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