#6   Find Strategic Partners

You've honed in on your market niche and you're feeling great about it. That's half the battle in starting and evolving a business. Now that you're feeling confident about your offer and excited about marketing and selling your product or service what are you going to do to raise your visibility and reach more prospective clients?

Remember what was written in 10 Easiest Ways #2 about the role of CEOs? As the CEO of your business your job is to, among other things, develop business relationships that will enhance your core offering, raise your visibility, and impact your bottom line. You will be leveraging these relationships for their audience reach, their reputation and their particular offering. That's where Strategic Partners come into play.
 
Strategic Partners...

• Expand your business' visibility
• Expose prospects in other markets to your offering
• Provide cross marketing opportunities
• Provide cost sharing in promotional or marketing activities
• Provide complementary products/services
• Generate revenue through affiliate or referral programs
• Serve as oft needed resources for your clients

Where to Find Strategic Partners

Competitors

Competitors need not be adversaries. There are many ways "competitors" can work together for the greater benefit of both parties. Ask probing questions to clarify a competitor's product offering or niche. You may find that you share a product, but not a market segment or share a market segment, but offer complementary products.

A few months ago I met a wonderful woman who does business coaching, Maren Perry of Accomplishment Coaching. Though seemingly overlapping businesses, I probed further and discovered that Maren has a background in the arts (dance and theater) while my background is business and nonprofit. Moreover, Maren offers coaching; I offer consulting--there are subtle yet important differences. I knew right away that Maren might be a better resource for some prospects that come to me with an arts background. This was an opportunity to create a referral relationship and provide a solution to clients who may be better served by the other's expertise.

Complimentary Businesses

They're all around! Who is in your world that offers a product or service that compliments what you do. A great example of this is Ladies Who Launch an organization that provides workshops and networking to support women in realizing their dream businesses. Participants who complete the Ladies Who Launch incubator program are so pumped up by the experience, they are ready to take the next steps to design or expand their businesses. Because I help women entrepreneurs design their business platform and strategies, Illumin is the natural next step for incubator graduates. In fact, I have worked with both workshop leaders, and participants of this wonderful organization.

Your Clients

I feel very fortunate being able to work with truly amazing and smart women. In addition to the joy I get from working with these women, I am so impressed by their talent, expertise and offering that I have used their services to help build my business and expand my client reach. Such a relationship leads to us supporting and promoting one another's businesses. When designing the Illumin Accelerator Workshop I tapped into Illumin client Beth Turano of Chrysalis Training. Beth's expertise is in delivering training programs that are both fun and provided impact. Her input was invaluable.
 

Your Vendors

What suppliers or vendors are you using with whom you have, or want to have, a great relationship?  If your vendor is working with you, it is likely they are working with other clients like you who may be targeting similar customers. Speak to your vendors-your printer, website or graphic designer, lawyer, accountant, copy writers or other people you work with to do co-marketing or mention you to their clients through their newsletters to raise your visibility. Ask if you can put a flyer or postcard in their shop, or your logo or a link on their website. MaryJo DeFranco, graphic designer and owner of a Signal Graphics store graciously displays Illumin business cards on her counter.

Your Business Consultant or Coach

If you are working with a business consultant like Illumin or a coach, consider asking her if she has interest in a strategic partnership with you. Even if you are a consultant or coach yourself, recommending someone who may have more expertise in a particular area will be appreciated by your client. After having personally worked with my marketing coach, Dr. Larina Kase, I knew that she would be an excellent resource for Illumin clients seeking advice on public speaking, writing, publishing and gaining visibility.
 

Your Industry

Go to industry events, conferences, networking events, support groups, conventions, etc. with the intention of finding more than customers. Seek out people who may be interested in partnering with you. The industry events I attend focus on the areas of empowering women, women business owners, business in general, marketing and networking. These events provide a plethora of potential strategic partners as well as prospective clients.
 
Opportunities to raise your visibility, build referral relationships, and leverage other's expertise or niche offering is all around. Be open to them; ask other business owners if they would be interested in discussing strategies that could be mutually beneficial.

You'll soon see how developing strategic partnerships and leveraging relationships can help you expand your network and take your business to a whole new level.