Friends in High Places

We all are looking to grow our business in some way, and acquiring new customers is high on our list of priorities. Finding new, qualified prospects is one of the most difficult parts of the sales process. Fortunately, there are many ways to fast-track this key stage.

I’m not sure about you, but if I had to choose between a slow and difficult way to find more customers and a quicker and more rewarding way, I know which one I would pick.

The tactic in question? Developing strategic alliances. This means working coherently with like-minded businesses that have the same target market as you, yet are typically not your competition.

I’m constantly putting these relationships together, and I’m always on the lookout for potential connections.

The power of forming strategic alliances resonated strongest with me when my team was developing our property business. We had an investment property product that represented an alternative to a pension and resulted in the customer making a fair investment for some significant long-term rewards. Seeking out customers for this product through traditional advertising and digital media was inconsistent at best and brought unpredictable results. This led us to consider which business professionals might have access to a good number of our target customers. Defining our target market gave us the understanding that our potential customers were typically successful business owners and high-salaried employees that were already valuable customers of financial advisors, accountants and solicitors.

This realization allowed us to change our sales process entirely and take control of our results by forming countless small partnerships with these professionals who could introduce us to their customer base. Just imagine the difference it would make to your business if you were receiving dozens of referred appointments with personal recommendations.

Achieving this is within your control if you follow some simple steps...

Define your target market

Understand exactly who your ideal customer is and what their current spending habits are.

Identify potential partner industries

Consider all sorts of potential product and service providers that already have a trusted relationship with your target market.

Make a list

List the names and contact details of the people in the organizations with whom you’d like to speak.

Create a win-win scenario

Successful strategic alliances will only work if both parties are happy with the rewards they receive for their effort. Financial reward is only one form of motivation, so consider what else you have to offer. Expertise, data and introductions are all immensely valuable.

Create appointments to build relationships

Get face-to-face with the people who you are hoping will refer you and your business. We would always prefer to introduce a human than an organization — it’s more rewarding for the introducer.

Look for a first action

When discussing potential alliances, it’s easy to get excited by the big picture. Your idea will then “grow legs” and become a massive job. Experience tells me that if you make the potential change too big and significant, nothing will happen. As such, start with something small. I would typically just ask for the first introduction.

Communicate like a pro

When you receive introductions, understand that you’re being trusted with someone else’s most valuable asset. Act accordingly and communicate with your introducer every step of the way.

Say “thank you”

Two of the nicest words to hear together in the English language are “thank you.” Take the time to show your sincere gratitude for each introduction your ally offers you, regardless of results.

Over-deliver

Whatever you promise to your introducer, you must over-deliver. A major goal of yours should be to connect with your new contact and to thank your introducer for the introduction. If you can get this far, then expect a good number of further introductions.

Why not start thinking today about who could be passing you a steady stream of business? Which would you choose: finding customers one at a time, or utilizing someone else’s hard work and receiving them in multiples? I know which option I’d choose.