TC: Building Strategic Alliances

Now, more than ever, the formation of Strategic Alliances is more important than ever. Go back to the blog section of your dashboard and insert strategic alliance in the search bar. I posted two blogs which define the term strategic alliance.

As a quick review, the person (company) that you want to invite to work with you as a strategic partner is one that has the same target market that you do, but provides different products/services.

This is not a complicated process and I find that many small businesses are looking for new marketing ideas as well as “inspiration.”

Like any other marketing endeavor, planning is the key. The following is a step by step process:

The secret is not to barge in and demand participation but to give first.

• First identify your target market and determine what other services or products they use.
• Make sure you have a well defined benefit list that you provide to the same market.
• Research those that you will be inviting to become strategic partners. Check them out on social media, LinkedIn, etc. and look at their websites.
• Write out a dialogue presentation to have ready when approaching a prospective strategic alliance partner.
  • What you are bringing to the table (giving).
    • Data base
    • Knowledge
    • Unique products/services
    • Etc.
  • How will this alliance help them grow their business?
  • Explain your business value system.
  • Share a brief description of how a joint marketing effort will work.
  • Have your “story” ready to share.
  • Ask what their current marketing effort is.

The purpose of the first contact is to determine if you want to pursue a business alliance. If you feel that there is a match, then the next meeting will be one in which details can be worked out and if a budget is necessary. Your challenge this week is to establish at least one strategic alliance.

Please reach out to BizQuack if you have any questions or need help. (call Nick at 602-989-1592 or e-mail nick@strategicduck.com)