You cannot build a successful business alone. In order to build a strong profitable business, you must rely on and be of service to others. Building strategic partnerships and alliances is a powerful way to do this quickly. There are three main reasons to partner strategically.
1) Build a stronger selling proposition When you align with another business, you expand your ability to be creative. For example, Stephanie, a financial planner that targets women who desire to create financial independence, aligned with a nail salon to offer manicures while attending a seminar on investing. This created a stronger selling proposition and created more value because she was able to offer more than just the seminar. The participants could relax and get pampered while they learned to take control of their finances.
2) Boost Customer Referrals Naturally, when you align with another business, you increase your visibility to your ideal customers. With both companies promoting to their own target, each business is exposed to a larger audience. Using Stephanie's example, the salon advertised the seminar to their clientele and Stephanie advertised the pampering nail service to her list. The result...MORE people attended than if they were to promote two separate events.
3) Increase Revenue with Less Effort The BEST part of building strategic alliances and partnerships is the increase credibility you receive. This is important because it is a fact that people buy from those they know and trust. When you align with another respected business, you are endorsed as "The Person" to buy from. If you can get someone else to promote your service or product, it is incredibly valuable. Again, because the nail customers had an existing relationship with the salon, they trusted that Stephanie was "the one" for their financial needs.
So, begin to think about who you can build strategic partnerships with to boost your business while creating value, as well, for your partner. Be creative!
Jo Della Penna is an entrepreneur, coach, national speaker, author Her company, The Business of YOU, is a company devoted to empower, motivate and educate entrepreneurs to be courageously authentic in their business and take it from a challenging "j.o.b." and turn it into a well run, enjoyable and profitable company.
