3 Reasons to Form Strategic Partnerships
Strategic partnerships for is my number one source of lead generation for my business. Yet, strategic partners are a very under utilized sales strategy.
Where strategic partnerships are used, it’s often not done well and is very “what’s in it for me” short term focused.
This does not work! It’s a marathon not a sprint
Strategic Partnership is truly a missed opportunity for most businesses!
What is a Strategic Partnership?
Put really simply, a Strategic Partnership is a relationship between your business and another third party business. This applies to both product and services based businesses.
Strategic Partnerships are typically other complimentary businesses who serve the same target market as you.
The objective I always have in mind is by both of us working together does it provide a better outcome to our clients?
Three Reasons to Partner?
- Your Client:
I refer to strategic partnerships as an authentic sales strategy because for me, it’s about putting the client first! I ask myself, ‘will the client get value from the partnership?’
Example: I often find my clients are not getting time to increase sales as they are caught up in other tasks. I will then introduce partners such as a bookkeeper or virtual assistant to free up their bandwidth to focus on growing the business. My clients will then achieve even better results by leveraging this partnership.
I’m increasing client satisfaction by solving other problems for my clients which is outside the scope of what I offer.
By partnering I have been able to reach a far greater audience than I could by myself. Recently I was a guest speaker for Westpac and reached hundreds of people for free which I would otherwise not have had access to.
I will regularly offer to speak at events for business associations to reach a new audience.
By partnering with other businesses I’ve been able to establish instant trust and credibility with a new audience. If a business association asks me to speak at an event or publishes my blog this quickly builds trust with the audience. If I target cold prospects who do not know me, it takes longer to establish credibility.
I’ve frequently partnered with larger organisations such as Westpac which likewise gives me fantastic credibility by association.