5 Tips For Maximizing Business Partnerships:
1. Decide Which Locations To Target - The people who work geographically close to your company are the likeliest candidates to use your business. One local business contact can provide many leads when you consider their coworkers, spouses and, most importantly, clients. Another advantage is the satisfaction of knowing that you are supporting your community.
2. Determine If Their Demographics Match Your Ideal Prospects - Be selective when choosing businesses to partner with, and make sure that each partnership is consistent with your own brand image. For example, a woman who frequents a high-end hair salon, such as one that offers spa services, is more likely to join a high-end fitness club than someone who goes to a discount salon. If you are careful about the businesses you work with, some of the legwork will be eliminated because you are reaching people who are already in your demographic circle (which will save you money).
3. Approach A Potential Business Partner With A Plan - When approaching the manager or owner of a business, be sure to propose a defined partnership in which you will work together for equal benefits. They might be turned off if your idea is not clearly illustrated or if you get the impression that you want them to simply hand over their client list. It is important that you tell them how this partnership will greatly benefit and grow their business.
4. Decide Which Marketing Methods To Use - One such method could be to approach a local dry cleaning business with the idea of placing a marketing piece for your business on each hanger of clothes. In exchange, you might offer a coupon to their shop for each new customer that becomes a patron of your business. Larger marketing pieces, such as publications or catalogs, imprinted with your business location and phone number, also serve as great handouts for local businesses. By working together and marketing to one another's clients, you are reaching a captive audience that will benefit both of your businesses and the community at large.
5. Stay In Touch With Your Business Partnerships - Any relationship worth having requires effort and attention. It is not enough to create a relationship; follow-up with your partnerships as you would with a prospect. It is up to you to create an exciting, successful partnership.
7 Competencies For Maximizing Business Partnerships:
1. Utilize Teamwork - To maximize business partnerships, a person must be able to organize tasks, people, and resources to deliver most effectively.
2. Have External Awareness - To maximize business partnerships, a person must be able to see things from multiple points of view. They also keep up to date with issues that affect responsibility.
3. Maintain Values - To maximize business partnerships, a person must be guided by a personal code of ethics. In addition, they demonstrate a strong sense of integrity.
4. Focus On A Vision For The Future - To maximize business partnerships, a person must be future-oriented. They have the ability to develop an exciting picture of what could be.
5. Display Professionalism - To maximize business partnerships, a person must be able to project an image of maturity and integrity that creates credibility.
6. Be Results Oriented - To maximize business partnerships, a person must be passionate about winning. Ideally, they are dedicated to achieving win-win solutions to situations.
7. Use Strong Interpersonal Skills - To maximize business partnerships, a person must be able to display a consistent ability to build solid relationships inside and outside the organization.
Summary: Most organizations work closely with external consultants, vendors, advisors, suppliers, and clients to maximize their own effectiveness. Effective partnerships include understanding the dynamics of team growth over time, defining the team purpose, and negotiating clear expectations.
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