| |
| |
|
Marketing Information |
|
|
|
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 greater marketing impact and bigger profits than either can have alone. 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. 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. 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
MORE RESOURCES:
Google News |
|
|
|
RELATED ARTICLES
Top Five Tips For Designing Marketing Strategies That Get Results "But this won't work" said Steve. "I've tried it in the past and had no response. 25 Ways To Make Your Next Direct Mail Campaign Work This list contains 25 powerful strategies to improve your direct mail results. It would be wise to use this as a checklist to ensure you've included as many as possible in your advertising. Marketing Got You Stumped? It's not unusual for entrepreneurs to find the whole idea of marketing intimidating. Even seasoned business owners often feel their marketing efforts aren't working. Private Practice Marketing: 3 More Things I Wish I Knew When I First Started 1) Create systemsCreate systems for everything you do, especially those things you do on a regular basis.My members and mentees ask me all the time how do I manage to get so much done. Marketing A Misunderstood or Scary Product or Service What do you do if your business, product or service is something hardly anyone is aware of or understands? Or worse yet, if it is something they are afraid of or want to avoid?My answer is three-fold.First, focus on the SOLUTION you are providingWhat is the primary problem your prospects have that you can solve? Do they have pain you can relieve? Do they have an ailment or affliction you can cure? In these cases, you are not selling your "scary" or "misunderstood" product or service, you are selling pain relief or healing. Positioning For Success According to military historian David Chandler the campaigns of Napoleon Bonaparte consistently rose above the expected. For more than 20 years Napoleon showed genius and skill as a general on the field of battle. Maslows Marketing Filter One of the basics of all marketing and advertising training is a teaching of "Maslow's needs pyramid". This pyramid shows the different motivators and needs in a person's life and how they are built one upon the other. Maximizing Your Yellow Page Investment Yellow Page users are the hottest of all prospects - someone who has made the decision to buy, and now is looking for a place to do it. Does your ad convince them that your business is that place?It doesn't have to be the biggest, although that can certainly help. Basic Brand Building A brand is the essence of who you are. The more powerful the brand the more memorable you will become. Laws of Marketing - The 10 Immutable Most marketers believe that anything is achievable if you are energetic, creative or determined enough. But laws of marketing follow laws of business, and if you violate them, you risk your marketing dollars. Budget Your Branding It is very important to regularly monitor your advertising activities in the process of brand building, to realize how much they are contributing to the bottom line. Expediting marketing expenses wouldn't generally lead to a stronger brand name. Time for Marketers to Clean Up Their Act! Some years ago, a prominent Australian hi-tech company launched a product called Maestro that bundles community-building features like chat rooms, file sharing and instant messaging into one application. The company envisaged smaller Internet service providers (ISP's) as their main target market for the software. How To Recognize Your Niche Marketing Agenda Starting a business, whether it's retail products orservices, must establish their own "niche". It doesn't matter how great your products or services is, how great your sales letter is or your headlines, offers or what a great price you're offering. Whats Your Marketing Weak Link? Your marketing weak link could be undermining the rest of your marketing. It is vital that each link in your marketing system supports and builds upon the previous link. Guerrilla Marketing in Action Guerrilla Marketing is using time, energy and imagination to market a product, business or person without spending massive amounts of hard earned profit dollars. It also has been defined as non-traditional marketing, something unusual, unexpected and designed to be noticed. 5 Steps to Success: A Surefire Way to Achieve Your Goals No doubt you started this year with some big ideas about what you wanted to accomplish. I know I did!Maybe it was how many new clients you wanted to get, or how much money you wanted to make, or how many products you wanted to sell. Calling All Carbon-Based Lifeforms Many businesses want to market to all carbon-based life forms. They won't take the time to really understand their audiences from geographic, demographic and psychographic perspectives. How Gratitude Works Want to know what the highest-impact, lowest-cost tool is in your marketing toolkit? First, here are ten reasons to start using this tool right away:1. It won't get tossed out with the rest of the junk mail. Non-Profit Success Requires Ongoing Marketing In a crowded marketplace of ideas, it is important for non-profit organizations to establish a well-defined niche. While most non-profits are not selling products, they are selling their organization's mission, their ideas, their programs, and their services. If You Can't Answer This Question Your Business is Doomed! How do you answer the seemingly easy question, "What do youdo?" Do you talk about YOU? Do you talk about yourproducts/services? Do you talk about your industry?Do you explain the process of how your products/serviceswork? If you answered yes to any of these questions youare missing an enormous opportunity.Every time someone asks you "What do you do?" andevery time someone reads your marketing materials youhave the opportunity to:* Interest potential clients* Increase the potential for referrals* Find out about potential strategic alliances* Create recognition for yourself and your business* Position yourself as an expertStop right now and take the time to discover how to answerthe question, "What do you do?" in a profitable way.
|
| home | site map |
| © 2006 |
