Engineer a collaborative relationship, where your new ally enthusiastically endorses, and introduces you to their clients and contacts - as this gives you credibility and instant access to new prospective clients, saving you both time and money.
If acted upon, the strategy of rapid audience can quickly become your shortcut, to swiftly building your perfect audience, and growing a strong future proof business that thrives. No matter the economic climate...
Part 1: Joint Venture
Joint ventures (often abbreviated as JV) can be one of the fastest and safest ways to increase your market reach.
With joint ventures you collaborate and share intellectual property, assets, or knowledge with another person, or a group of people, for the purpose of mutually expanding influence; creating a more powerful market presence and generating higher profits.
There are four basic types of JV:
• Consolidation (combining existing businesses)
• Skills-transfer (transfer of key skills from JV partners)
• Coordination (leveraging JV partner abilities)
• New business (combining abilities to generate new business growth)
A joint venture is different from a merger - it can be for one specific project only, or on a continuing business relationship. And, where there is no transfer of ownership in any JV partnership or deal.
If you are thinking about collaborating in a JV, here are some important questions to consider:
(1) How will you reach your target market?
(2) Who are your competitors?
(3) Are your competitors better at reaching the marketplace than you?
(4) What do your competitors know, or have, that you don’t?
(5) Do you have access to a successful coach, consultant, or organisation that is willing to share their experience with you?
(6) Is your brand credible, or does it require updating?
(7) Do you know of a coach, consultant, or organisation that already has the level of credibility that you are seeking?
(8) What are your strengths and weaknesses?
(9) What are the threats and opportunities in your target market?
When engaging in a joint venture, be prepared to give and take - there are many formulas that can be used to measure the performance of a joint venture, but it really depends your objectives in the first place.
Do you want to:
• Increase your profits?
• Extend your market positioning?
• Reduce your overall costs/economies of scale?
• Develop new technology?
• Diversify product offerings?
• Reduce competition?
• Share expenses?
The rewards of a joint venture can far outweigh pitfalls. But, like anything in life, there may always be the possibility of risk - do your due diligence and ensure that you completely evaluate your risks, before and during any joint venture.
