Ed Koyuncu Shares Tips For Building Successful Joint Venture Partnerships
For any business, winning new customers and generating new leads is a huge part of the daily grind. Without new customers even a business with incredible customer retention will run dry sooner or later. One of the best ways to reach out to a new group of prospective customers or clients is to form a joint venture partnership with another like minded business where you send each other leads or referrals for a mutually agreeable term.
So what exactly does it take to reach out to another business and convince them to help you promote yours? Here are my top 5 tips on the Dos and Don’ts of seeking out new partnerships.
Build A Friendship. Almost every successful partnership begins with some kind of prior relationship. If you’re not sure where to start, try going to some local networking events or if there is a particular business that has caught your eye why not approach them directly and introduce yourself?
Make Sure Your Offer Is Awesome. Don’t expect to throw an idea out there and for your prospective business partner to accept it straight away. Show them you mean business by offering a fantastic customer experience so that there will be no bad reflection on either party. Take the time to understand how this partner will be able to support the offer (or not!), for instance if their customers go back to them with questions about your deal, what will they do?
Keep it Personal.Do not use a template or cookie-cutter type email when approaching a potential business partner. Take the time to write a personal email, or even better pick up the phone and call them. The more personal the message, the better chance for a response.
Don’t Approach By Asking For Something. The fact is, even if you are offering this partner a commission for sending their clients your way, you are still asking for a favour. Approaching someone for the first time and asking for a favour gives them no reason to trust you or listen to you, they may even delete your email without a second thought. May I remind you of point number 1, build a friendship first!
Bring Value.Once you’re on the way to building a great relationship with your potential joint venture partner find out what their needs are first and see if you can help them out. Support your partner and bring value to the relationship. By proving that you are willing to help, you also increase the chances of them wanting to return the favour and help you out too. You’re also building a far more solid foundation for any future working partnerships and business referrals.
Have you had any success in building joint venture partnerships with other businesses? Let me know what has worked for you in the comments below!
Ed Koyuncu shares a long–term profitability of his firm with investment returns and client relationships that are sustainable over the long haul. More about Ed Koyuncu on his About page here. Discover plenty of other ways to invest for the long haul — including investing in small businesses and struggling start-ups on Ed Koyuncu's Pinterest page here. You can also follow Ed Koyuncu's Facebook page here for more investment news and advice.
You can also watch Ed Koyuncu's video here:
