The Value of Collaboration
Leveraging a network of strategic partners can help your business grow consistently!
There is tremendous value in creating strategic relationships with other businesses whenever possible. If you have a new business or an existing well established business these helpful tips can open an additional revenue stream for you as an individual just starting out or for your existing sales department. By incorporating the tactics covered in this post you can increase your opportunities for generating new business leads and leverage the power of other existing businesses that deal with similar demographics of customers. Extend your sales and marketing reach without hiring additional staff.
My first recommendation is to always be networking! Every time that you attend a networking event there is a possibility to meet someone new or find a customer. However many people attend these events with the mindset of walking away with a new customer each time. You might experience success and find a interested customer sometimes, though what is your gameplan for dealing with people that do not have an immediate need for your service or product? There will always be times that you interact with other business owners that do not have an immediate need for your services, though if you get creative you can easily discover that even though they do not have a need their customers may have a need. Creating strategic relationships with other businesses can pave a quick path to generating regular new business leads.
Before you test out this method make sure to role play things through in your head a few times. Picture another business owner approaching you at an event and giving a similar pitch, what would captivate your interests as a business owner? What would make you want to refer business to another business? Now that you have taken a little time to think of this I am sure you realize that the answer is simple. Add value, help customers, and have a clear referral incentives program for the relevant businesses that you collaborate with. This tactic is not something that occurs over night however with proper planning, execution, and consistency you can find numerous businesses that will be more than willing to refer business your way if there is a clear value being offered.
The majority of what I’ve been talking about has been generalized for any business however here is a real world example of a strategic business relationship: There is a real estate agent that I work with that has a strategic relationship with a credit repair provider. The agent works for a franchise and their office provides services and support however not a major focus on credit repair. Typically real estate agents focus on working with clients that have already been approved to purchase a home and pay no attention to their credit score. The clients score and finances determine their buying power so this is actually something very important. This agent took the extra initiative to create a relationship with a credit repair provider that gives his home buying clients free credit repair consultations. Even if a home buyer was approved their score may be a 640 which can be improved. Through this simple referral the agent benefits in numerous ways. They receive a commission from the credit repair company that is fully legal since it is not tied to a specific real estate transaction, it is a general referral that occurs prior to their home search. Since the referral helped the agents client fix their score they now have higher buying power and access to better rates. Increasing a client’s score 40 points from a 640 to a 680 could save the client $40,000 over the life of their loan. This is an example of a business owner taking advantage of a strategic relationship to benefit their business, clients, and profits.
Hopefully these tips, tricks and examples will inspire you to test out them out with your business. The worst thing that can happen is failure. However if you get one business to collaborate with you it can turn into a lead generating asset.
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