Want to know how your business can learn to promote collaborations with informal partners to increase sales efforts? Look no further.
At the heart of every business relationship is a partnership, a mutually beneficial alliance that provides sales and growth opportunities for both parties. At Company Expert, we believe that a partnership is much more than an agreement between two businesses that share common customers. Instead, know that a business-to-business relationship can offer so much more, which is why we offer a way for your company to actively build bridges and identify new opportunities across a variety of different channels. If you’d like to know more about our strategic partnership solution, keep reading because we’re going to delve into:
- Why informal B2B strategic partnerships are so important
- How we can help you develop these partnerships
- The industries where we foster strategic partnerships
Why Your Business Needs Strategic Partners to Create Next Level Growth
Companies engage in business-to-business partnerships because they are designed to promote success and growth for both companies. Working with another company that shares your customer demographic is a win-win way to add significant value to your product and to your name in the industry. Not only are you providing a better experience or product for the end-user, but you’re leveraging that relationship to increase your own company’s sales or increase your own growth.
But what if we told you that there is an additional way you can benefit from B2B relationships? That’s right, we know that every company fulfills the needs of their customers with a product or a service, but those aren’t the only needs their customer base has. Your customers might need the service of another company outside of your industry–a service that you don’t provide. They might come to you asking for a referral to another firm that can meet their needs. Sounds like. This partnership is also designed to build new links with another complementary firm, expanding your company’s reach, and leveraging growth and sales.
Creating informal strategic partnerships are one of the most cost-effective ways to successfully grow your business.
Least expensive and most effective method
For many companies, referrals are an untapped source of growth. But by building relationships with businesses outside of your area of expertise, you can not only help keep your customers satisfied, but you can unlock a whole new source of growth opportunities. Working together in an informal strategic partnership allows both companies to use referrals as an additional source of growth and revenue. If your customers need what your strategic partner offers, chances are their customers need what you’re offering as well. It is also the best way to integrate your company into new territory and expand your business to places you might never think were possible. Those places all have the potential for more partnerships, which is why making informal strategic partnerships has proven to be the quickest and most effective way to achieve serious growth.
Many businesses spend a lot of time and money on marketing, hoping to increase sales. This is an important part of managing a successful company, but sometimes the cost can be daunting. Small and medium-sized businesses might not have the marketing budget that larger companies have, which is why it’s important for them to get the most bang for their buck. Company Expert’s strategic partnership solution is one of the least expensive means by which to increase growth. When you channel your strategies like this with another business it is an informal agreement, and there are no referral fees because both companies stand to benefit and will move ahead.
By keeping it informal, both businesses recognize the benefits of building a relationship isn’t always about the bottom line, but instead about customer service and satisfaction. This encourages a culture of trust since both partners are building and enhancing their reputations by forming this type of rapport. Tapping into the opportunities available in the form of referrals outside of your firm’s expertise are what successful companies do for immediate growth.
Targeted companies mean quicker response and growth
We should point out that Company Expert’s informal strategic partnership solution doesn’t just target any business that might be complementary to yours. Solid relationships that truly provide deep integration between businesses are not possible with each and every potential match. You don’t want to develop this type of trusting, informal partnership with a business that has a less than solid reputation since that will reflect back on you. You also don’t want to waste time with businesses that can’t meet the needs of your customers, or who don’t meet your expectations.
Instead, you need a small, targeted list of potential strategic partners. By only contacting those targeted businesses, you are more likely to create a strategic partnership that would be mutually beneficial for growth. In order to achieve the type of dynamic growth your business is interested in, only companies that offer beneficial referral opportunities are contacted.
Having a curated list of potential strategic partners is essential. That way you only target the firms that would help you achieve recurring avenues of revenue.
How Do We Develop Strategic Partnerships?
Now, you might be wondering exactly how do we go about creating these successful relationships that provide next-level growth. There is a proven process we follow to match companies and foster beneficial informal strategic relationships.
Research
First and most importantly, you’ve got to do the research. Our team goes out and does a thorough exam for your company of all the possible businesses that you could potentially benefit from engaging in a strategic partnership with. All types of complementary industries are targeted, because there may be plenty of opportunities available in areas you never considered before. After creating this list of potential companies, we then shrink it down to those whose services are complementary (not competitive) and where both companies would benefit from a new avenue of referrals.
Identify target firms
Although it may seem that from such a large list, there will be plenty of firms that could be potential partners. However, we shorten that list even further, so that any potential partner would help your firm drive growth and increase sales. Company Expert then delves even deeper into the dynamics of the businesses in this segment and identifies:
- Key team members
- Their partners (if any)
- The services they offer
- Their reputation in the industry
Once this shortlist of targeted potential strategic partners has been finalized, it is then time to reach out.
Reach out to targeted firms
Reaching out to the CEO or president of the targeted companies involves sending a professional letter of introduction, stating what your business does and why forming an informal strategic partnership would be a mutually beneficial decision. The goal of this letter is to start a conversation with that firm, to lay out what your company offers, and why your company is interested in what they offer. It is important at this stage to also make clear that you have customers in need of a service that you do not provide and why you do not engage in that service for your customers.
Then a meeting would be set up where your company would provide a partnership discussion presentation to the potential strategic partner. This presentation is the opportunity to provide:
- Details regarding why a partnership would be mutually beneficial
- The services provided by your company
- The leverage your business can bring
- Information about your company’s team
- Expectations for a potential strategic partnership
Roll Out a Test
Once both parties agree that a strategic partnership could provide new avenues for growth, it’s time to test it out. With this step, it is imperative that both parties are transparent, and that lines of communication are open. This is where kinks are worked out and adjustments are made if necessary. In a short amount of time, both businesses realize that this is exactly the type of relationship that provides successful growth opportunities.
No two firms are the same, which is why our solution can offer a customized plan to help generate real growth through informal strategic partnerships.
Different Models for Different Roles
There’s no one-size-fits-all when it comes to expanding your company’s reach and creating informal strategic partnerships. Businesses have different goals, which is why Company Expert’s solution can be geared towards your particular needs.
Associations
If you’re an association, chances are you have a wide variety of members who have expertise in all kinds of industries. What better way to be of even more service to your members than by connecting them via referrals to other members? This is a great way to differentiate your association from others. Since you are supported by your members, it’s important to offer them opportunities to make connections with other members and expand the reach of your association. By creating informal strategic partnerships amongst members, you are making their membership more beneficial to them, all at no extra cost to the association.
Corporate Sales and Marketing Departments
If you’re a professional service corporation that has not seen the results you want through traditional sales and marketing campaigns (or perhaps these tactics aren’t relevant to your firm), then consider trying out informal strategic partnerships. Our growth strategy isn’t tied to marketing and sales practices you may have tried in the past. Instead, it opens up an entirely new channel for you to seek out and win partnerships and broaden your sales opportunities.
Technology Companies
Are you a tech company that offers a service to professional firms? If you’re in this sector, it can be difficult to expand your client base or gain the exposure you need to fuel ongoing growth. This is especially true if the product or service you offer is highly specialized. Fostering informal strategic partnerships is a different way to get your firm’s name out there and to find potential customers in other sectors. By building bridges with those companies that are complementary to your firm, you’ll open up a new stream of potential customers that will give you the growth you’re looking for.
Consultants
As a consultant, it’s crucial to have consistent sources of revenue. If you’re curious about how your firm can reach out to potential customers in new segments, then informal strategic partnerships could be the solution you need. There are many businesses in complementary sectors to your firm that have the ability to provide you with new avenues of growth and steady revenue streams. The key to finding that type of growth rests on identifying potential partners and discussing how a partnership can benefit you both.
Informal Strategic Partnerships Work
Don’t waste time wondering why you can’t seem to reach the growth targets you’re looking for. It’s time for a new approach to developing deep relationships with other companies, one that will open up new opportunities and expand your sales potential. Creating those bridges is the most cost-effective and successful strategy for immediate growth. If you’d like to learn more about what Company Expert’s solution can do for your business, contact us for a free 30-minute consultation.