When starting a business or developing the
budget for a business, many times marketing is over-looked. However, marketing is a vital component in a
successful business plan. You may have
the product or service, but if nobody knows about it, your business will not
succeed. So, what do you do if you didn’t
incorporate a marketing plan or budget into your overall plan? How do you maximize your exposure with
minimal expense? The bad news is that
your competitors may have budgeted for hundreds of thousands of dollars in
marketing. The good news is there are still
ways that you and your business can compete against those with seemingly deep
pockets.
One successful way to grow your business and
maximize your outreach is to develop a marketing partnership with other
businesses or organizations that are aligned with your goals and mission. Businesses
can set up and implement very successful partnerships, but the process is
long-term. Partnerships do not generally produce significant results overnight,
but they are proven to be effective and efficient.
What A Marketing Partnership Is
A marketing partnership involves two or more professionals or businesses who are like-minded and have similar marketing needs and complementary services. These entities, typically within a specific industry, join forces for mutual marketing and sales benefits. This does not mean they lose their individual identity. More than likely, each partner will continue to market and sell outside the partnership.
A marketing partnership involves two or more professionals or businesses who are like-minded and have similar marketing needs and complementary services. These entities, typically within a specific industry, join forces for mutual marketing and sales benefits. This does not mean they lose their individual identity. More than likely, each partner will continue to market and sell outside the partnership.
Marketing
activities may involve:
·
Creating joint marketing
materials
·
Joint direct mail,
e-mail or advertising campaigns
·
Prospect referrals
·
Possibly even combining
services, talents and assets to create new services
A potential marketing partnership could include
a chiropractor, a personal trainer and a weight management program/product
working together to grow their client base.
By combining forces within a similar field, these professionals can help
broaden their reach and scope without the potential of conflict, jealousy, or
competition. And, each individual professional benefits from wider exposure,
more referrals, and marketing that is more efficient.
Virtually every professional and company has opportunities to
create marketing partnerships. Although the most visible partnerships involve
large, publicly traded companies, partnerships offer tremendous potential for
even the smallest of companies, non-profits or single practitioners.
What A Marketing Partnership Is NOT
A marketing partnership is neither a quick fix for sales problems,
nor a way to eliminate the burden of marketing and sales.
Although some marketing partnerships may be elaborate formal legal
entities, most - especially with smaller companies and individual practitioners
- are informal agreements that each enters into to enhance each other’s
marketing reach.
In a partnership, both parties must assume responsibility for
marketing the joint venture. A partner who expects to ride the back of the
other partner will quickly be flying solo again.
When considering a partnership, there are a few things to keep in
mind:
1. Your Partners Help Define Your Reputation And Position
When you enter a marketing partnership, know that whoever you choose to join forces with directly impacts your circle of influence, marketing potential and reputation. Each partner's reputation "rubs off" on the other. In addition, your marketing reach is enhanced-or limited-by each other.
When you enter a marketing partnership, know that whoever you choose to join forces with directly impacts your circle of influence, marketing potential and reputation. Each partner's reputation "rubs off" on the other. In addition, your marketing reach is enhanced-or limited-by each other.
Pair with businesses that have the reputation you want for
yourself and the market reach you desire. Careful selection of partners can
rapidly establish a relatively new company or professional as an expert or
serious player within their local industry. Likewise, poorly selected partners
can just as quickly damage a reputation.
2. Partners Want Real Value From The Partnership
When you initiate a marketing partnership, the professionals and companies you approach will want to see results before they become enthused. You will have to sell them on the idea that the partnership will produce real benefit for them, not just for you. They will want a real profit benefit. So be prepared to spell it out for them.
When you initiate a marketing partnership, the professionals and companies you approach will want to see results before they become enthused. You will have to sell them on the idea that the partnership will produce real benefit for them, not just for you. They will want a real profit benefit. So be prepared to spell it out for them.
3. Your Commitment is Key
If you are the initiator of a partnership, you not only have the luxury of approaching those potential partners you believe will enhance your status, reputation and business potential, but you also must assume responsibility for its success. You will have to do the vast majority of work, at least at first. You will be dealing with people who may like the concept and want it to work, but they want more. You need to show them that you are committed to the partnership and that it will produce results.
If you are the initiator of a partnership, you not only have the luxury of approaching those potential partners you believe will enhance your status, reputation and business potential, but you also must assume responsibility for its success. You will have to do the vast majority of work, at least at first. You will be dealing with people who may like the concept and want it to work, but they want more. You need to show them that you are committed to the partnership and that it will produce results.
The quickest way to achieve full buy-in of partners is to have a
client or two ready to go. Nothing gets the attention of a new partner like
immediate business--and it demonstrates that you are serious in your commitment
to them and not simply looking to mooch off their business.
Many, if not most, marketing partnerships fail to live up to their
promise because the initiating partner forms the partnership with unrealistic
expectations. If you are looking for a quick fix to sales problems, an
"easy" way to get business, or are looking for a one-way referral
connection, a marketing partnership is not the answer.
But, if you are committed to building a long-term partnership that
will increase the prospecting and marketing capabilities for all concerned--a well-constructed
marketing partnership can work wonders.
If you have questions or concerns about marketing partnerships or
would like help in developing marketing partnerships, contact SK Consulting
today! www.stonekingconsulting.com
