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Doing joint ventures has many benefits, but there are also many mistakes that can be made. These mistakes can be costly, not only in revenue, but in credibility with your client base.
These are not the only joint venture marketing mistakes made by small businesses, but as these are the most common, avoiding or correcting them will certainly put you on the right path.
Here are the five most common mistakes to avoid:
1.Not taking the time to ensure that your partner has great-quality products and services and a solid reputation.
When you choose a partner, it is imperative to choose one that has high-quality products and services as well as a good reputation within the industry. Sometimes, a company may look better on the surface than it really is. Your credibility is at stake if you partner up with a company that has sub-standard products and services or one that is popular for bad customer service. Do your research about your potential joint venture partners and review their products and services before endorsing them as these issues will reflect on you and your business!
2.Offering your partner too small of a deal
There has to be an incentive for your partner to engage with you, and offering too small of a deal won’t make it worth their time and effort. Remember that endorsers with a large, targeted and loyal client base are the most wanted joint venture partners. They’ll partner with others if you offer a percentage of the profits that’s too low. So make this mental note... if they are worth pursuing, they are worth sharing the profits with.
3.Simply handing over your
client list
This can constitute breach of contract with your clients if you have committed to their privacy. You’ve also worked very hard to build your client list, and this forms part of the value you have to contribute to the joint venture relationship. If you simply hand over your client list, you have no point of leverage.
4.Not devising an exit strategy
Even the best of relationships can go sour, or simply not work. Make sure you have an open door to leave the joint venture if for any reason it is not working out.
5.Committing to a long term relationship from the beginning, without testing your strategy first
Any joint venture should involve a trial period to see if profits will show a real upwards trend, or if the idea is a valid one. If you sign a long term contract, you may be stuck in a no-win situation with no way to escape. As with any marketing strategy, test in small numbers first, before rolling out fully.
Joint Venture marketing is very lucrative, and with some forethought and planning, can help springboard your business to new success levels. Just make sure to do your homework right from the start, and avoid these pitfalls to ensure high returns on your investment of time, money and effort.
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.
About the Author
Joint venture specialist 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 earning mediocre profits. To sign up for your FREE copy of her revealing Mini eCourse, “The Easiest Way To Skyrocket Your Profits In 90 Days Or Less,” and to receive other FREE marketing resources, visit http://www.profitdiva.com
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