The Power of Joint Ventures
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Want to double, even triple your prospect and customer base - instantly? You can by wielding the power of Joint Ventures. If you've ever wondered about Joint Ventures, or how to make them work for your business, you will enjoy this Power of Joint Ventures webinar. To watch the full webinar visit: http://www.corexpand.com/webinar/r/powerofjointventures/register.asp
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The Power of Joint Ventures
- 1. Presents The Power ofJoint Ventures Leveraging Strategic Partnerships for Rapid and Sustained Growth
- 2. This webinar is being recorded a few reminders
- 3. How to Ask Questions Enter Question Here and Select Send
- 4. During Live Q&A Select the Hand icon to raise or lower your hand to indicate you have a question
- 5. Presents The Power ofJoint Ventures Leveraging Strategic Partnerships for Rapid and Sustained Growth
- 6. Who is CoreXpand? What is a Joint Venture? Why JV’s are a Powerful Strategy JV’s versus Referral/Affiliate Relationships A Strategic Partnership Breakthrough Where to Begin/Next Steps Real World Examples Q & A
- 9. What is a Joint Venture? … a strategic partnership between two complimentary businesses in which both partners share information and resources for the purpose of mutual benefit and growth.
- 13. Expertise
- 15. They generate synergy and momentum, creating a whole that is greater than the sum of its parts
- 21. Contact owner
- 22. Present benefits of partnership
- 23. Jointly create private marketplace with both companies products
- 25. Introduce yourself and your business
- 28. Create template store for fast replication
- 30. Q & A Share your thoughts… wonder out loud…
- 31. Thank you for attending Take advantage of free, no obligation e-commerce and e-business guidance at http://www.corexpand.com/free-business-consultation.asp
Hinweis der Redaktion
- Hello everyone and welcome to the CoreXpand Advanced e-commerce webinar series. My name is Lake Furney, and I’m the vice president of marketing and communications here at CoreXpand.We’re really looking forward to sharing these concepts with you today, because we’ve seen some dramatic successes over the years for businesses who use the principles we’ll be revealing.Today we’ll be talking about joint ventures and how to leverage strategic partnerships. And as we said, we’ve seen this done with great success, and we’re confident that any of you here who apply what you’ll learn here today can experience that same success. I’m joined today by Lindsey Tanner, the founder and CEO of CoreXpand who’s seen it all over the years. And he’s going to show you some practical, real world examples of how this concept can help you grow in leaps and bounds. Lindsey, would you like to say hello?So here’s what we’ll be covering today.
- I know that most of you here today are CoreXpand clients, but we are also joined today by some newcomers, so we’ll take just a few seconds to tell you who CoreXpand is.Then we’ll get jump right in to talk about what a joint venture is, and why they are so powerful.We’ll then talk about the differences between joint ventures and what some people think are joint ventures which are really referral or affiliate relationships.Next we’re going to reveal a real breakthrough in strategic partnerships that has been really exciting to watch. It’s a whole new way of accelerating your business growth and something you’ll definitely want to consider doing in your business.And we’ll talk about how and where to start with whatever model you choose to begin with and the steps to take to get them off the ground.Then Lindsey will show you some real world examples and show you just what some of those relationships look like, and then we’ll take your questions. And with that, let’s get started.
- So for those of you who are joining us for the first time we’d like to briefly tell you who we are and how we fit into the ecommerce market.
- For 11 years now, CoreXpand has been on the cutting edge of e-commerce and e-business. We’ve helped thousands of businesses and millions of users buy and sell literally billions in products and services online. Businesses from Fortune 500 companies to mom and pop shops venturing into online business for the first time have used or been served by our solutions. If you purchase goods or services online, we can help you streamline your purchasing process, and maximize your spend management efforts. If you sell your products and services online, we’ll show you how to absolutely dominate your competition by retaining your key customers while attracting the attention of larger clients. The bottom line is, if you buy or sell anything online, we’ll help you do it more simply, and more profitably. And the great thing is, you can discover just how easy all that can be by having a simple conversation with one of our e-commerce and e-business experts. And we invite you to have that conversation with no obligation or cost. You’ll find that we really do want to help in whatever way we can. And, that’s why we provide this webinar series; to help you grow and thrive by providing practical, usable ideas and proven strategies . So with that, let’s dive right in to our topic today.
- So.. What is a joint venture? Well, of course there are as many descriptions and definitions of joint ventures out there as there are business pundits who offer them.But for our purposes we’re going to define it in a way that reflects the most practical and, at least in our experience, the most effective use of the concept.A joint venture is a strategic partnership between two complimentarybusinesses in which both partners share information and resources for the purpose of mutual benefit and growth.And we say complimentary to let you know up front that our discussion today isn’t suggesting you try to form alliances with direct competitors. Though that has worked in some situations, what we’ll be talking about today is much simpler and more synergistic.
- So what do we mean when we say share information and resources?Obviously, the term “information” is broad andcan involve anything. And for that reason, the information shared between JV partners will vary greatly. It will cover a broad spectrum of relevant subjects, such as market demographics or marketing strategies. But the information that means the most to you, and information that you likely would never have without a JV, is their customer data. Detailed information about prequalified prospects and an existing database of known buyers is invaluable for your strategic growth.
- The resources shared between JV partners can also vary widely. They might include personnel; such as team members in both businesses who assist each other along the way. Or it might come in the form of expertise; such as when one partner has particular marketing, sales, or legal skillsets that are slightly beyond the level of the other partner. But in today’s hyper-competitive, demanding marketplace, one of the most critical resources that JV’s can share is technology; specifically, e-commerce technology. Advanced e-commerce technology allows joint venture partners to deliver the higher level buying experience that customers, particularly larger customers are looking for. A joint venture e-commerce platform allows you to fulfill multiple needs of customers in a way that is customized to the way they do business.
- There are many reasons that joint ventures are powerful: They allow partners to leverage each other’s strengths and balance each other’s weaknesses. As we touched on before when talking about shared resources, one partner may have a strong marketing background while another may be better at logistics and operations. Each partner can help the other grow and learn along the way. They generate synergy and momentum, creating a whole that is greater than the sum of its parts. Anyone who’s ever participated in a collective effort of any kind, like church, or school or business, knows that projects can take on a life of their own. And quite often a momentum gets created that leads to results and success that’s far greater than it appeared possible on the surface. They motivate and keep both parties accountable for reaching milestones and achieving goals. It’s easy to get caught up in the day-to-day stuff and lost some of our motivation to move forward with positive things sometimes. But joint ventures keep both parties focused on not letting the other down and help everyone keep moving forward. All of those things are great aspects of joint ventures…
- But perhapsthe greatest power of joint ventures is that they give instant credibility and access to a warm market of qualified prospects and customers who buy.
- And if you think about that, by leveraging the power of joint ventures, you’re effectively doubling, even tripling your prospect and customer base instantly.
- There are other ways to have others help you expand your business, such as using referral or affiliate relationships. Now the full details of how those work are beyond this joint venture specific discussion, but we wanted to mention them because some people refer to these as joint ventures. But by the standard definition of joint venture, they’re different, and here’s how.As we said JV’s involve shared resources such as lists, technology, etc. for purpose of mutual growth. Referral Sources / Affiliates are generally industry related centers of influence (bloggers, reviewers, associations, etc.), who tend to generate high traffic. And they use special links to send that traffic to you that pay them a commission upon each sale.They can be very effective. Especially if you find an affiliate who knows what they’re doing, meaning that they’re ethical and that they use the latest internet marketing strategies to generate a lot of traffic to you.
- And that brings us to a major breakthrough we’ve seen in strategic partnerships that’s a bit of a hybrid between JV’s and affiliate relationships. It’s something we call the Online Franchise Model.
- I’ll let Lindsey explain more about the details of how it works, but the basic idea is that there is now a fast and easy way to help other people to have their very own online store that sells your products. It’s like a virtual chain of retail stores. Imagine taking your business and letting other people replicate it dozens, even hundreds of times, with you getting a percentage on every store… and on every sale.
- So now let’s talk about how to get started with the things we’ve talked about.For joint ventures, the first step is to select a complimentary business with a good reputation and a large customer base. You want to select someone who’s products or services are a natural fit. For example, if you sell paper, you might want to partner with a copy machine dealer. If you sell uniforms, you might look for a screen printer and embroiderer. There are a million possible combos, and Lindsey will talk about some of them. As far as reputation and size of a potential JV partner, you can find those things by researching them online. There are business data and listing services like Dun and Bradstreet or Hoovers that can give you the info you need. Once you’ve selected your potential partner, you’ll want to reach out to the main decision maker, probably the owner.You’ll want to have a proposal ready that explains the benefits of your partnership in a simple straightforward way. Explain what you can bring to the table and how you both can grow from a strategic partnership.Once you’ve reached an agreement, you’ll want to create an ecommerce site that allows you to leverage each others products/services in a convenient, buyer friendly way. The most effective is a private marketplace, which you’ll see in a few moments. Once that’s in place, you can then start marketing your new combined offerings to each others lists, and to other industry prospects.Of course, because of time constraints, this is a simplified process. You can always give us a call and we can help you work through this process to help ensure you’re successful.
- Now with referral and affiliate relationships, you’ll want to look for high traffic, well established experts in your industry/niche. Again these are things like review sites, bloggers, or associations that can send a lot of people your way. Once you’ve selected a potential affiliate, introduce yourself and a little bit about your business.You can then present your affiliate offer. Now keep in mind that many of the seasoned, proven referral sources have already set commissions that they require to do business with. You’ll have to determine if their method/requirements are in your best interest on a case by case basis.If you reach an agreement, you’ll then set up the affiliate link and payment method for the sales that they generate for you. Most of the experienced affiliates will be able to help you or do it themselves.
- And for the Online Franchise Model, you’ll want to start with your bread and butter merchandise; the items that you sell the most of, that ship easily, and/or that you can get quickly.Obviously, these products can be tailored to specific franchisee requests, but you need to create a starting point.Once you’ve done that, you have to create your “storefront” model – the way you want to present your products online. That way, franchisees can start selling products right away when they make the decision to do business with you. Again, these storefronts are customizable, but you need a starting point.When those things are in place, you can start marketing the opportunity – worldwide if you want. And again, we can help you with that if you don’t know where to start.So that’s the big picture of different types of strategic partnerships and the beauty of joint ventures.
- So now, I’m going to hand it off to Lindsey Tanner, our founder and CEO, who will show you some real world examples of these types of strategic partnerships, and will give you his unique insights into joint ventures. We’ll then answer any questions you might have.Lindsey, take it away.
- So now we’ll take some questions. And as always, e invite you and encourage you to just share your thoughts. Feel free to wonder out loud about anything at all that crosses your mind relating to anything you’ve heard here.
- If there are no other questions, at this time we’d like to thank you very much for attending, and we hope you’re all inspired to leverage joint ventures for rapid growth.Remember to take advantage of free, no obligation guidance by requesting a consultation at the url you see here. For your convenience, we’ve also put the live hyperlink in the chat box. You can click that and go straight to the page to reserve some time. We’ll leave this page up for a few minutes.So once again from all of us here at CoreXpand, we wish you your greatest success ever, and have a great day.