Business Grow System
Week 19
- Developing your strategic partners’ network
ADMIN NOTE:
Key Take Away
The Purpose
Finding strategic partners for your business can be a valuable way to expand your network, reach new audiences, and grow your business.
The Reason This Matters
Strategic partnerships can help businesses achieve their goals more quickly and efficiently by leveraging the strengths and resources of other businesses. By finding the right partners and building strong relationships, you can create a powerful network that can help you grow your business over the long term.
How This Will Benefit Your Organization
Access to new customers: Strategic partnerships can help you reach new customers that you may not have been able to reach on your own. By partnering with a business that has a similar target audience, you can tap into their customer base and potentially gain new customers for your own business.
Increased brand visibility: Partnering with another business can help increase your brand visibility and awareness. By collaborating on joint marketing campaigns or events, you can reach a wider audience and build brand recognition.
Cost savings: By partnering with another business, you may be able to save costs on certain expenses. For example, you may be able to share advertising costs or split the cost of developing new products or services.
Access to new resources: Strategic partnerships can provide access to new resources and expertise that you may not have on your own. For example, you may be able to leverage your partner’s distribution network, production facilities, or technology to help grow your business.
Increased credibility: By partnering with a reputable business, you can enhance your own credibility and reputation. This can be particularly important for new or smaller businesses that may not yet have established a strong reputation.
Who Should Do This
Your marketing department would be the point person, but strategic partners come from relationships developed by anyone in the business.
How Long To Allocate For This Task
Taking an inventory of your current strategic partners can take a simple survey of the staff. Expanding that list will take time and effort from everyone on the team.
Action Steps
Attend networking events: Networking events can be a great way to meet other business owners and entrepreneurs who may be interested in partnering with you. Look for events in your industry or niche and attend them regularly to build relationships and expand your network.
Join industry associations: Industry associations are often a great source of potential partners, as they provide a platform for like-minded businesses to connect and collaborate. Joining an industry association can help you stay up-to-date on industry trends, build relationships, and identify potential partnership opportunities.
Use social media: Social media platforms like LinkedIn can be a valuable tool for finding strategic partners. Join industry groups, participate in discussions, and reach out to other businesses that may be interested in partnering with you.
Attend trade shows: Trade shows are a great way to meet potential partners and connect with businesses in your industry or niche. Attend trade shows in your area or in other regions to expand your network and explore potential partnership opportunities.
Collaborate with influencers: Influencers can be valuable strategic partners for businesses looking to expand their reach and connect with new audiences. Look for influencers in your industry or niche and explore potential collaboration opportunities.
Use online marketplaces: Online marketplaces like Amazon and eBay can be great source of strategic partners, as they provide a platform for businesses to connect and collaborate. Look for businesses that sell complementary products or services and explore potential partnership opportunities.
BOOKS & AUDIBLE:
“The Partnership Charter: How To Start Out Right With Your New Business Partnership (or Fix The One You’re In)” by David Gage – This book offers practical advice on building and maintaining successful business partnerships, including how to create a strong partnership agreement and navigate potential challenges.
“The Art of Partnering: Building Relationships and Getting Things Done” by Dennis T. Jaffe – This book explores the art of partnering and provides strategies for building strong and effective partnerships in business.
“Power Partnering: A Strategy for Business Excellence” by Stephen M. Dent – This book offers insights into the power of partnerships and provides a step-by-step process for building successful partnerships in business.
“The Alliance: Managing Talent in the Networked Age” by Reid Hoffman, Ben Casnocha, and Chris Yeh – This book offers a new perspective on building strategic partnerships in business, focusing on the idea of “talent alliances” and how to build mutually beneficial relationships with employees, customers, and other partners.
“Partnering with Purpose: A Guide to Strategic Partnership Development for Libraries and Other Organizations” by Janet L. Crowther and Barry Trott – This book provides guidance on how libraries and other organizations can develop and maintain strategic partnerships to enhance their services and better serve their communities.