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Staying ahead of the marketing curve seems to be a never-ending
quest. Marketing doesn't have to be as complex as some people
make it out to be. It s simply a matter of understanding who you
are marketing to your ideal customers and then coming up with a
system that keeps your name in front of them. A huge part of the
system is creating enough value for your customers that they
want to hear from you.
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Another aspect of marketing is knowing how to continually
reach and increase your market in the most cost effective manner
possible. One way to increase reach and do so cost effectively
is to find other businesses who share a similar market. These
can be complimentary businesses and even competitors. What
better way to get your foot in the door of a new market than
with the endorsement that comes from a joint venture?
Solo marketing efforts are no longer as effective as they
were in the past. True strength lies in utilizing the power of
joint ventures. It is probably one of the most compelling
marketing strategies you can implement. With so many people
competing in any given industry, an appropriate joint venture
can stretch your marketing dollars and increase your market
reach. And do so in a way that people want to do business with
you. That is the power of utilizing OPM Other People's Markets.
Most people refer to OPM as being Other People's Money. In
reality, when you have been given permission by a person or an
organization to reach their market, you are in essence using
their money. However, this is also a give and take relationship.
If you are using their market, you have to be willing to let
them use yours.
Over the years I have been involved in numerous partnerships.
Some were short term and one time projects, others very long
term. I wish I could say that every venture I have been involved
with has been successful and without incident, but that is not
the case. However, with each situation, whether good or bad, I
learned a valuable lesson that I have been able to apply to
current and future opportunities.
Consider some key factors before establishing a partnership.
First of all, what is the reputation
of the person or company you are developing this relationship
with?
It is important to know that the people you are connecting your
name with are reputable, have similar values when it comes to
the way they view business, and they treat employees and
customers with the kind of respect you would expect. If you have
an established customer base that trusts you and you then
partner with another company, you are in essence saying, Do
business with this company. I give you my word, they are
reputable.
Additionally, is it an equitable
relationship?
Before making any commitments, determine what the benefit is for
each party. What does each company bring to the table that will
create a successful partnership? Are you creating a win/win
relationship for all parties involved?
Be sure to test the waters.
Do not make the mistake of blindly partnering with another
company only to find out that the two companies are
incompatible. Start with a small project rather than going in
for a long-term commitment right away.
After finding a company you want to
partner with, I highly recommend putting everything in writing.
A written agreement will help both parties to become clear on
how their partnership will work. In many cases, you will want an
attorney to review the information and even draw up an
agreement. Be sure to utilize the services of someone who has
everyone s best interest in mind. When drawing up a written
agreement, take into consideration the following: individual and
joint roles, how new leads will be handled, and how expenses and
revenues will be shared.
Think of your company vision.
Who do you know that you could help to create a win/win
relationship with? When you are clear on whom you can partner
with you will be amazed at what can happen for you, your
partners and most importantly, your customers and clients.
About the Author:
Kathleen Gage is a business advisor, keynote speaker and
trainer who helps others gain marketing dominance and visibility
within their market. She is the recipient of the 2004 Giant Step
Award for Business of the Year in the State of Utah. Kathleen is
currently co-authoring two books utilizing the power of OPM.
Call 801.619.1514 or email Kathleen@turningpointpresents.com .
Get Gage s online newsletter called Street Smarts Marketing and
Promotions by visiting
www.kathleengage.com
August 28, 2004
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