You’ve probably already tried networking and cold calling and a heap of other so-called “low effort” marketing, and the time or money spent hasn’t been worthwhile.
Does that frustration sound familiar? If you’re nodding away reading this, then you should familiarise yourself with something else: strategic alliance partners.
What’s a strategic alliance partner?
A strategic alliance partner is a company operating in the same industry as you, with the same target market, but you don’t compete directly.
Examples of strategic alliances:
Notice how they complement each other, rather than compete directly? That’s what makes a good partnership.
So why are these partnerships so important?
These partnerships are important because the clients of one business probably need the services of a related business. (Maybe not all the time, but certainly some of the time.) So most suppliers are looking for other suppliers to recommend.
The double-edged sword of referrals
Here’s the problem with referrals: when you suggest to your Best Ever Client that they should use a certain supplier, that infers that you recommend that supplier. And if that supplier does a good job, that reflects well on you.
However, if the supplier does a terrible job, that will reflect poorly on you. The Best Ever Client will probably doubt your future judgement and referrals – and that’s not a comfortable feeling if you’re passionate about delivering great products or services. You want your clients to be well looked-after. That’s why having suppliers you can trust are absolute gold.
Strategic alliances are all about care and trust
Being in a similar industry isn’t enough; the companies that are working together need to have a similar ethos around customer service.
That means it can take a little time and effort to find strategic alliance partners that are a good fit, but by crikey it’s worth it. Because if you get it right, you can expect to receive a regular flow of new business.