If you're a small business owner, you probably wear many hats. If "salesperson" falls into your repertoire of duties, making the most of your time is essential. Selling to individuals can be an extremely time consuming initiative. By building strong strategic alliances you can build your sales team without hiring a soul.
When you find a strategic partner, you instantly grow your sales channel. If you have 1,000 prospects in your database and so does your partner, you instantly double your reach.
For instance, a chiropractic office that decides to partner with a massage therapist by renting space is now able to market to the therapist’s clients, which are much more likely to be interested in chiropractic health than the general population. The two partners can combine their marketing lists, double their reach and split costs. It’s a win-win for both parties.
Not everyone you meet at a networking event makes a good strategic alliance. Look for partners that are going after the same target market and have a product or service that complements, rather than competes with yours.
Your partners also must share the same business goals and values as you do. Make sure you understand what they are trying to accomplish and if it aligns with your businesses’ mission. Understand their business ethics, goals and values. Their business should stand for something you feel comfortable associating your company’s name with.
A partnership is all about working together over a period of time, not just a one-time encounter. Make sure there is a clear division of labor and be upfront with expectations. Both partners must equally benefit from the relationship.
One way to team up is by offering a joint service. For example, a restaurant could partner with a movie theater to offer a dinner and theatre package. Then both parties can promote the package through e-mail marketing, in-store signage, co-op advertisements and by having their staff sell the package. The marketing cost is split in half and the reach has doubled.
If you’re a service partner, you may have considered holding a workshop or seminar as a marketing event. While you have a good topic, you could expand your topic and therefore generate interest from additional people by holding the event with a partner. Plus, your likelihood of filling seats is greater since you can market to both of your clients and prospects.
By building your strategic partnerships you will be able to enhance your product or service offering, expand your marketing reach and share in promotional costs without hiring a soul. Start thinking now about a business owner you know that will make a good partner. If no one immediately comes to mind, now is the time to get out and meet people. Your local chamber of commerce or networking group can be a perfect place to connect with the people you need to help you grow your business.
Stacey Ackerman, MA, is the director of Marketing for Small Business Builders. She has helped numerous small business owners grow their business by creating practical, affordable growth strategies that work. She can be reached at sackerman@smallbusinessbuilders.com or 651-783-5763.
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