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Vinod Jetley , Assistant General Manager , State Bank of India
let me share with you just five of the many reasons why Partnership Marketing is a smarter way to do business:1. It’s Faster
Let me ask you a question. What do you think iseasier,finding1,000 new customers one at a time or finding one business that is happy to tell their1,000 customers about you? The first option may take you weeks or even months, however the latter may take just a few hours – a better option if you are into beingefficient with your time.
All you need to do is create a list of prospective partners then do some research on their businesses as to how you can add value to them. Once you figure this out, jump on the phone or flick them an email and say, “Over the years a lot of my customers have asked me if I know a good ‘X’. Currently I’ve been referring them to Google. I’d like to change that though, and from the information I found on your website, I think you could be the place to refer customers to. Would you be open to a chat so I can explain how wecouldhelp each other and better serve our customers?”
Of course that’s a rough and ready example, but if you follow it, four out of five businesses will agree to meet you and then take it from there.2. It’s Cheaper
I know some businesses that are currently spending upwards of $100 to generate a new lead. Now of course if you have a rocking business that might be totally fine. But using the example above, you’d need $100,000 to acquire those1,000 leads. That’s a sizeablechunkof money out of your account with only a hope of getting it back.
Comparethat to a successful PartnershipMarketing arrangement, wherethere are no major costs. The only investments would possibly be a few hours to set up a tracking linkandwritea promotional email or two. Or perhaps a few hundred dollars to print somebrochuresthat will go into your partner’s next direct mail campaign.3. It’s More Effective
When you spend money on traditional marketing most of the leads coming in are going to be cold. Why? Because even though many of those leads may want and need the product or service you offer, more are going to be skeptical and need a lot of time and convincing as to why they should choose you. When your business is promoted or endorsed by a person or a company that already has trust and credibility however, that power of being a trusted brand is automatically passed to you.
This is sometimes known as Endorsed Marketing and in my experience it’s at least10 times more powerful than marketing to cold prospects that have never heard of you before.
So not only will you be getting leads, but it’s going to be much easier to convert these leads into sales. This means you’ll be shortening your sales cycle, bringing money into your company faster and leaving you more funds to reinvest into your business sooner.4. It Helps Your Customers
Sorry to state this point, but I feel I need to, because it’s an important one often forgotten.
The reality is that your customers are going to seek out othercomplementaryproducts or services with or without your approval (while in the mean time, you’re not getting anything for it). So if you don’trefer them on to people you have a relationship with, they could waste a lot of time finding their own people. If they don’t know anything about this new company and they are not careful, they could very well be taken for a ride by anunscrupulous operator.
If you find atrustworthybusiness and inform your customers about them, you’ll be providing a value-added service that your customers will love you for. And remember, when your customers are in love, they’ll come back more often and theytellmore friends aboutyou too.5. It’s Good For Your Brand
If you’re a new business and yourbrand is still largely unknown, partnerships are a greatway to make you look bigger than you are. By displaying thelogo of your partners on your website, people will feel that you have more clout and at the same time, you are helping them to take the risk out of their decision to use you. They think, “Well if they areassociatedwith this company and that company, then they must be alright.”
So not only will you be benefitting from the new leads off your partners, but you’ll be better positioned to moreeasilyconvert your own leads. Plus, existing Partnership Marketing makes it easier toattractnew partners andtheupward spiral will continue.
In Summary…
So there you have it, five powerful reasons why Partnership Marketing makes total business sense. While I have done my best to simplify the process here, please learn more about it – then do it! If you master this art, you are effectively writing your own ticket to massive and lasting business success.