WEB INSIGHTS
BUIDLING STRATEGIC PARTNERSHIPS

By Marc Kramer
"Web Sight"
marc@kramercommunications.com

A year ago, even with stock prices falling, everyone was very busy with new and existing clients. Today, the stock market has fallen further and the economy has slowed down. I don’t think I know anyone who has told me that they are so busy that they are turning away business.

One of the best ways of getting new business is to develop strategic alliances with other companies. The elements of a good strategic alliance are as follows:

• Similar Size Companies - Many of us fall into the trap of trying to go after large companies such as Microsoft or ATT as partners because of the great name recognition and perceived unlimited resources. The problem with large companies is that unless you are another giant you really can’t get their attention and commitment. It’s even difficult for large companies to work with other large companies. Work with companies where you are interacting with the top leadership and that you feel and see a true commitment. If you don’t have that you will be very frustrated.
• Similar Targets - Whomever you choose as a partner should be targeting either similar size companies or the same industry.
• Complimentary Services - The services of strategic partners should be complimentary. One of my clients is a company called BCS Solutions, which provides co-management information technology support for companies with 50 to 1,000 users. I have matched them up with a regional accounting firm, Smart & Associates that focuses on the same clients, but doesn’t have an IT practice. The two firms are doing seminars and dinners together focused on how a company can make their operations run more efficiently and create new sales opportunities.
• Aggressive Cultures - You want to be matched with a partner whose culture for getting new business is aggressive and in the past has demonstrated their willingness to spend money on marketing. Many companies confuse spending money on sales with money on marketing. Few companies truly understand marketing, but they understand hiring sales people and pushing them to get results. A good strategic partner understands the value of running seminars, small roundtable discussion meetings, creating newsletters, partnering on awards events, etc.

Finding good strategic partners is not easy. Many companies, like people, have difficult time-sharing information, resources and clients. They worry about being taken advantage of and putting more into the partnership than their partners. The best sources for strategic partners are as follows:

• Accounting Firms - Speak to your accounting firm about partnering together on seminars and events and ask them to introduce you to clients who maybe interested in partnering. Accountants like to stay in front of clients to build stronger relationships and leveraging other people’s expertise is very valuable to them.
• Banks - Banks have the same objectives as accountants. You should speak to your commercial loan officer about clients he or she has that would be a good partner and ask to speak with the banks marketing department about speaking at their seminars or putting on joint seminars.
• Law Firms - Law firms are one of the biggest investors and supporters of seminars and events. General-purpose law firms deal with all types of companies and opening doors for their clients for new business will show the client that they can add value beyond the service they provide.
• Trade Associations - Trade associations are interested in running events that will demonstrate their value to their members and provide a reason for members to come interact with their staff. A good person to speak with in a trade association is the head of membership recruiting, who is interested in matching their members up with other members or outsiders who can bring value to their members.

If your business is a little slow, now is the time to build up relationships. The market will turn around and you want to be positioned to take advantage of future opportunities.