The term B2B or business to business is used to describe commerce interaction between two corporate entities. Often it results in joint ventures or mutual alliance formed by two business entities with the objective of improving productivity, sales/marketing, and operations.  

Forming a joint venture by sharing marketing ideas to better promote each other. It is one of the fastest and most effective methods to boost sales. Partnerships are a proven method to minimizing costs and risk. Other advantages of forming a joint venture are:

- Sharing of opportunities. When you share opportunities with partners, they will share with you as well.

- Sharing of business to business marketing ideas. Because two heads are better than one.

- Expanding each other’s market. Share potential clients vice versa.

- Introducing each other to other related business or technology, thus improving each other’s business operation.

- Sharing of risk as well as resources. Again, because two heads are better than one. 

If you’re ready to embark on a joint venture with another company, read on.

1.  First, you need have a realistic and measurable objective for the formation of a joint venture. This is to help you determine if the partnership is effective.

2. Next, identify what type of business or industry will be most beneficial for your business. Find a company that already serves your niche or is into products or services that your business need. Find a company that you think complements your products and vice-versa. Choosing the wrong partners can be a waste of time and effort.

3. Determine how you want the joint venture to proceed. Is it cross-promotion, exchange deals, or both?

4.  Create a budget and action plan. Make sure you stick to your budget and execute your action plan.

5.  Once you’ve created a plan, time to ring your prospect partners. Don’t be discouraged if you find yourself being turned down. There are other fishes in the ocean.  It would also help if you promote their product even before you contact them. Doing this will make them feel obligated to return the favour. You also might want to check your sales book before you want to contact them. See to it that you are getting good conversion rates (at least 2%). Other businesses already have a lot in their hands and it won’t make sense to them to try to promote something that they don’t even own from scratch, and for free. Let them know that you have business to business marketing ideas that would interest them. Focus on how they can profit from your proposal.

6.  When you are at a discussion with a prospect, pay attention so you can determine if your initial objective can be met with this company. Discuss business to business marketing ideas with them and see if you can see the chemistry.

7.  It would also be beneficial for both companies to do a test run. You don’t want to keep promoting someone else’s product that doesn’t sell, and so do they.

8. Sit with them and brainstorm through business to business marketing ideas that both your companies can benefit from. Offer different business to business marketing ideas such as link exchanges, article bartering, sponsor ads, keywords, banners, affiliate marketing, referral programs, the list can go on.

9. If you already have existing JV partners who are happy with the partnership with you, ask them to testify for you.

10. Pump up your incentives. Everyone loves prizes and rewards.

11. Put a personal touch to your approach. Everyone wants to feel special, and not feel like they’re just a part of a bulk or mass list of prospects you’ve contacted. 

Once you’ve gained a new joint venture partner, see to it that you take steps maintain their trust, and loyalty. All of these won’t make sense if you lose them the next minute because you fail to deliver their expectation. Like any other marketing endeavour, measure results, and make continual improvements if needed, and review the results.  

About Author: Mr. Rickman is a respected analyst, innovative expert in business development and media information services with over 30-years experience, published worldwide. http://www.sustainablevirtualbiz.com