Strategic Alliances Explained: Business Partnerships & Cross Promotion

This is as simple as it gets in the definition of a strategic alliance. Have a few of these in your corner will help you with cross promotion of your business. This will produce a stream of referrals and double your business. It’s a win win for both.

Video Transcription

Sunshine: How many strategic alliances do you have in place?

Crystal: Welcome to the Love of Business. I’m Crystal.

Sunshine: And I’m Sunshine. Let’s get to it.

Strategic alliances, is this a marketing thing or a sales thing?

Crystal: It’s actually a marketing strategy and one of the best, hands down, out there. Strategic alliances are business partnerships that you have with other businesses who have the same target market that you do. But the two of you do not compete with one another. So, basically, what you are doing is building long term relationships with these strategic alliances and you’re going to cross promote each others business. So, for example, maybe you could put one of your strategic alliances in your newsletter to promote them with to call to action and they can do the same. Or maybe the two of you can have a party and both invite all of your clients. Because guess who your guys clients are going to talk about? That’s you and your strategic alliance.

So, this is one of the best, hands down, marketing tools that you’ll ever have because what happens when you build out these strategic alliances with different businesses, you are actually becoming a farmer instead of a hunter from a marketing perspective. So, hunter means you have to get up every morning and you only eat what you kill that day. And you have to do that over and over, day in and day out. Well, that takes a lot of energy, time, money. Now, if you are a farmer, and you start planting seeds, creating these long-term partnerships. Then you are nurturing the seeds and before long you are going to have a tree of referrals that bears fruit for life.

Sunshine: So, get out there and plant some seeds.

Crystal: Don’t forget to water them.

Sunshine: What’s your number one takeaway from today’s video? Leave us a comment and thanks for watching.

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Crystal Shanks

Crystal Shanks, Certified Business Coach and CEO of Run Right Business Consulting, has been coaching business owners and executives around the world to achieve optimum results since 2009. Coach Crystal teaches her clients proven strategies to build thriving businesses and careers. She has worked with thousands of businesses and executives to generate substantial revenues and maximize profits.