Understanding the Value of an “Industry Partner”

As we began our journey “up” the Partnership Path (the road to success is all uphill), the first thing we did was realize where we are (each of us) in BNF, surrounded by like-minded people, wanting to grow our respective businesses.

Next we took a bird’s eye view of the Partnership Path, identifying 9 different stages we must pass through on the way up to where we want to be.

Ultimately, we want to build and become a member of a highly functioning Alliance Team, where each member is an asset to one another. (We’ll talk more on this at another time, as we don’t want to get ahead of ourselves.)

I want to focus on Stage 1 - “Discovering Your Industry Partners.”

After attending several meetings, listening intently as members and guests introduce themselves, explaining who they are, what they do, and who would be a good industry partner for them, it’s clear there is some confusion on what an industry partner is.

Quite often, introductions will identify a “customer” not an “industry partner.” There is a HUGE difference!

Understanding the difference will do 3 things: 1) You’ll truly understand the value BNF offers you; 2) You’ll see networking in a totally new light; and 3) You’ll find success is much easier on the Partnership Path than it is alone.

Look at the following examples and see if you can tell the difference between a customer and an industry partner.

A realtor says “anyone looking to buy or sell a home” is a good industry partner for me. Is the realtor describing a good industry partner or a customer? In this scenario, the realtor is describing a customer. To build his/her business this way, the realtor is looking for one customer at a time.

A realtor says “an estate attorney” is a good industry partner for me. Is the realtor describing a good industry partner or a customer? In this scenario, the realtor is describing an industry partner! As an industry partner, the attorney may provide the realtor with multiple homes to sell over a year! By finding one industry partner, this realtor will have listings coming to him/her, instead of going door-to-door to find them one at a time.

A house painter says “anyone needing to have a house painted inside or out or both” is a good industry partner for me. Is the painter describing a good industry partner or a customer? In this scenario, the painter is describing a customer. To build his/her business this way, the painter is looking for one customer at a time.

A house painter says “a successful realtor” is a good industry partner for me. Is the painter describing a good industry partner or a customer? In this scenario, the painter is describing an industry partner! As an industry partner, the realtor may provide the painter with multiple homes to paint over a year! By finding one industry partner, this painter will have painting jobs coming to him/her, instead of going door-to-door to find them one at a time.

These are just two examples of the difference between finding a customer and an industry partner.

An industry partner will help you grown your business exponentially (think multiplication) instead of linear (think addition).

Imagine if you had 2, 3, 5 or 10 different industry partners? The “referral business” you generate can eliminate your need to use “traditional marketing.”

What industries serve the same customers that you do? What businesses could market your services to their customers? What businesses could you recommend to your customers that would add value to your customers? Answering these questions will help you discover your industry partners. 

If you are not a member of BNF, I encourage you to join and start building your Alliance Team by following the Partnership Path. If you are a member, I encourage you to watch the training videos at www.businessnetworkingformula.com and download the documents. Make sure you bring your documents to the meetings. Go out and actively participate at BNF meetings in your area.