What is a Strategic Alliance, and How Can They Help Grow Your Business?
Have you ever considered teaming up with another business? A strategic alliance allows businesses of all sizes and target audiences to join forces to expand their reach and ultimately build revenue. So, what exactly is a strategic alliance, and how can your business benefit from exploring them as an option in 2022?
WHAT IS A STRATEGIC ALLIANCE?
A strategic alliance is in agreement between at least two businesses that involves each partner committing resources to collectively reach a common goal. They are the perfect choice for two businesses that have similar mindsets and distinct products/ services. Essentially, a strategic alliance allows you to recommend your partner to clients who you know would benefit from their services. Naturally, they do the same for your business.
HOW CAN A STRATEGIC ALLIANCE GROW YOUR BUSINESS?
Like many business ventures, the ultimate goal of a strategic alliance is to increase revenue and grow your business. So, how will such growth take place?
Sharing resources and information to grow stronger. While you are in the same field, each business may have access to different expertise, contacts, and technology.
Reducing competition. Joining forces with another business strengthens each individual business by eliminating competition and making you a stronger force to compete with other businesses.
Entering new markets with increased pool of contacts.
Improve research and development efforts along with quality with increased perspective stemming from the alliance.
FINDING THE RIGHT PARTNERS
A strategic alliance sounds promising on paper, but how can you go about finding the right business to partner with? After all, your established modus operandi has brought your business success to this point. How can you ensure a new partnership isn’t putting you at risk? Here are a few things we recommend keeping in mind when attempting to form your first strategic alliance:
Look for peers who are likeminded and operate with a similar ethical code.
Emphasize exploring new avenues for making contacts.
Be clear about expectations and include mechanisms to monitor performance.
Keep regular contact with your ally to maintain a strong relationship.
Ensure they have the same give-to-get values as you do.
BUILD MEANINGFUL BUSINESS RELATIONSHIPS WITH PROSPECTS AND PARTNERS WITH HELP FROM DINKEL BUSINESS DEVELOPMENT, LLC
DBD can help your business grow by creating a business development plan that engages your prospects and partners using a proven system of relationship marketing and outbound lead generation. Let’s start building relationships together to build your revenue today! Please call us at 443.226.0163 or reach us via email at john@dinkelbd.com to get started.
