Strategic Alliances and Joint Ventures
While each pillar of the Hidden Asset Marketing System is extremely powerful at generating new sales and profits, Strategic Alliances and Joint Ventures are the two strategies that can dramatically change your business and your life. On several posts and pages, you’ve seen me write about the easiest people to sell to. As a reminder they are (in this order):
- An existing client
- A past client
- Someone who was referred to you
The JV-Strategic alliance strategy leverages the referred/endorsed concept. Nearly all of us look to others for recommendations on businesses to use for nearly every conceivable product or service. From something as simple as where to get good Mexican food to as complex as recommendation for a heart surgeon or a patent attorney, we look to others to help us make the decision.
When we create alliances for clients, I look for companies in non-competing industries that have a similar client profile to my clients. I am looking for a company that also meets the quality standards and reputation of my clients to approach with the alliance concept. We are also looking for a company that has a database of clients with whom they have a good relationship.
In your case, I’d also look to see who you already have relationships. Either within your client base or network of business contacts. We’d also look for a business that desires growth and is relatively easy to work with.
As an example, let’s assume you have 500 clients. We identify a potential alliance partner who has about clients similar to yours. We approach them with the alliance concept and describe how it’s a powerful strategy for both of you to build your respective businesses. We address confidentiality, protocol, contact strategies and sny contracts that may be appropriate.
We formulate the best strategies and tactics to contact each others contacts, craft the letters or other materials and implement the program. What can it mean to your business? Think about a potential scenario: A trusted business owner is sending letter to his 500 clients recommending they use your services. Even if only5% of them respond, that’s 25 contacts!!!
How much would you spend on advertising to get 25 prospects contacting you and would those people responding to an ad really trust you as much as they would if they came to you through an endorsement?
To see what it can mean to your business, contact me.