I’m not going to sugar coat things. While there are plenty of advantages to forming a joint venture, there are also a number of disadvantages. I believe that the pros outweight the cons, but you should also be aware of the disadvantages so that you can watch out for any red flags as you work to build your business.

So when might a joint venture go sour?

A joint venture won’t work if both parties aren’t willing to work together to build a solid working relationship. It takes time to get to know a business partner and you shouldn’t be willing to give up after only a short period of time. There are a few signs that your joint venture is going to end up going down the tubes, though.

• You aren’t able to identify clear objectives. Both partners should be on the same page concerning the vision and goals of the joint venture. A lack of communication in this area is a terrible thing, and will ultimately result in both of you focusing on different projects instead of one common goal.

• Make sure your joint venture is evenly balanced. What I mean is that you need to make sure you have experts in every area. The workload can’t be evenly distributed if one person has too much expertise and others have very little. Besides, if something happens to the “expert” and no one else knows what is going on your project will come to a grinding halt.

• Before embarking on a joint venture determine if you and your potential partner have similar management styles. If you don’t, you’ll have a difficult time integrating the different parts of the project when they’re completed.

• In many cases, one partner ends up depending on the other to provide leadership to the teams. This may lead to burnout if you’re the one stuck with all the work.

Of course, these are disadvantages only if you jump into the joint venture without doing your research first. I firmly believe every single problem listed above can be avoided by making a clear plan before you sign a binding agreement. A properly formed joint venture can be very rewarding, so make sure you’re taking the time to double check your work!

Sean

Sean McPheat

Marketing Consultant - Internet Marketing Consultant - Sales Expert

You’re probably wondering what I mean by  co-registration. Co-registration may seem like a fancy word, but it’s really a simple concept that allows visitors to your website to sign up for more than one service at a time.

Have you ever noticed that many websites include a list of questions and check boxes at the end of their online signup forms? You have to check a box next to any number of newsletters or ebooks you’d like to receive in addition to the one that brought you to the page to begin with. In some cases, a tricky marketer may change the wording to say that you need to check off the box if you do NOT want to subscribe to additional newsletters. In many cases these services aren’t necessarily owned by the same company you signed up with at the start. Many webmasters use co-registration as a method for promoting the products of marketers who are participating in joint ventures.

You should treat co-registration requests the same way you would treat a request for a joint venture. If a webmaster asks you to include registration form for his newsletter on your landing page you’ll want to research the product he is offering and determine whether or not it’s something you’re comfortable promoting. The same applies if you’re asking someone else to include registration information for your products on their page.

It’s important to make sure the opt-in process is as simple as possible when using co-registration tactics. A web user registering for one service won’t appreciate opening his email inbox to find a flood of “click here to confirm your subscription” messages. It’s best to avoid double opt-in features when using this type of marketing technique. Never make your clients jump through hoops to get the information, whether it’s an ebook or newsletter, that you’ve promised. This only frustrates new readers and causes them to immediately ditch your subscription.

There are a number of automated co-registration services available online, just as there are a number of services for standard list-building. You’ll need to look around, compare the benefits, and make a decision as to which is right for your business based on your individual niche and needs.

Co-registration seems to be growing into an increasingly popular marketing method and it’s definitely one you should consider adding to your arsenal. Working together with a partner to advertise each other’s products will increase the rate with which your email subscriber lists grow – guaranteed!

Has anyone participated in a co-registration venture before? If so, please let me know how you felt about the results!

Sean

Sean McPheat

It seems like I go on and on and on about the things you should do when developing oyour marketing campaigns, but I rarely get a chance to talk about the things you should NOT do. Not long ago I took a stroll through a trade show exhibit hall and saw a few things that gave me cause for pause.

What did I do? I turned it into a list for you! Here are THREE things you should NOT do while manning a trade show booth. That is, if you actually want to drum up any business.

Eating and Lounging Behind Your Booth

At one booth I saw a man sitting behind the booth attempting to eat a messy sandwich without getting it on himself. He couldn’t put his food down, wipe his face and hands, and get up to acknowledge his visitors without making a huge mess. I don’t think he wanted to, either; it took him long enough to notice me.

Seriously, though – try not to sit behind your booth or eat while you’re back there. There are always designated eating and smoking areas outside of exhibit halls; have your coworker man the booth and take the break you need when you need it.

Don’t Wear Comfortable Shoes

Wear the classiest pair of shoes you own, no matter how uncomfortable you are. After all, people walking around trade show halls only do so in order to stare at other people’s feet. You won’t feel good, but at least you’ll look good!

Why on earth would you want to wear uncomfortable shoes or heels if you know you’re going to be on your feet for hours on end? You will be on your feet, too (see above – no sitting)! It’s unprofessional to lean on equipment and walls, too, so be prepared to be on your feet all day long.

Show Up Late, Leave Early

Your coworkers will set up the booth and speak to prospects until you arrive, so there’s no need to leave early to account for extra traffic or getting lost. Take your time, stop for a cup of coffee, and make sure your child’s daycare knows you’ll be picking him up early – you will, after all, have an easy day lounging behind the desk at the trade show.

It amazes me how inconsiderate those unexperienced with trade show operations can actually be. You’re working as a team – show up on time, do your fair share of the work, and don’t leave a minute earlier than the show is scheduled to end. On a similar note, avoid the urge to pack up your booth before the end of the show strikes. Many booths tend to pack up their wares 15 minutes before closing, but this is unfair to prospects who may wander through late.

Other Trade Show Mistakes

I’m sure you’re getting the point by now. Your actions at the trade show will either make a wonderful or terrible first impression on your prospects. Here are a few other things to avoid:

• Don’t chat with your colleagues all day; prospects don’t want to attempt breaking up a clique or conversation to get the attention you’re supposed to be giving them to begin with.
• Don’t talk on the phone. Put your cell phone away and only take it out if there is an emergency.
• Don’t eat foods that are going to give you bad breath. Avoid garlic and strong spices. Make sure you carry some mints or chewing gum with you as well.
• Remain professional at all times. Don’t complain about the way the show is run or how unhappy you are that your boss made you attend.
• Never, ever talk about your competitors, especially in a negative manner. I usually try to avoid engaging in conversations where a prospect asks me to talk about another company, but if I am forced to comment I’ll always say something neutral or positive.

Ready for your first trade show? Enjoy your time there and learn from the experience. You’re bound to meet a number of potential prospects and business contacts!

Good luck!

Sean

Sean McPheat

Not long ago we discussed the importance of building a strategic alliance with another business. While building a strategic alliance is certainly effective, you can’t just pick a business at random and decide to work together. There has to be purpose – there has to be a need.

Here are a few things to consider as you begin to formulate plans for a strategic alliance. Following these tips will ensure you are able to develop a strong partnership.

Evaluate your Potential Partners Thoroughly

Don’t take for granted the fact that you know about a company or its owners, even if you’re friends or met because of an important referral. Do a bit of research and make sure that you agree with your potential partner’s marketing strategies and business ethics. Consider their decision making process, their current marketing strategies, and the way they manage their employees. Whatever they do with their own business will likely apply to your alliance.

What Goals Do You Have for the Alliance?

Make sure you establish a clear set of goals and objectives from day one. Each side of the alliance should reap equal benefit. You don’t want to find yourself six months into a project and realize you’re burnt out because you’re doing all of the work. Put your ideas and goals in writing with any other agreements you make.

Communication is Key

Communication skills are essential no matter what type of business situation you’re in. You need to be open and honest with your partner and should expect honesty in return. Make sure you’re constantly in touch, whether this means following up via email, telephone, or by scheduling regular meetings to review the project’s progress.

Resolve Conflicts Quickly

Determine, in advance, how you will handle conflict if it should arise. It’s completely normal to have a disagreement, but you have to have a system for resolution (aside from meeting for a back yard brawl). Will you have a neutral place to gather for a meeting? Will you have a third party arbitrator help resolve your conflicts?

Patience is a Virtue

It takes a considerable amount of time to find a partner for a strategic alliance. Once you’ve found the right one, it’ll take time to cultivate a trusting relationship and, finally, see results. Nothing happens overnight. Be patient and you’ll eventually begin to see the benefits.

It’s not easy to form a successful strategic alliance, but it can certainly be done. Remain committed to the task and you’ll reap the benefits.

Sean

Sean McPheat