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Strategic
alliances with other companies and professionals give you a step up in your
ability to serve clients. They can also increase referrals and extend market
reach. For example, a hair salon might team up with tanning parlor and offer
a “spa package.” You may want to consider mutual referrals, where you
negotiate agreements to recommend a suitable company to your customers in
exchange for the same courtesy. These alliances can provide inexpensive ways
to reach new customers.
Developing
strategic alliances extends your market reach and provides a wider range of
choices for your customers as well as to increases convenience. But before
you run out to every area business, think strategically.
What
businesses seem like a natural partner to your type of business? For
example, a contractor and a lumberyard or an architecture firm and an
engineering firm are logical partnerships.
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