Well In my experience most business owners spend very little time educating themselves in marketing. They know their operational side of their business, but the finance side they leave to their accountant and the marketing side is done when they get the time, or sometimes it is not done at all and very rarely is it done well and virtually never is it MAXimised!
One of the strategies for MAXimising your marketing is the formation of strategic partnerships. What are strategic partnerships? They are “The formation of relationships with companies, or other organisations who provide non competitive products or services into similar markets as you”.
Once relationships have been agreed and both companies are happy to work together for mutual benefit, it is then a matter of deciding what you can do together. This is where it often goes wrong, or at least where it does not succeed as well as it could.
On many occasions two businesses decide that they are going to recommend each other to each other’s clients, prospects and suppliers. So what they do is to exchange business cards and three months down the road little or nothing has happened and the relationship dies. Or at best is nowhere near MAXimised.
So the question is – what else can you do?
- Strategic Partnerships
- Joint marketing campaigns
- Holding joint seminars/corporate events
- Referral days (see below)
- Joint mailings
- Joint leaflets
- Links to each other’s websites
- Articles on each other’s blogs
- Referral networking system (covered within this book)
- Articles on each other’s websites
- Recommendations on on-line networking sites like e-cademy
- Offering financial incentives to each other for winning business
- Joint advertising
- Adding an article from each company on the to the other’s newsletter
- Having a joint stand at an exhibition