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Archive for the ‘Strategic Partnerhsips’ Category

By Charles Lamb, Marketing Director, Central Bancorp

ImageAn article in the Colorado Springs Business Journal last month (Most Small Business Owners are Marketing Online) reminded local small business owners of key challenges they face in creating the right marketing mix to establish—and keep—their customer base, create awareness, and differentiate their product in the marketplace.

A marketing program to do all of the above is tough work, assuming most small business owners do not have their own marketing directors, graphic designers, web developers, and social media experts on hand to do the work it requires to bring in customers and build their business. So, most small business owners—as the article states—resort to marketing online. The reputation of online marketing is it’s inexpensive and easy, and that’s why small business owners rely on the internet and social media to market themselves. I have some thoughts on why this should not be your only strategy outlined below, but first there are several points within the article on which I agree:

Small businesses need to go where their audience is. This is especially important if you have just one location and where your e-presence can benefit your growth.

Participating, networking, and being found online is extremely important. How customers interact with you electronically is critical and could be a prospect’s first point of contact with you due to the growing utilization of mobile and electronic devices.

A majority of consumers use the internet to research products and services in their local area. A user-friendly and attractive website or mobile application will drive customers to your business.

What made me stop and think a minute while reading Monica Mendoza’s article—who is, by the way, a great local writer for the journal—is the second paragraph, which says that of the small business owners surveyed by Manta—an online site for small businesses—74 percent find networking online just as, if not more, important than networking in person. Yikes!

Sure, you might need a Facebook presence. And, you need a decent website. But, as a small business owner, it’s to your advantage to also invest in developing strategic alliances and partnerships out in the community. You can do this by networking and getting involved in the Colorado Springs non-profit and business communities—creating ambassadors for your brand, which will drive business through referrals. And, the good news is that you don’t need a dedicated marketing department to create decent volume of word-of-mouth marketing.

Online marketing would be your mass approach and building strategic alliances and networking would be your grassroots approach to building your customer base—and it could most definitely take both efforts to do the job of building your business. But, my point is that you cannot put all of your marketing eggs in one basket and ignore the other. All effective marketing programs have a mix of both.

For further discussion or questions, feel free to contact Charles Lamb at 719.228.1143 or Charles.Lamb@CentralBancorp.com.

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Contributed by guest blogger Chuck Kocher, Certified Diamond Master Coach, ActionCoach

Remember those days when business folks sealed deals through a handshake, and it was all about who you knew?  Yes, those were the good old days, and I’d like to tell you that they’re still here!

Even in today’s technology-driven, global business environment—where we’re more prone to catch up with our buddies or business partners via Twitter and Facebook—a wise business strategy is to build a network of close relationships to generate sales referrals and ultimately revenue for your company. I would estimate that 70 percent of my business is developed through my key strategic partners: people with whom I have developed strong personal and professional ties, who then provide warm referrals to people they know.

Another way to put this is to create a strategy around creating mutually beneficial relationships to drive your business—and theirs. Here are a few key tips to get you started:

–  Tip 1: Make this a priority in your business life. Schedule 4 to 5 strategic partner meetings every week to build upon relationships and develop revenue channels.

–  Tip  2: Take your time and be a giver. Don’t go into the first meeting making it all about you and what you need. Learn more about your potential partner, what their business needs are, and ways in which you can assist.

–  Tip 3: Set the table. In meeting number 2 or 3, let your partner know that a mutually productive business partnership is a goal of yours.

–  Tip 4: Give again. Once a partnership has been established, give referrals to him or her as often as possible.

–  Tip 5: Build upon your network. Now that the groundwork for exchange has been completed, ask for the names of your partner’s trusted advisors and then go about making those people or firms a part of your network.

–  Tip 6: Perform well. Once your strategic partner has referred you to one of their advisors, perform well so that your strategic partner has confidence to provide you with more opportunities.

In short, it’s important to think foremost about the people around you and the networks you want to develop to generate revenue and opportunities for your business. Yes, social media and advertising are important tools for business generation—but so is building strategic partners.

For more information on action coach Chuck Kocher, CLICK HERE.

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