Align Yourself to Get More Business
New customers come your way when you form alliances with other businesses. Both you and your alliance partner benefit from cooperation.
What do I mean by an ‘alliance’? While not a legal partnership, it may be a joint venture, a formal arrangement where each party contributes specified actions and resources (such as cash or other assets), or it may simply be an informal relationship where you make referrals to each other.
It can operate in any way that is agreeable to your and your alliance partner(s).
You might find a company that complements your product or service line, so each of you can offer a broader range of options to clients. For example, an accountant, a lawyer and an insurance agent might team up to make referrals to each other and better serve their clients.
Perhaps you will share the costs of putting out a newsletter, and share your mailing lists as well. A group of antique mall vendors might publish a newsletter with articles and coupons to bring people to their mall. They all profit from increased traffic, and the cost is not high when they all contribute.
How do you get an alliance started?
Know who you want to reach. Seek partners who are targeting a market complementary to yours. You may actively seek partners or you may stumble across opportunities while you are doing your usual networking and other marketing activities.
Know what you want to get. Do you want partners to endorse you to their market? Help fund a marketing campaign? Generate word of mouth?
Know what you can give. This works both ways. What will your partner get from working with you?
Choose your alliance partners carefully. Make sure they have good reputations. If you are referring your customers, you want to be sure they will receive excellent service. If you are expecting a commitment of time or money, you need to know that they will honor their commitment.
Make sure everyone involved understands the terms. You may want a written agreement saying what everyone will get and what they will contribute. This is especially important if there is a sharing of joint profits.
Alliances can help you expand your marketing efforts and your success. You will also expand your network and maybe even make new friends.
|
|
|
|
|
|
|
|
|
|
|
|
