Business Coaching in CT tip # 5 - Create Strategic Business Alliances
By partnering with other businesses where you have a common customer demographic, but no actual direct competition can expand your customer base quickly. Those customers who trust other businesses and have a proven loyalty to them will be inclined to follow their recommendations or perceived endorsements of an alliance partner.
Locate businesses that share the same philosophy, style, and corporate culture or personality. An upscale realtor for example, may look to partner with a refined home decorating gallery where as an alliance between a stockbroker or a luxury boat dealership is unlikely to benefit anyone involved.
By choosing good alliances it is possible to build all sorts of creative campaigns to increase the customer base. Advertise jointly, throw a party or event together, team up to support a local charity or give preferential treatment to customers who also do business with strategic partners. The alliances of networking that shares the common goal of growing each other’s customer base because two heads are often better than one.
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