Whether you are a team of one or 100, strategic partners are necessary for a successful practice or business. Finding a mutually-beneficial relationship is not always easy, and these relationships do not always go as expected. Nevertheless, an effective strategic partnership coupled with an efficient sales and marketing program should lead to increased lead generation and, as a result, revenue growth.
There are two major unknowns when determining what you need to build a strategic partnership: the WHO and the HOW. For our example, we are using a medical spa as the business seeking a partnership.
To discover the “who,” our team of consultants recommends that a business seek out complementary businesses for strategic partnerships. For example, a medical spa may wish to secure partnerships with:
• Health clubs
• High-end chocolate shops
• Car dealerships
• Luxury apartment or condo complexes (“New Neighbor Program”)
• Modeling agencies
• Corporate benefit programs
• Hospitals and medical facilities
• Theatre companies
• Financial institutions
Once you determine who you plan to target, then you must determine the “how.” Stay organized by developing a monthly strategic partnership outreach calendar. The calendar should include names of businesses to be targeted and scheduled dates for meetings with owners and decision makers. At these meetings, you will discuss how your businesses will be aligned, brainstorm co-sponsored events, and establish an agreement or contract.
Once you have established your strategic partnerships and determined cross promotions or shared events, you can begin to delegate responsibilities and allocate resources to the initiatives. Your team will then finalize the details, deciding when and how you will execute each aspect of your plan.
Keep in mind that the development and growth of strategic partnerships will be a fluid process, taking time, patience, and diligence to reach its full revenue-generating potential. Be willing to adjust your strategy as needed, learning from mistakes and embracing new opportunities as they arise. With persistence, you’ll find that these partnerships help to create new avenues for relationships and loyalty from your community.
For more tips on how to grow your business, call Acara Partners at 203.488.0028.