When we’re pleased with a product and/or service, a good, old-fashioned recommendation can prove to be the best marketing tool there is in business. And that is why Cindy-Allen Stuckey believes in developing strategic partners.
On the Self-Employed King website, tips from entrepreneurs in regards to creating joint ventures in business are highlighted. Cindy-Allen Stuckey, CEO of Making Performance Matter and an AccelaWork speaker, is featured in the piece and relays to readers her thoughts about creating and maintaining strategic partners.
To Stuckey, there are 3 questions in regards to the needs and benefits with joint ventures that you should ask yourself. For your convenience, below are her tips (in their entirety) on determining the benefits to this type of marketing:
3 Questions You Always Wanted Answered about Strategic Partners
What’s a strategic partner and why would I want one? A strategic partner is a business that sells to the same ideal customer profile you do, but their product/service doesn’t directly compete with yours.
Why would you want a strategic partner? In many instances, you spend the majority of your time on your existing customers. Referrals are the key to growth for most businesses. You provide a great service/product so you *hope* your current customers tell others about you; however, you can be more proactive and grow your business faster by using a strategic partner. This ensures that you can both be mutually beneficial to each other in sharing referrals.
How do you find a strategic partner? As an example, let’s say you own a company that provides doors mats, and runners for businesses. To start identifying possible strategic partners for you, put yourself in your customer’s shoes. What else do they need? Landscaping and mowing, uniforms, window washers, document management, computer networking – the list is endless.
For a strategic partner, you want a business that you trust (so you can build a long-term relationship) and will enable you to provide more value to your customers and increase your bottom line and efficiency. Start by identifying your list of potential strategic partners by asking yourself these questions: 1) Who provides the services /products I identified? Think bigger than your existing network. Ask your current customers, vendors, employees, & anyone you meet. 2) Would I feel 100% comfortable referring this business to my best customer?
The most powerful way to increase your value to your customers is to become a wealth of resources and information. You want them to think of you when they need help with their business.
As an entrepreneurial group, AccelaWork agrees that word of mouth marketing can go very far in creating future business. If you are interested in learning more about our services, visit our website and/or reach out to us today.