Mr. Hill

Sales & Marketing

Joint Ventures/Partnerships: The importance of creative marketing in a down economy

By Roger G. Hill , Chief Executive Officer & Chairman, The Gettys Group Inc.

As an active and leading player in the global hotel industry, an innovative hospitality design and procurement firm, Gettys, like many others, has not been immune to the high peaks and difficult valleys that came with the past few years in the business, and 2009 was definitely no exception.

2009 was a tough year for everyone. For this reason, it doesn’t matter what industry you are in, everyone had to make significant changes, including those within their sales and marketing teams. With these adjustments, firms have had to continuously look for creative and effective ways to build their business. Joint ventures, partnerships, creative marketing and networking are just a few options for the next generation of companies striving to meet demands in the working world as we transition into a new decade.

Joint ventures and partnerships offer opportunity for many businesses in today’s world interested in continuing their growth - both domestically and internationally. These collaborations, if executed effectively are an opportunity for both small businesses to band together to take on the goliaths of an industry as well as an opening for large companies to capitalize on some of the streamlined methods utilized in smaller organizations.

Collectively, the approaches can offer enhanced credibility, create new profit channels, increase industry knowledge and build an advantageous barrier with other competitors in the field. Like all business decisions, before engaging in a joint venture or partnership, it is one that requires research, patience and least of all risk to meet your team’s goals.

One of the first questions your firm should consider is what value does this joint venture/partnership offer our team? What does this offer our future partner? Are your team goals and the goals of your potential partner clearly aligned? It is very important to view these ventures as if that individual or organization is carrying one of your own business cards. For this reason, it is essential to set these expectations at the onset of the collaboration in order to maintain and manage expectations for all parties involved in the transaction. When you enter into this type of affiliation you become an extension of your new partner, as well as a direct snapshot of your firm’s profile.

With the world constantly becoming more accessible, the logical growth step for many entrepreneurs is to open additional offices in gateway cities and key markets within their industry. If your firm is interested in this strategy but lacking in funds; I would recommend spending the time to research which country/region is appropriate for your team to invest a stake in, prior to making an investment in the next developmental steps. Once you are comfortable there is future growth potential in this desired region, then there are two ways to approach this expansion alternative with ventures and partnerships.

The first scenario would be to establish a joint venture partnership with someone that has a complimentary skill set to your organization. Leveraging on a common denominator such as this and finding an appropriate potential post/joint venture partner can truly be beneficial for both parties. If you decide to pursue this avenue, be prepared to invest a significant amount of time and some expense to really determine if you are finding the right joint venture partner.

Once you have identified a potential collaborator, the next question is what marketing, public relations, business development, skill sets and firm exposure does this venture provide my organization? This partnership should strengthen your vantage point on your industry, provide your team an extended arm into additional market-share and allow you to grow cost effectively.

Another suggestion, if you have the opportunity, join forces with an existing client/partner. This is also an extremely effective way to expand your organizations platform and it has the potential to open favorable business leads and new prospects. There is no better way to enter a new country, region or continent than with someone whom you already have an established relationship.

These are both excellent alternatives that we have been able to use successfully in our company history. This can prove to be just as beneficial to both parties – and certainly our past has proven that these are the most successful ways to form a joint venture or partnership.

As we have discussed, you need to be prepared to make an investment and fully understand where opportunity might be in these new markets and the new team members that you will be working with. All this again requires the steps listed, even if you are going in with an existing client because you still need to understand what the rules for engagement are with your collaboration as well as in that market place.

When it comes to exposure and marketing, another avenue to be recognized and is clearly one of the best and most effective ways to reach your target audience is through the World Wide Web. Allowing for yourself to be as available as possible, keeping firm information fresh and a strong understand of how to adapt to different people, different cultures, and countries and creatively communicate will keep your organization at the top of its game.

Too often people view your website as outdated news because of the constant updating of information on the web. These same people are now focusing much of their attention on social media and what up-to-the-minute information it offers. Social media is an incredibly important tool, and if used correctly, will guide potential clients and industry partners to your firm website. There is no better profile platform and billboard of your team available for the world’s eyes to see than through your company website.

One alternative for marketing and exposure, not to be overlooked is the attendance, sponsorship and involvement in our industry conferences and organizational events. Individuals, fortunate enough to make the time to attend industry conferences understand the positive return on your invested association and the connections developed through such events. Whether they are existing relationships or new prospects and projects, all is part of a wonderful representation for your firm.

With the hospitality industry’s myriad amount of networking conferences throughout the year, it is prudent that your team is extremely strategic when picking the ones to attend. You want to make sure that you continue to do a great job keeping it highly educational so that when people walk away from these meetings, they view you and your organization as true thought leaders and active participants in the genre or genres of the market best highlighting your team.

With all the opportunities available through innovative marketing, technology and collaboration, 2010 will certainly serve as an interesting benchmark for many businesses around the world. The firms willing to embrace and take these calculated, professional, educated risks and look more creatively at how to expand their businesses both domestically and internationally will continue to take advantage of the prospective clients that are out there. China, India and many parts of South America are experiencing positive GDP growth. These are markets are areas that we would certainly recommend you paying close attention to in the coming months and years.

At Gettys, we are hopeful about what the upcoming year will develop and evolve into. We are also optimistic that with new projects, strong networking relationships, a rebuilding of the global economy and passion for the hospitality industry - Gettys will continue to be a headliner in worldwide hotel interior design, procurement and development.

Nearly 25 years ago, Roger Hill co-founded Gettys, a Top 10 hospitality interior design, procurement and development firm. Under his leadership, Gettys has grown to a global team of business-minded professionals who specialize in hotels, resorts, spas, casinos and mixed-used developments the world over. A respected industry veteran, he is frequently called upon by hospitality and business media outlets to provide insight into the redevelopment, renovation, and repositioning of hotels. A graduate of Cornell University, Roger has served as an appointed delegate for the White House Conference on Small Business, and is a member of ULI, YPO and ISHC. Mr. Hill can be contacted at 312-836-1111 or info@gettys.com Extended Bio...

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