Networking Articles (Brenda's BLOG)

Friday, May 15, 2009

 One of the things I am seeing many business owners doing right now is cutting costs.  Unfortunately one of the things that regularly ends up on the cutting room floor is marketing.  I say sadly because it is the businesses that continue to maintain or even increase their profile in the market place which stand the best chance of surviving the recession.   But what if there was a way to cut, perhaps even completely eradicate, your marketing expenses and still attract a steady stream of new clients who are ready, willing and able to buy your products or services?.....

 

Think about this for a moment - who would you prefer to meet -
1. A potential client
2.  A potential strategic alliance which may result in 10's 100's or even 1000's of potential clients for your business?

Running seminars and workshops and speaking at networking groups over the past two years - I have asked that question of over 1000 business owners and every single one has chosen the second. (Well perhaps there was one but I don’t think they are in business any more!)

 

Yet most small business owners never fully take advantage of  the incredible low cost and even no cost marketing opportunities these potential alliances can open up for them.

 

At Networking World we haven’t spent money on advertising since a few painful mistakes on our first year in business.  Our entire business has been built on networking and strategic alliances

 

So what are the steps to recession proofing your business using strategic alliances?

 

1. Know your business objectives – In a recession there are at least three things you need to be doing:
   1. Increasing your database – while other businesses are decreasing their marketing this is your chance to grow the number of people who are regularly hearing about your products and services
   2. Wowing your existing clients and customers – it costs 8 times more to get a new client than to keep an existing one – what are you doing to ensure the loyalty of your client base?
   3. Reducing costs – yes it has to be done – your business needs to become lean and smart.

So sit back now and get clear on your objectives.  If don’t know what you want to achieve how will you know where to find it or who may be able to help you to get it? 

2. Understand your target market  (You do have one don’t you – now is NOT the time to think that your customer is everyone!) Be clear about exactly who and where  your customers are – demographics and psychographics.  Especially understand THEIR pain right now so you can help relieve them of it!
   
3. Analyse potential alliances.  Potential strategic alliances are other business owners who share your target market.  Where do your customers shop?  What else do they buy? What are the steps in your supply chain? 
   
4. Know what you are able to offer them.  What can you bring to a potential strategic alliance?  What could you do to add value to their businesses?
   Do you have a large data base?  Can you write articles?  Are you an accomplished speaker?  Could you provide a product which would add value to another business owner’s offering.
   
5. Be creative, be willing to think outside the box – there is no limit to the ways small business owners can work together when both parties are open to exploring the possibilities.
   
6. Focus on a WIN WIN.  No alliance will last if both parties aren’t receiving real value from the arrangement.
   
7. Start small.  Test the waters before committing to a significant ongoing partnership.  Be sure that you share the same values and that you are comfortable connecting the other person with your clients.
   
8. Test and measure – what is working and what isn’t?  If something isn’t working try something else, don’t flog a dead horse.

If you focus on networking to create effective WIN WIN strategic alliances with other business owners your business will not only survive but thrive the recession.

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