Strategic Partnerships ~ Are You Using this Important Business Edge?

Women are realizing today that to be successful in business we don’t have to work like a man. We can embrace the benefits of our strengths, use what we are good at, and be successful in business.  In today’s online market there are many voices clamoring to be heard. While some may choose to just yell louder, many women are using their strengths to compete in a more strategic way. We are using our relational abilities to create networks, communities, followers, and strategic partnerships. We are succeeding, and the men are beginning to notice.

Strategic partnerships can be a powerful new way for you to tap into your target market. It allows you to offer something more to your customers, and help another business along the way. They are commonly used in larger corporations and can be a win-win situation if done right even for the personal or small business owner.

So what are the components of a good strategic partnership? And how do you choose whom you should partner with?

3 Keys to creating a good strategic partnership

1.It all begins with narrowing down your target market. Determine who they are and what they are looking for.  By intimately knowing their needs and wants you will be positioned to satisfy those needs and anticipate what else they may be in the market for.

2. Identify who else serves that same niche in a non-competitive way. For example if you are a financial planner, you might think about a lawyer, or an accountant who serves the same niche. Or if you are a wedding cake designer, you might think of a wedding coordinator, florist, or photographer.

3. Come up with a proposal for that other business that creates a winning alliance for the both of you. It could be as simple as each of you agreeing to recommend the other business to your customers. Or it could go as far as giving discounts to those people who have been referred to you by that business. The two businesses could even share marketing and advertising costs in print ads by advertising services together. Imagine a print ad featuring a wedding cake designer and a wedding coordinator. If the bride likes what she sees with one she is likely to use both.

The beauty of a strategic partnership vs. a business partnership is that each business stays completely independent of one another. They don’t share profits but both benefit from the alliance, while the risk remains minimal. If the alliance turns out to be a bad fit, it can simply be changed. This is a very smart, free, business tactic that is both legitimate and profitable.

Can you see the benefits to your own business? Who do you know who is in a non-competitive business but serves your same market? Can you tap into that resource? What can you offer your potential ally?

Allied Women is committed to allying with you. If you want to learn more about how you can form a strategic partnership with Allied Women fill in the form to the right, and send us an email with your proposal. We would love to hear from you.

Kari Day is the Co-Founder of Allied Women, Business Coach, and Mom. Since 2009 Kari has trained online business owners, work at home professionals, local businesses, private Christian Schools, and individuals how to effectively use the Internet to market their business. Kari is passionate about helping women run business, family, and home seamlessly.

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