As the CEO or leader in your company, one of your primary roles is vision and strategic planning. As we are approaching the end of the year, many of you will be reviewing strategic plans and making adjustments going into 2020. One item that many companies overlook is the importance of intentionally building and nurturing key partnerships. When done intentionally and consistently, this one factor can improve your bottom line substantially.
There are basically four types of key partnerships for every business:
- Strategic Alliances with Non-Competitors
- Strategic Alliances with Competitors
- Buyer-Supplier Relations to Ensure the Reliability of Supplies
- Joint Ventures to Develop New Business
Leveraging your relationships, as well as other people’s relationships, is a core tenet of marketing genius, Jay Abraham. What makes this the real X-Factor for businesses who do it intentionally and consistently is that most of their competitors aren’t even thinking about it, let alone attempting to do it.
This approach is one of the MOST overlooked marketing strategies in every single industry. Even if you just choose one of the four areas to direct your focus in an intentional way for 2020, you’ll likely see a positive impact on your bottom line.
How to Get Started
- Create a matrix of the four key partnerships. Start by drawing a grid and labeling each section with one of the partnership types.
- Next, consider the companies or relationships that fall into each category with whom you have a good relationship. Write those names into the appropriate quadrant.
- Select one quadrant and engage your leadership in brainstorming how you might develop and nurture those relationships in an intentional way in 2020. Repeat for each of the other quadrants.
- Finally, develop a written plan (so you’ll follow it) to systemize your intentions around the development and nurturing of those relationships.
- If you follow through, the result will be opportunities for host-beneficiary relationships, endorsements, and consistent quality referrals.
For the Joint Ventures section, you should think of businesses with whom you have a trusted relationship and who are in a synergistic business. In other words, they are in a business that produces/sells something that is an immediate pre-purchase, post-purchase, or conjunctive purchase with what you sell. Engage your leadership team in brainstorming potential joint ventures to cross-promote, cross-sell, or upsell. It’s easy to see what the result becomes in this type of relationship … intentional cross-promotion and up-sell benefits both businesses tremendously.
Most companies spend all of their efforts and dollars trying to attract new clients from the outside market. A much easier and less expensive way to do it is leveraging existing goodwill and nurturing existing relationships. The best part about this strategy is hardly anyone actually does it. When you can get other companies, people, and organizations to get new clients for you, you build your business faster and for a fraction of the cost. It’s the X-factor!
If you’re ready to take your business and leadership skills to the next level, and if you think your business could benefit from more insights like what’s offered in this article, let’s start a conversation. LXCouncil may be the perfect next step!
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