Substantial opportunities for increased sales and profits are missed by not seeking out and implementing joint ventures.
Strategic alliances also create value for the customer and save money and build future relationships for the partners.
They don’t have to be complicated, and they can be negotiated and launched quickly.
First, a quick and simple example. A bank that sends its statements out each month is approached by a ski resort. The resort offers an exclusive introductory discount to the bank’s clients. 1. The bank gets to look good by offering something of value to their customers at little or no cost to the bank. 2. The customers save money and hopefully become long-time customers. 3. The resort gains exposure and potentially new guests—with no mailing expense.
That’s called a triple win.
All it takes is a little imagination and the commitment to make it happen. The potential is substantial.
And they’re fun. They provide some diversity and variety that makes work more interesting.
Begin with giving more than you expect to receive. What can you offer another company? What can the other company provide that you don’t have–or would be expensive to obtain? A little brainstorming, some planning and some follow-through, and you can easily create a profitable joint venture.
Do it once, fine tune it, and then do it again with the knowledge and experience you’ve gained.
The possibilities are endless.
The joint ventures you don’t seek out and execute represent huge sums left on the table.
Put together a project team this week. Generate ideas on how and with whom you might partner. Create your triple win.
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