50 Benefits of Joint Venture MarketingBy Nina Kaufman, Esq.
Just in case you needed a list, here’s one of 50 ways that joint ventures can add a boost to your business. Among the highlights are the ability to:
Increase your credibility by teaming up with other reputable, branded businesses
Gain new leads and customers
Offer existing customers a wider range of new products and services
Find and create new distribution channels for your products
Offer additional bonus products and incentives
I’d suggest caution when relying on some of the financial claims, such as “you can construct most JV deals with little or no money,” “you can beat your competition,” “you can start almost any business at little or no cost”. Like diet supplement ads, results aren’t always representative, nor can they be guaranteed.
Particularly with the claim that “you can solve your business problems,” note that not all problems can be solved with a joint venture. In fact, you can compound your problems with the wrong JV partner, or with a less-than-clear understanding about what each partner will do or how money will flow. Do your “due diligence” to ensure that your JV partner has a good reputation and is fiscally responsible.