As small business owners, our marketing dollars are not as readily available as they are with big business. That causes the need to strategize in different ways that are more cost effective. Does cost effective mean that these strategies are less effective? Absolutely not.
While growing our business via referrals is an excellent approach, another option that takes this to the next level is to consider partnering with strategic alliances. In the networking group, Sips for Success, we call these alliances Power Partners.
As you think about your customers and the customers you would like to reach, think about others you know who are calling on the same people. If you could share a book of business with anyone, who would it be? Who else touches the clients you would like to have? It could be someone in an industry that complements yours. It could even be a competitor.
To touch on the first example briefly, if your business provides computer network installations, consider teaming up with someone who sells telephone systems. If you narrow that example down even further, if you think about those who are moving into new office space, who else would come into contact with the decision makers you need to meet? By teaming up with someone in commercial leasing, printing (business cards, letterhead, promotional materials), office furnishings … the possibilities are endless. Get the idea?
In the second example, many people balk at the thought of teaming up with a competitor. However, if each business has a different focus a profitable partnership could produce sales for both companies involved. For instance, in our business, we have elected to target companies with 1-5 employees where we work hands-on (in the trenches) with individuals. By teaming up with a more traditional consultant who prefers to work with larger companies dealing with operational and organizational type issues, we could easily share business. Sometimes it takes some work to discover areas where your businesses differ, but often times there is a sweet spot of opportunity.
Either of these examples takes a solid relationship to make it work. Once your relationships are established and the commitment to help each other is there, sit down and do some strategizing. You will find yourself with a team of individuals selling your product as much as their own. When that magic happens, you will find that you do much less “selling” but closing more deals based on the recommendation of your fellow Power Partner. In addition to closing more deals, you become more valuable to your clients because you are a “go to” person - you have become a resource, and not just a vendor. Think about the ways that will strengthen your relationship with your clients.
The next time you’re networking, consider asking for introductions to future Power Partners. Getting that one time referral is nice, but an introduction to someone who will provide a steady stream of referrals is not only more profitable, but more time effective as well.