Partnering For Success
By Cyndi Seidler
It’s not a new concept, although it is becoming more popular among some fast growing businesses. This approach to "vertical selling," or cross-promotional marketing via partnering is known as strategic alliances.
Joining forces with other companies has proven to be a clever growth strategy in complementing existing products and services. When this kind of synergy is formed, the potential of doubling market penetration is strong.
Partnering is a close alliance and teaming up with others can boost your business. By integrating one’s product or service with another, a collaboration of minds typically yields higher growth rates, larger revenues, greater productivity, and innovative ideas.
Small business owners looking for an "in" to large businesses could first approach a potential business partner with a letter describing what they have to offer them. This, of course, should be directed at a potential partner who has an equal amount to offer the partnership you desire. You would want a partner relationship that has resources and/or expertise you don’t have. Partnering shouldn’t be a fix for your problems. It’s really a long-term visionary plan and, in view of the level of partnership desired, should aid in taking you to the next level of success.
Partnering with customers or clients is also an innovative move. This relationship provides a resource for business referrals. Same applies to partnering with suppliers, another helpful strategy for small businesses.
In building and/or enhancing your reputation, partnering with your community will produce more exposure and goodwill. This builds more relationships, thereby building business.
No marketing plan should exclude business development, and partnering with a complementary business may just be what you need.
Copyright © 1997 Cyndi Seidler. All Rights Reserved.
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