Congratulations! Your startup is in the final negotiations with a large corporation for a joint venture. Except now they’re asking you to foot the (marketing) bill. It’s becoming less and less clear what they’re bringing to the table. But you’ve been pinning your hopes on this partnership, so it must be a good thing, right?
Here are some considerations.
- Have company leverage existing resources/capacity (e.g., marketing people, graphic design) to reduce outside vendor costs
- Design the ramp-up period (i.e., pilot) with testing/analytics to improve campaign efficiency.
- The danger of working with a Goliath is that they often have the ability to squash you. Make sure your service maintains a competitive advantage so they won’t want to drop you in favor of another partner (or in-house solution)
- There are plenty of examples of large corporations considering partnerships, getting lots of inside information, and then deciding to do it themselves without the partner. Prevent this by focusing on the benefits / final outcome, rather than on the details of execution