| |
| |
|
Marketing Information |
|
|
|
It Takes Two - How to Cultivate Profitable Alliances
"Cross promoting with other businesses can give you a significant advantage over the competition, with many benefits and cost savings." -Heidi Richards- More and more competition in the marketplace is making it necessary for companies to find creative ways to connect with customers and prospects, to enhance brand identity and attract top-notch employees. In order to enhance competitiveness in today's marketplace, more and more companies are forming strategic alliances. Strategic alliances can maximize your position in the marketplace. When you learn how to leverage partnerships you increase your market share. It is also a very smart way to grow a small business. Cross promoting with other businesses can give you a significant advantage over the competition with many benefits and cost savings. A strategic alliance is based on an arrangement between two companies to combine resource that will help both gain a greater share of the market. They are often formed when one business alone is unable to fill the gap in serving the needs of the marketplace. Forming strategic alliances can save time and boost productivity. It enables companies to be more efficient and concentrate on the core strengths in developing their products and services. These alliances can be formal (partnership agreement is put in writing) or informal (a handshake is all that is necessary to "seal the deal"). There are several ways you can collaborate with another business or individual to increase revenue, traffic, and even expertise to your business which ultimately will increase the value to the end-user (customer). Find the Right Partners Collaborate with a well-known company - Most small businesses benefit from partnerships that add value, prestige and greater credibility to their own endeavors. Associating with a well-known business can give your company instant credibility and exposure. It's not always about the bottom line. Collaborate with Your Best Customers - Look at the company or companies who do the most business with yours. Work with them to solidify the relationship by offering them more than just good products and service. Make it nearly impossible for them to consider going anywhere else. Continually asking them why they do business with you and why they stay are the best ways to keep them. Collaborate with the Nonprofit Community - Joining forces with nonprofits can increase your circle of influence and your visibility in the community. Collaborate with a Former Employer - You offer a product or service the former employer needs and provide it to them. You become a subcontractor or vendor to them. One of my dear friends worked for a fast-food company as their corporate trainer. When she decided to go into business for herself, they hired her to continue to provide training to their employees for several years. As her first major contract, the collaboration they created started her company on the road to success, and she still travels and does work for them. Collaborate with a Competitor - Believe it or not, competitors can be very good partners. For instance, they may offer a service or product you don't or don't wish to and vice-versa. They may also have the ability to handle a larger "job" than your company. Joining forces with another business on a project makes you look good to the customer. You become the hero. In 1999, I had the opportunity to provide all the decorations for a HUGE Floral Fair in Miami, Florida. I knew my small company alone could not handle all the business. So I called several other florists in the community whom I admired and who did similar work. I subcontracted them to do portions of the project and get a piece of the action. Because these were floral importers we were serving, the other florists had the opportunity to network with and find new suppliers of product. It was easy to convince them to participate. It was such a success, that it has been an ongoing project for several of the shops over the years. Think about the many businesses that are natural partners. In the real estate field, realtors partner with one another when selling a house. Florists partner with caterers, photographers and others in the event industry. Automobile insurance companies often partner with auto repair companies to insure their customers get the best service at a fair price. In an issue of Entrepreneur Magazine, I read about a coffee company in New Jersey who became the ultimate collaborator. The coffeehouse carries works from a local art gallery, has a reciprocal agreement with a local community theatre to offer significant discounts to their patrons, cross promotes with a local music store, book store, cigar shop, as well as many local nonprofits. My flower shop has partnered with masseuses, welcome-to-the-neighborhood companies, travel agents, professional organizers, beauty salons, and realtors, and several nonprofits, to name a few. We have collaborated on networking events such as business after hours and open houses. We have promoted one another through door hanger campaigns. We have given each other our coupons to distribute to other companies. We have carried one another's business cards and brochures to distribute to our respective clients and customers. We have given away one another's products to our customers. We offer hyperlinks on one another's websites to further promote each other. The possibilities are endless. Look for opportunities in your community that would be mutually beneficial to your partnership. The real key to success in cross-promotion, is to collaborate with non-competing businesses that are going after the same client or customer base. Choose businesses and people you trust. The promotion should make sense to both partners. It should be a true win-win for everyone involved. Plan the promotion and evaluate the Alliance on a regular basis. Look for ways to expand your reach without increasing your overhead or debt. Excerpted from The PMS Principles - Powerful Marketing Strategies to Grow Your Business by Heidi Richards About The Author © 2004 - Heidi Richards is the author of The PMS Principles, Powerful Marketing Strategies to Grow Your Business and 7 other books. She is also the Founder & CEO of the Women's ECommerce Association, International www.WECAI.org (pronounced wee-kī) - an Internet organization that "Helps Women Do Business on the WEB." She can be reached at www.HeidiRichards.com. (Permission to reprint this article is hereby granted with the understanding that the article and signature file remain intact)
MORE RESOURCES:
Marketing - Google News |
|
|
|
RELATED ARTICLES
How Much Is Your Popcorn Worth? Powerful Lessons In Marketing & The Psychology Of Selling - Part 4 Let's continue to discuss the various marketing principles that are involved in "popcorn marketing":4. Engaging the "Senses" You may already know that people usually buy for 'emotional' reasons more than 'intellectual' reasons. Lead Generation: What Is It worth? Our business environment has changed dramatically. Companies must now be disciplined and market-driven if they want to stay alive. 3 Simple Selling Tactics The following 3 simple selling tactics produce sales by responding to the way customers normally think and behave. They work for any business - regardless of what you sell, how you sell or where you sell it. Want To Be A Stronger Marketer? Work Your Marketing Muscles! You want to be more flexible? You have to stretch your muscles. Want to be physically stronger? You have to find a way to workout and build your muscles. CRM Star Wars: When Marketing is from Venus and IT is from Mars Inherent tensions exist between marketing and IT. This is often compounded by lots of cross-talk, with each function on different channels. Let It Ring Telemarketing has its place in the marketing arsenal. But telespammers - like their digital counterparts in the email marketing world - really make it tough on the legitimate follow-up telephone call from a company with which you have a relationship. Marketers VS Consumers Predators VS Prey The distance between marketing consultants and the real world can truly be mind boggling. When a marketing consultant tells someone to send out 10,000 postcards in order to get a 3% response rate and that the actual sales will be something less than that . Using a Marketing Calendar Template Owning a small business isn't easy, especially if you are running it alone. Between moving products, taking orders, paying bills, and taking care of family, it is easy to lose track of everything you need to do. Listen To What The Marketing Experts Say But more importantly, watch what they do. If you do much online shopping, you're sure to have seen some great, and not so great, sales letters urging you to get that oh-so-fabulous product that will solve all your problems right now. Connect to Your Customers with Superb Sales Letters In the age of e-newsletters and e-mail, you may not consider a sales letter, sent through the regular old postal service, as a viable means of contacting your target market. But the traditional sales letter has not gone completely by the wayside. Marketing Apathy Solutions: 10 Solutions for Overcoming Apathy Beginning Today Are you suffering from feelings of indifference or a lack of concern when it comes to marketing your business? Do you lack the passion that's necessary to attract customers to your business?Marketing apathy, characterized by feelings of passiveness, disregard, and a lack of interest is widespread among today's businesses. This attitude is like putting a roadblock between you and your success. 7 Ways to Evaluate Your Marketing Plan Business owners often find it difficult to know whether their marketing tactics are working. This can be especially tricky when you use a combination of marketing activities simultaneously, or if using personal-contact tactics such as networking. Distinguish Your Business From The Competition You followed time-honored online marketing techniques to the letter: you have a great web site, the site has a high search engine rank, and you created a compelling marketing message that showcases your unique selling proposition. Unfortunately, your competitors are reading the same playbook and are implementing the same marketing strategies. What You Need in Your Marketing Calendar Marketing calendars are used by many businesses to help keep sales pipelines full of new prospective customers. Small businesses may just keep a simple calendar with handwritten items on the dates that marketing efforts need to be completed. Pricing Strategies in Marketing Price is an often overlooked marketing strategy, as many tend to focus on promotions or advertising. Pricing strategies, however, can have a large impact on sales and (more importantly) profit. Itchin For Some Nichin The whole idea of Niche Marketing is exciting! The possibilities are endless, as there are literally millions of people surfing the web, the vast majorities of whom are here for two reasons . . A Questionnaire for Businesses As best you can, answer the following twenty-five questions. There's no scoring. Using a Contact List Profitably- Part Two Besides a survey, your contact list can be used to generate sales directly. Some of the following ideas must be done one-on-one and others can be done to large quantities of prospects at a time. Using Direct Mail The advantages of using direct mail to promote your home-based or small business are: Selectivity-the ability to send your advertising only to people and organizations who can use and pay for your product or service. Flexibility-the freedom to use either the simplest or the most elaborate presentation, ranging from a single-sheet mailer to an entire package, and the flexibility to test all sorts of minor changes in your mailing pieces. Using Flyers In Your Business If you are not using flyers in your business you are missing out. Flyers can be used to sell your product, promote your product, promote your services, and in a number of other areas.
|
| home | site map |
| © 2006 |
