility.

• Every network is different, and is shaped by the unique connections within that framework.
• Your prospective JV Partner may not be able to “deliver” the numbers you are looking for, but the quality of their relationships may well be better than most, with higher results for the effort return ratio.

Tip: This is something to consider, in addition to reviewing your goals for the effort. It may give you an opportunity to expand your network, and introduce some new ideas or a product to your partner’s sphere, that they can also profit from.

Once again, it all gets back to the relationship, doesn’t it? Knowing your potential JV Partner, how they do business, their presentation style and network. The bottomline success of a Joint Venture is based on your prospective partner’s relationship not only with you, but also within their network.

I have seen folks literally jump into the middle of setting up a Joint Venture, based on assumptions they have drawn from inadequate and incorrect information about a potential partner. This ill-fated effort is further doomed for failure, when all expectations are not fully explained at the outset. There is nothing like the experience of letting your JV Partner know you need a coordinating product valued at a minimum of $100, just a week before the launch, and they have to develop something to meet your expectations!

When this occurs, it’s apparent the person suggesting the JV opportunity has not carefully considered those they are partnering with, nor thought the effort through, and in no way is taking their JV partner into consideration — only as an end to a means for their own benefit. With careful consideration and planning, these types of situations can be avoided. Mistakes can happen, but it is detrimental to reputation and business should there be any impression of sloppiness or lack of concern for JV partners. It will eventually leak out.

Keeping in mind a Joint Venture is a partnership, treat your JV associate like a partner — because they in fact are. Without their involvement, you have no “JV.”

I do speak from experience, because I have spent many years of my career putting together highly successful Joint Venture Partnerships, JV efforts, co-promotional commercial campaigns at the national and international levels, with recognized companies and brands, as well as with well-known individuals. I hope these Joint Venture Partnership Power Tips are helpful and serve you well.

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Biz Tips With Becky Cortino: Joint Ventures are Powerful Partnerships (to hear audio, click this linked text)