An easy and beneficial way to build a client base is through business networking. You already contact other businesses on a regular basis for services most likely, so start building a business network referral system. Get together with other business owners that offer services that complement yours, and discuss a client referral program. A little quid pro quo in this area can go a long way. Often interior design groups have preferred construction companies. Certain event locations work in partnership with specific catering companies. These kinds of business partnerships can be very beneficial to both parties.

*Where Do I Meet Other Business Owners
There are several possibilities when looking for business networking opportunities. Many local businessmen attend Business Group meetings in their districts. Trade shows bring together business owners from a variety of related industries and offer an excellent opportunity to meet other business owners. Major suppliers of a particular industry often have events to which business owners are invited, and there is always looking a person up on LinkedIn to find someone near you.

*Finding the Right Businesses to Partner With
Referral networks can be a great way to bring in new customers, but you do need to ensure that the companies you work with are above reproach. If you associate with companies that provide poor service or do shoddy work, that can affect your company’s reputation. Look for local industry leaders that are highly regarded within your community. The business must be in the same industry, but not in direct competition.
How to Get Buy-In from other Proprietors

Other business owners are just as interested in finding new customers as you are. Being contacted with a mutual referral offer is almost never poorly received. Not all companies will want to join that kind of network, but many recognised the value. Not only will they receive clients from your recommendations, but their own clients will be better served. When a client is having a difficult time finding a reliable company and receives a good recommendation, they remember both the company that did such good work and the referring company.

Business to business network referrals are a great way to generate cross industry traffic. So many jobs require more than one specialty that having a network of professionals that you can contact is very helpful. Clients appreciate knowing that the companies they are working with come highly recommended from industry professionals.

Happy marketing!

What is a Strategic Alliance?

As the old saying goes, two heads are better than one. If that’s the case, it only makes sense for businesses to consider forming strategic alliances in order to further enhance their marketing objectives.

What exactly is a strategic alliance? A strategic alliance simply gives businesses the opportunity to work with others without losing their individual identities. Business owners are able to work as a team with other businesses, each working towards ultimately increasing his profit margin.
Working as a team does not damage either business. In fact, most businesses that work together in alliance report an increase in business throughout the term of the partnership. Because the businesses forming an alliance are not necessarily competitors neither one takes away from the other. Instead, they serve to support each other by offering complimentary products or services.

One example of a strategic alliance is the formation of an insurance company that is directly related to a specific bank. While the bank and insurance company are technically two separate entities, they may or may not fall under the umbrella of one major corporation. The bank may provide special services to customers who place their insurance policies with the insurance company; while the insurance group may offer discounts or special rates to those who do business with the bank.

Strategic alliances need not be this complicated. Perhaps you and another business owner recognize a need for certain supplies but are not able to order the quantities needed to obtain a special wholesale or bulk price. Some business form alliance simply to make purchasing supplies or special products easier and more affordable.

It’s important to note that a strategic alliance is not a merger or acquisition. Neither company is purchasing any part of the other. In the event that money is involved, the two companies may agree to form a third separate company together in order to keep their special project interests separate from their day to day operations, but this has no impact on the original companies in question.

The formation of a strategic alliance can be incredibly beneficial on a number of different levels. Take a few minutes over the next couple of days to determine whether or not there are opportunities within your own business where forming a strategic alliance might provide for faster growth. Share your thoughts. I’d love to hear from you!

Thanks again.