How To Build Strategic Partnerships That Are Worth Far More Than A Simple Paycheck!
Ladies & gentlemen please seriously consider your answer(s) to this particular question. “How” much more profitable would your business or service be or quickly become? If you were granted direct or indirect access to a local, non directly competing vendors? You fill in the blanks entrepreneur.
If they for whatever reasons decided to help lower your current front end marketing/promotional costs by 25% or more. how much more profitable and successful could you be or become within the next 90, 120 or 180 days or more.
What if they (again) for whatever reasons decided to share their proven marketing expertise with you. Could or can you see your business or service moving ahead? If you answered yes to any of these questions. Ladies & gentlemen, you probably need to know how to build strategic partnerships. (Just like the ultimate insiders do.)
Because systematically doing so leads to a ton of potential long term benefits. And often many of them can be obtained for literally pennies on the dollar.
So Who Else Wants To Discover How To Build Brand Equity! (Without Constantly Wasting A Fortune!)
First of all any entrepreneur can combine spending all or most of their cash. And quickly going into either short or long term debt. Simply by maxing out their credit card(s), correct?
It happens all the time. In fact the undeniable truth is. The main reason “why” a staggering 88% of all new businesses or services (on or offline) ultimate go bankrupt within five short years of getting started. Is because financially they’re upside down. Huh?
Meaning they’ve got more constantly going out than they do consistently coming in. And over time they simply run out of money, available (affordable credit) and marketing or promotional creativity.
But for a moment think of the typical profit seeking entrepreneur who sets up their portable booth at a local flea market. Maybe they offer tara card readings. Or they sell these really cool hand made jewelry. Or they sell great looking handmade pottery. Or they’ll sell fresh this or fresh that etc.
You/we’ve all seen and or attended these types of local events, correct? If they have any type of inventory and set up or license fees they have to pay.
At the end of the day or the weekend. Whether they have a portable booth or they’re selling directly out of the trunk of their car or trunk. If they sell more than their cost they can continue. If it doesn’t they definitely need to quickly find another practical way to earn income to pay their bills, agreed?
So How In The Heck Would Or Does A So Called Strategic Partnership Help Build Your Mom And pop Type Of Business Or Service?
It may not initially seem obvious. But there are literally tons of previously untapped ways to make it happen. (Strictly for hypothetical marketing illustration purposes only.)
Let’s say you currently own or manage a local, single location, non franchised retail jewelry store business. Notice the lady featured in the image for this particular blog post? She and other local women from literally all walks of life.
She and possibly some time one of her closest girlfriends, sisters, aunts or co-0workers or female neighbors or female in laws or take your pick. They love to attend these local events.
And sample freshly brewed coffee, wines, beers exotic jams or whatever. And they absolutely love looking at handmade jewelry or handmade this or that.
So imagine ‘what” might potentially happen when you or one of your extremely marketing savvy local major competitors decides to form a potentially mutually beneficial strategic alliance (aka) JV (Joint Venture) or cross promotional partnerships with. Say what?
Sometimes The Right Type Of Mutually Beneficial Strategic Partnerships Can Do Wonders For Both Participants Bottom Line!
First of all think about “how” much money you’ve wasted over the last 18 months alone. On those outrageously expensive, dismally performing local billboard ad and local prime time radio or TV ads.
Your monthly total easily exceeds $40,000 dollars a month or X. Nod your head cadets because it’s true. stop and think about “how” many local women who earn good money routinely attend these local flea markets or bazars.
Let’s say the total in two days is somewhere around 1,500. And each woman knows at least 25 other local women, right? (I’ll let you do the math.) So imagine if you or one of your major local competitors successfully negotiated the following potentially mutually beneficial strategic partnership with a local female booth holder.
Who sells handmade pottery of handmade wood crafts. (Or some really cool handmade jewelry.) Whatever the case maybe. You allow them to pick out a really nice pair of diamond studded earrings. Which typically retail for $650 dollars a pair.
Entrepreneur What If Forming Some Type Of Mutually Beneficial Strategic Partnership Simultaneously Lowers Your Up Front Cost! ( But Simultaneously Increases Your Long Term Profits!)
Here’s your initial front end offer to them. They can purchase those great looking earrings from you at your actual hard cost of $325 dollars a pair. Plus any and all applicable taxes and fees.
And the moment they generate 25 or X number of customers for you. (Regardless of “how” much these customers spend on their very first purchase with you.) You will not only return her $325 or X number of dollars to her. Say what? (Follow this marketing logic entrepreneur.)
Do you think she’ll suddenly become more or less vocal both on and off of social media? You so got that right.
And more than likely at least some of her immediate personal and professional circle of influence. They’ll definitely wanna know “how” they can get hooked up too, right? Which means when or your major competitors start systematically hooking up her professional and personal inner circles friends and family members etc.
Watch what starts systematically happening to your word of mouth and mouse buzz. My hopefully you now better appreciate your need to know how to build strategic partnerships which can or definitely become worth more than money you have in the bank.
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