The Importance of Strategic Partnerships

“It’s not what you know, it’s who knows you.” For entrepreneurs, this is an especially valuable insight. Entrepreneurs have limited time and resources to devote towards getting their name in front of potential clients. Marketing and advertising are paramount to getting your name known and the most effective advertising is word-of-mouth.

There are two components to a successful word-of-mouth campaign. The first component is an effective message that leads with a strong Introduction. An Introduction, also known as your Elevator Speech, can make the difference between a stifled yawn and a “Tell me more!” response at a networking event. See The Importance of a Strong Introduction for details on your most important advertising tool.

The second component of a successful word-of-mouth campaign is finding the right people to serve as your chorus. To be truly effective, you need to develop strategic partnerships with other industries that share your client base. Let’s say that you are a florist and you know one of your best clients are brides. Who else is looking for brides? Well, that would be caterers, printers of fine stationery, limousine companies, hotels that can house large events and any other industry that is part of the bride ‘food chain’.

These other industries are your potential Strategic Partners. Because you share the same client base, you can send each other referrals when you get a new client. The client wins because they get the services they need. Your Strategic Partners win because they get new business. And you win because you’ve just become a resource to others and that usually leads to return-of-the-favor business referrals in the future.

I can help you develop your Strategic Partnership list. Check out the details on the Marketing Skills Training page.