As strategic alliances continue to grow in popularity, with
small and large businesses alike, many people write asking
me about the different types of strategic alliances
available. Indeed, like all relationships, there are
different ways you can structure your strategic alliance.
Whether you want to keep it casual or prefer a committed,
long-term relationship, there is a wide range of options
when it comes to your strategic alliance.
Developing the foundation of a strategic alliance
Fundamentally, a strategic alliance is the partnership
between two or more partners, who share the same customer
base and carry synergistic products and services. For
example, if you own a graphic design firm, then you could
partner together with a web design firm. You would share a
similar base of customers: businesses that are looking to
start or re-vamp their image. The services you provide
have synergies with each other, while simultaneously being
complimentary from the customer's perspective.
Taking the strategic alliance to the next level, there must
be inherent value built into the relationship. The
benefits you offer your partner, and vice-versa, must be
lucrative enough to allow the strategic alliance to rise to
its full potential. Whether you create a commission or
cross-promotional relationship, the key is to develop value
for each partner.
With some creativity, the potential for strategic alliance
relationships are endless. However, the key is to find a
close fit, as the more niche your common customer base is,
the more fruitful the strategic alliance.
How to format the strategic alliance partnership
There is a wide variety when it comes to formatting your
strategic alliance partnership. First, you must determine
whether the partnership will be a one-way or a two-way
street - meaning, will you provide them with the benefit,
or will the benefit go both ways? For example, will you be
offering a commission for each sale they recommend? Or,
will you also recommend clients to your partner, resulting
in a two-way commission structure?
Once you have determined if the strategic alliance will be
a one-way or two-way structure, it is time to ascertain
what methodology you will utilize in the partnership:
*Shotgun announcement: Your partner sends an email or
letter out to all of their customers with an exciting offer
from your firm, such as a discount code, free shipping, or
credit towards purchase.
*Tortoise speed: Sending out the announcement or promotion
in smaller batches can be a great strategy, especially if
the partner has a very large client base. In addition,
this can allow you to tailor the promotion to each
particular audience, as well as any current trends in the
marketplace.
*Customer appreciation sale: When your partner's customers
make a purchase, they are offered a "bonus," customer
appreciation product - which comes at a discount.
*Giveaway offer: You can jointly offer a free giveaway
promotion, choosing a product that has very low-cost for
you both. This gives you an ability to increase exposure,
branding, and a greater client list.
There are many other creative ways to structure a strategic
alliance, but these are the most popular and time-tested
methods. Remember, each industry can benefit from a
targeted, niche approach, and with planning and the right
partnership, your strategic alliance can take your current
business to the next level of sales.
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Christian Fea is a Collaboration Marketing Strategist. He
empowers business owners to discover how to implement
Integration, Alliance, and Joint Ventures marketing tactics
to solve their specific business challenges. He
demonstrates how you can create your own Collaboration
Marketing Strategy to increase your new sales, conversation
rates, and repeat business. He can be reached at:
http://www.christianfea.com
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