Networking for Potential Strategic Alliances

Who would you prefer to meet at a networking event?

A potential lead or client?

OR

A potential strategic alliance who could generate tens, hundreds or perhaps even thousands of leads for your business?

If you are like most people you probably answered the second. So how do you go about identifying a potential strategic alliance partner for your business?

Typically strategic alliances work best when you have something in common. So here are ten potential opportunities to watch out for.

1.Do you form part of the same supply chain? E.g. a real estate agent, mortgage broker and settlement agent or a web designer, graphic designer, copywriter and photographer, or all the businesses associated with weddings? If your business is part of a supply chain of some sort then you can’t afford not to have alliances with other businesses in that chain!

2.Do you share a common target market? The tighter the niche the more effective the alliance will be. E.g. a marriage counselor and a divorce lawyer or an accountant and a financial planner, or complementary businesses in the health and wellness sector.

3.Do you share potential overlapping target markets? E.g. business owners are also individuals who may also face health issues, go out to dinner or want a holiday.

4.Do you have complementary products or services which when combined could enable you to service a new niche market?

5.Do you share a common geographic location such as the same council area, suburb or even shopping centre?

6.Do you share a common value? Are you both “green” businesses or do you both support the same charity or cause?

7.Are you in the same business or profession? Some of the best alliances come from competitors turning into collaborators.

8.Do you both face a similar problem or challenge in your business that could be more easily solved as a team? E.g. increased buying power or leverage.

9.Do you have complementary business strengths or connections which could be of benefit to each other?

10.Do you share a common personal interest that you could optimize? E.g. have children in the same sporting club, or share a common hobby. Look for ways that you can leverage shared marketing opportunities such as sponsorship or loyalty schemes and member reward programs.

What if you can’t find something in common? All is not lost:

Why not create a referral network or support group together or perhaps you can co-sponsor a charity or community group.

Finally three top tips for creating successful strategic alliances.

1.Make sure that you have 100% confidence in your new associate or alliance partner

2.Make sure that both parties goals are being met and that there is a WIN for your clients or potential clients as well

3.Always leave the door open for both parties to leave the relationship without damage.

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Article by Brenda Thomson of Networking World.

www.NetworkingWorld.net.au

Want to know more about how to create great strategic alliances for your business? The Networking World Strategic Alliance Success Program gives you all the information you need to create powerful WIN WIN marketing and business development strategies guaranteed to generate new leads, improve conversions, reduce costs, increase profits and save you time. Topics covered include developing an alliance plan, identifying potential partners and how to get them to WANT to work with you even if you have NO MONEY and NO LIST, creating irresistible offers, referral and affiliate strategies, host beneficiaries, joint ventures, cross promotion strategies and much, much more. Find out more and get your free CD “How to Recession Proof Your Business Using Strategic Alliances.”