Strategic Alliances | Joint Venture Relationships

Strategic Alliances and Joint Venture Relationships are a powerful strategy to receive qualified referrals for your business.

Over the years, you may have heard of joint ventures or strategic alliances. It is a very interesting topic.

Paul Dwyer, business consultant in Brisbane stated that Strategic alliances are one of the most powerful, low cost, fastest impact ways in marketing to gain new clients.

Yet many people either don’t use them at all, don’t maximise their potential or don’t really know what to do with them, and end up doing nothing at all.

Well, after seeing clients implement strategic alliances and Joint Venture Relationships to varying success, we had a breakthrough of our own last week and wanted to share it.

Firstly, let’s refresh exactly what a Strategic Alliance or a Joint Venture Relationship is:  It’s a relationship where a trusted third party recommends your products or services in an endorsing manner that creates immediate trust and rapport to establish a buying pattern.  Simply, the recommendation creates new clients that spend money with you.

The elements are of a Strategic Alliance or a Joint Venture Relationship:

(1) Your Business

(2) a trusted 3rd party

(3) their database.

Your trusted third party generally refers you clients as long as you take care of them and communicate regularly.

The third party may get a referral fee or mutual referrals or discounts to your own products or services.

So now that we are refreshed…… what’s that breakthrough I mentioned earlier?

While we all know it’s the quality of the trusted 3rd party that makes all the difference, how do we find these people and what do they look like?

Identifying Possible Strategic Alliances and Joint Venture Relationships

Ok, have you ever sat down and done a timeline of your clients? Who do they deal with before, during and after your own services?

Eg, A cabinet maker. They get a lot of renovation work for new bathrooms and kitchens in old homes. If they were getting 1 room done or 1 job done, is it likely they may require additional services in the future? Who else would a home owner need to complete a renovation?

Maybe they need a tiler for the bathroom? Maybe they need a carpet layer? Maybe they need a plumber for the kitchen or bathroom? Maybe they need an electrician for new sockets or lights?

Maybe they need a painter once the job has been done?

All these people fit into the qualities we already know we need and have discussed before

(1) they are non competitive and

(2) they have a trusted relationship with the client.

It would be a matter for the cabinet maker to make contact with all these people to discuss the possibilities of business opportunities and benefits for each other and their clients.

So who can you think of in your own business who deals with your clients

(1) before

(2) during and

(3) afterwards?

Can you create a list?

If you forced yourself to come up with 50 people, can you see how surprising you would be with yourself? What’s the cost of doing this list?

What if you contacted them with the idea of mutual referrals or possible business opportunities?

What if 90% of your list of 50 people eventually were not interested? What if 45 people of the 50 eventually declined? What if 5 new businesses began to send you solid, consistent high quality enquiry? How powerful would this be? What is the cost of doing this? What is the time cost?

What are the marketing costs? What are both these costs in comparison to your current marketing activities?

Paul Dwyer, business consultant in Brisbane conducts regular workshops to help business owners focus on their business. Paul’s workshops create proven successful business strategies that can be implemented immediately. Success is the result of taking Action in the right strategies that are going to provide profit for you and your business.

We hope that now you can see the importance of implement Strategies Alliances and Joint Venture Relationships.

Check our Events Page to see when Paul Dwyer will be conducting his next workshop in your area.

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Paul Dwyer – 97 Business Secrets

Paul Dwyer is a Business Marketing Consultant based in Brisbane, Australia.

Paul now utilizes all his experience as an Accountant, successful Property Investor and Business Owner to help other Business Owners succeed.

Paul has helped businesses in many different industries. Whatever your business, Paul can share ideas with you to assist in greater success in the future.

Contact Paul Now for a FREE Consultation to see how he can help you achieve greater resourcefulness in Business.