By Liz Kudwa
A: Successful entrepreneurs are always looking for new ways to build their business and reach out to more customers. John Jantsch, creator of www.ducttapemarketing.com, provides some great insight into strategic partnerships as a means of building one’s business. He wrote an article entitled “Let Others Help You Sell” on March 23, 2009.
John writes: One of the fastest ways to build new business is to form strategic partner opportunities. Approaching other businesses that have your same ideal customer in mind and proposing ways to cross promote, is something every small business should be pursuing. There is one component of this strategy that is often overlooked, but that offers some very interesting opportunities.
What if you went out and looked at the other things your customers need and buy and you recruited a team of partners to give you high value samples or trial products to pair with your core offerings as a way to differentiate and sweeten the deal. Here’s an example that has been used effectively: A graphic design firm approaches a print shop and convinces them to give 500 free business cards to each of the design firm’s logo customers. Now the design firm has something to add a little spice to their marketing message. (They can also create an affiliate relationship with the print shop for further purchases.) In this example, the print shop wins because they have very little real cost in the business card printing and, let’s face it, won’t that business get new stationary and other printed items with that new logo on it?
There are hundreds of ways to approach this and, done well, a smart marketer can greatly enhance their own core offerings, create referral relationships and add passive revenue streams. The key is to focus on value not volume. Anyone can go out and sign up for a bunch of affiliate programs and start pumping those into the mix. Or, gather up promotional materials from other businesses to insert in the products you ship. While these approaches may offer some value, you can make this strategy a real winner with a little bit of creative thinking.
There are hundreds of high quality partners that would love the introduction to your customers and one of the best ways to do this is through sample products and services. Think in terms of the online model. Many online companies offer 30-60 day free trials. Take this same idea out to businesses in your community and start putting together a package of products and services that will turn prospect’s heads.
Some idea starters:
o Be the marketing consultant that offers a free product trademark review with an IP attorney
o Be the accountant that gives its customers a free IT and computer network audit
o Be the retail store that gives 10 minute massages to weary shoppers
We also have some great books at the library that can provide even further insight into building up your business. Visit www.cadl.org to find these, and other great books, today!
o The Girls’ Guide To Building A Million-Dollar Business by Susan Wilson Solovic
o Getting Clients And Keeping Clients For Your Service Business: A 30-Day Step-By-Step Plan For Building Your Business by M.D. Weems
o Startupnation: America’s Leading Entrepreneurial Experts Reveal The Secrets To Building A Blockbuster Business by Jeff Sloan And Rich Sloan
Elizabeth Kudwa is the Business Reference Librarian at the Capital Area District Library located at 401 S. Capitol Avenue in Lansing, MI. Contact her at 517-367-6301 or by e-mail at kudwae@cadl.org.
