Strategic partnerships is a great way to increase revenue
without significant out of pocket expense. Many small
businesses offer a limited product line or service and find
that while they have happy customers, their customers don't
need to purchase the product or service on a regular basis
- especially when it is not a consumable product.
With that in mind, what can you do with the customer list
you already have, and how can you tap into more of your
target market? Simple. Find another business with the same
target market, and partner with them to share the resource
of your leads.
For instance, suppose you sell high-end furniture. Since
people don't need to purchase furniture every week, your
clients may be happy, but regular repeat business will be
difficult to generate. How about partnering with a high-end
interior designer who has access to the same market you are
targeting? You can make referrals of your clients to the
designer, and the designer can offer your product line to
her clients. You can take your partnership a step further
and include each other's information on your websites or
informational pieces in order to maximize exposure for both
businesses.
Another example of a strategic partnership is a small
travel agency that approached a luggage store in her city.
Both companies look for people who travel. The luggage
store was happy to include the agent's information when
they sold a piece of luggage and the agent provided luggage
tags to her clients when they booked a trip. Both companies
benefited from the alliance and their customers received an
additional value added service.
One real estate agent formed a unique strategic alliance
with a pizza shop in the area in which he focused on
selling real estate. In return for sending business to the
pizza place, the agent negotiated a reduced rate on the
pizzas he purchased. When a client was moving in to their
new home, the agent had a pizza delivered, with a magnet
congratulating the client on the move. The magnet included
the pizza shop number and the agent's contact information.
The pizza shop was introduced to the new resident, the
agent was cemented in the mind of the customer and the
customer didn't have to worry about what to fix for dinner
during the move. It was a winning combination that
continues to this day.
Strategic partnerships are a great way to move your
business forward without significant out of pocket expense.
Think about businesses and people related to your industry
and decide if there are some strategic alliances that are
just waiting to be formed. Then pick up the phone, tap into
your business network, and see if there are any warm leads
you can pursue. If your network doesn't turn anything up,
pick up the phone and make a few cold calls to see what
businesses would be interested in a strategic partnership
with you. You may find some that are not interested or who
already have relationships in place. This is completely
normal. Move on to the next until you find one that works.
Then commit to the relationship and watch your business
grow.
----------------------------------------------------
Christian Fea is a Collaboration Marketing Strategist. He
empowers business owners to discover how to implement
Integration, Alliance, and Joint Ventures marketing tactics
to solve their specific business challenges. He
demonstrates how you can create your own Collaboration
Marketing Strategy to increase your new sales, conversation
rates, and repeat business. He can be reached at:
http://www.christianfea.com
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