What are the key elements of a successful joint venture marketing plan?

Every joint venture agreement should have a complete understanding and "meeting of the minds". All joint venture participants must spell out in the joint venture agreement exactly what a win looks like for them. To one partner they consider a win to grow their email list from 2500 to 5000 within a 6 month time period. Another partner might consider a win to have completed an endorsement campaign within 3 months. I would highly recommend having a weekly or bi-weekly Zoom call Where all parties can address their particular challenges or even getting more clarification on their expectations of themselves or others participating in the joint venture.

From my perspective, after having worked with over 5500+ business owners, a Joint Venture (JV) is a partnership / association between two or more companies who want to target same (similar) clients but without any conflict of interests in near or short term. This is one of the finest strategies that can prove to be the fastest growth path for companies with low or sometimes zero capital investments. To be able to achieve common goals and objectives, you need to find companies and stake holders who think like you and are equally "ambitious", fair, strategic and open to share resources. There are many strategies to draft JVs between 2 or more companies. This includes client data sharing, client front ending, founding new company etc.

Step 1: As a business owner you MUST understand your target audience. I call them as ideal OR Rocket Clients. How do you identify your target audience is the most critical point which can make or break the idea of JV. Where are they located? Rocket Clients are the clients who buy your highest profitable products (Rocket Products) and contribute highest profitability in your business. Step 2: Once you know your target audience (Ideal OR Rocket Clients), then 2nd step is to identify the products / services they need apart from your products or services.

Everyone participating in the joint venture must have really taken a deep dive into the specific wants and needs of their very best clients. These clients could be defined as those clients who account for at Least 80 to 95% of their annual profits. What does this group purchase before, during, and after they do business with you? Approach potential joint venture partners who already sell these Particular products and services. Every time one of your clients makes a purchase you earn a share of the revenue that was generated. Every joint venture partner can now earn passive profits as well As growing their valuable client list.

To have maximum success with your joint ventures you should be looking for joint venture partners who already successfully those non-competing products and services to your ideal target market. What have they done to attract their best clients?

Step 3: Now identify the companies who fulfill these products / services that your target clients need. Step 4: Find these companies on LinkedIn. LinkedIn s the best platform to find JV partners. My students have done it many times.

Everyone involved in a joint venture should already know their own clients wants and needs. To find this out you send a survey to your top 20% clients who account for 80% of your profits. You must know them inside and out. This will help you attract more clients just like them from your joint venture partners.

Start discussing plan of how this JV will benefit both companies (you and them) and how the short and long term interests of the companies would be served and preserved. Step 4. Create detailed video (5-10 min) of the project, marketing plan and share with potential JV candidates. Step 5: Start meeting. Don't be in hurry to find partner. Take your time, Find the right JV Partner for long term growth.

The purpose of even forming a joint venture partnership is to add value and profits to all partnerships. when each partner does their specific part they should be getting closer to having "A Win" for their business. Each joint venture partner has previously stated exactly what a win looks like and feels like. The joint venture partners must keep track of sales data, profits, New client acquired, etc. During the weekly or bi-weekly Zoom call each joint venture partner can keep themselves and their partners goals realized.

You may use Strategic custom audience based Fb ads. But LinkedIn has produced the results faster. My experience is best with LinkedIn. I recommend you to Try both platforms but still highly ecommend to test LinkedIn first.

In any joint venture everyone involved will come to realize if this Joint venture is a good fit or not. This might not be very evident at first, as it can take a few months to see how everyone in the joint venture is progressing. Not everyone will share in the enthusiasm and participation levels As yourself. It makes more sense to carefully evaluate if further participation in the joint venture is the right decision for you. In your weekly or bi-weekly Zoom meetings other joint venture partners may also make the decision to keep going or even stop Their participation altogether.