| "Cross promoting with other businesses
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| | wish to and vice-versa. They may also
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| can give you a significant advantage over
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| | have the ability to handle a larger "job"
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| the competition, with many benefits and
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| | than your company. Joining forces with
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| cost savings." -Heidi Richards-
| |
| | another business on a project makes you
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| More and more competition in the
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| | look good to the customer. You become the
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| marketplace is making it necessary for
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| | hero. In 1999, I had the opportunity to
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| companies to find creative ways to
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| | provide all the decorations for a HUGE
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| connect with customers and prospects, to
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| | Floral Fair in Miami, Florida. I knew my
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| enhance brand identity and attract
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| | small company alone could not handle all
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| top-notch employees. In order to enhance
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| | the business. So I called several other
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| competitiveness in today's marketplace,
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| | florists in the community whom I admired
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| more and more companies are forming
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| | and who did similar work. I subcontracted
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| strategic alliances. Strategic alliances
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| | them to do portions of the project and
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| can maximize your position in the
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| | get a piece of the action. Because these
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| marketplace. When you learn how to
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| | were floral importers we were serving,
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| leverage partnerships you increase your
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| | the other florists had the opportunity to
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| market share. It is also a very smart way
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| | network with and find new suppliers of
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| to grow a small business. Cross promoting
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| | product. It was easy to convince them to
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| with other businesses can give you a
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| | participate. It was such a success, that
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| significant advantage over the
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| | it has been an ongoing project for
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| competition with many benefits and cost
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| | several of the shops over the years.
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| savings.
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| | Think about the many businesses that are
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| A strategic alliance is based on an
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| | natural partners. In the real estate
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| arrangement between two companies to
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| | field, realtors partner with one another
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| combine resource that will help both gain
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| | when selling a house. Florists partner
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| a greater share of the market. They are
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| | with caterers, photographers and others
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| often formed when one business alone is
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| | in the event industry. Automobile
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| unable to fill the gap in serving the
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| | insurance companies often partner with
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| needs of the marketplace. Forming
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| | auto repair companies to insure their
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| strategic alliances can save time and
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| | customers get the best service at a fair
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| boost productivity. It enables companies
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| | price.
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| to be more efficient and concentrate on
| |
| | In an issue of Entrepreneur Magazine, I
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| the core strengths in developing their
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| | read about a coffee company in New Jersey
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| products and services. These alliances
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| | who became the ultimate collaborator. The
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| can be formal (partnership agreement is
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| | coffeehouse carries works from a local
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| put in writing) or informal (a handshake
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| | art gallery, has a reciprocal agreement
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| is all that is necessary to "seal the
| |
| | with a local community theatre to offer
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| deal").
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| | significant discounts to their patrons,
|
| There are several ways you can
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| | cross promotes with a local music store,
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| collaborate with another business or
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| | book store, cigar shop, as well as many
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| individual to increase revenue, traffic,
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| | local nonprofits.
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| and even expertise to your business which
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| | My flower shop has partnered with
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| ultimately will increase the value to the
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| | masseuses, welcome-to-the-neighborhood
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| end-user (customer).
| |
| | companies, travel agents, professional
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| Find the Right Partners
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| | organizers, beauty salons, and realtors,
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| Collaborate with a well-known company -
| |
| | and several nonprofits, to name a few. We
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| Most small businesses benefit from
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| | have collaborated on networking events
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| partnerships that add value, prestige and
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| | such as business after hours and open
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| greater credibility to their own
| |
| | houses. We have promoted one another
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| endeavors. Associating with a well-known
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| | through door hanger campaigns. We have
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| business can give your company instant
| |
| | given each other our coupons to
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| credibility and exposure. It's not always
| |
| | distribute to other companies. We have
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| about the bottom line.
| |
| | carried one another's business cards and
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| Collaborate with Your Best Customers -
| |
| | brochures to distribute to our respective
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| Look at the company or companies who do
| |
| | clients and customers. We have given away
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| the most business with yours. Work with
| |
| | one another's products to our customers.
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| them to solidify the relationship by
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| | We offer hyperlinks on one another's
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| offering them more than just good
| |
| | websites to further promote each other.
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| products and service. Make it nearly
| |
| | The possibilities are endless. Look for
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| impossible for them to consider going
| |
| | opportunities in your community that
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| anywhere else. Continually asking them
| |
| | would be mutually beneficial to your
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| why they do business with you and why
| |
| | partnership.
|
| they stay are the best ways to keep them.
| |
| | The real key to success in
|
| Collaborate with the Nonprofit Community
| |
| | cross-promotion, is to collaborate with
|
| - Joining forces with nonprofits can
| |
| | non-competing businesses that are going
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| increase your circle of influence and
| |
| | after the same client or customer base.
|
| your visibility in the community.
| |
| | Choose businesses and people you trust.
|
| Collaborate with a Former Employer - You
| |
| | The promotion should make sense to both
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| offer a product or service the former
| |
| | partners. It should be a true win-win for
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| employer needs and provide it to them.
| |
| | everyone involved. Plan the promotion and
|
| You become a subcontractor or vendor to
| |
| | evaluate the Alliance on a regular basis.
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| them. One of my dear friends worked for a
| |
| | Look for ways to expand your reach
|
| fast-food company as their corporate
| |
| | without increasing your overhead or debt.
|
| trainer. When she decided to go into
| |
| | Excerpted from The PMS Principles -
|
| business for herself, they hired her to
| |
| | Powerful Marketing Strategies to Grow
|
| continue to provide training to their
| |
| | Your Business © 2005 - Heidi Richards is
|
| employees for several years. As her first
| |
| | the author of The PMS Principles,
|
| major contract, the collaboration they
| |
| | Powerful Marketing Strategies to Grow
|
| created started her company on the road
| |
| | Your Business and 7 other books. She is
|
| to success, and she still travels and
| |
| | also the Founder & CEO of the Women's
|
| does work for them.
| |
| | ECommerce Association, International
|
| Collaborate with a Competitor - Believe
| |
| | (pronounced wee-kī) - an Internet
|
| it or not, competitors can be very good
| |
| | organization that "Helps Women Do
|
| partners. For instance, they may offer a
| |
| | Business on the WEB." Basic Membership is
|
| service or product you don't or don't
| |
| | FREE. Ms.
|
