Power of Collaboration and Joint Venture Partnerships for Marketing
Technology and the growth of networking strategies both online and off, has created a new way to power up your business. Collaboration and joint venture partnerships are now being conducted in a number of ways than what previously was the norm. These relationships can be structured from a casual agreement to one with a signed contract, and they provide the benefits of an alliance without actually being in a legal business structure with your collaborative partners.
A casual joint venture or collaboration could simply mean that an agreement exists where you will market for each other to your respective contact lists, and you may even bundle your products or services together. In this way, you are leveraging the talents of two or more people to create a bigger product or service.
A more structured joint venture or collaborative partnership could mean that you have signed agreements or contracts that require specific performance parameters from each of the parties while your businesses remain autonomous from each other. Again, this will give you the leverage power of a bigger product or service and also builds in a certain measure of accountability, but without the liabilities of taking on a partner in your business. The impact of a poor performing collaboration partner is mitigated by the fact that they are not actually part of your company. You simply look for other collaboration opportunities.
There is strength in numbers, so partnering with complementary businesses can have the impact of a larger organization and you can reach more people with the same resources. If you choose the right collaboration partners you will also create a mentoring situation where you can both learn from each other and in this way it can be a hugely successful growth opportunity, not just for your business, but for you as well.
Here are a few ideas for finding collaborative partners:
1) Make a list of complimentary industries that have the same type of audience as your business or whose products and services would compliment your own.
2) Start looking for other business owners whom you admire and respect. Are they doing things that resonate with you? Would you feel comfortable promoting them?
3) Schedule a brainstorming session with someone you would like to collaborate with and see what transpires. Even if you both decide that collaborating will not work for you, a lot of great ideas will come out of the session.
Be open and think outside the box. Be fearless about approaching others to share your ideas for collaborating with them. Amazing opportunities await you and many of them will come from sources you would not have guessed. Never limit yourself when looking for collaboration partners.
Ateeya Manzoor is a management consultant, advisor to boards and visionaries, litigation strategist, risk manager and executive mentor.
She has extensive experience in clean and green tech, engineering, mining, professional services, hospitality, property development, oil and gas and mental health. Ateeya's core gift is to convert and fully realize potential. She has a unique ability to see potential and possibilities. Her talent is to anchor in businesses requiring structure or a fresh perspective. Clients value her vision and unrelenting commitment to delivering tangible results.
© 2021 Cognōscō Noor Ltd.