In this world, Ken Blanchard, the famous author of several strategic management and motivational books, could not have said it better ‘none of us is as smart as all of us’.
This slogan can be applied to any aspect in life, whether it is business, sport or pleasure.
In any business this slogan is of particular importance as this is where team work or working together can mean the difference between success and failure.
Let us look at internet and affiliate marketing business sector where by applying this slogan specifically can grow your business significantly.
Any person that runs their business primarily on the internet knows that this business environment’s most reliable aspect is change. Change happens continuously in the world of the internet.
So, what you may say? If you are in this business thinking you know everything you’re screwed to be blunt. In this ever changing environment it is virtually impossible for you to know everything. This is where strategic partnerships or alliances become an essential part of your business strategy.
Here is 10 key tactics that you can apply and use to create strategic partners and/or relationships:
- Start by identifying areas in your business that you are not good at but need. Example; web site design, logo design, article / content writers etc
- Apply the age old 80/20 principle where 20% of the effort can give you 80% of the return
- Look for businesses who you can give (outsource) these areas to and that you would like to work with
- Where possible look for partnerships that you can give back to. Perhaps you have a skill and/or competency that you can trade with?
- Very important to get to know the business / company that you have identified before you approach them. Spend time finding out who they are, what they stand for, what are their values and goals and more importantly, what their reputation on the internet is
- To get a partnership, do not be afraid to ask. You will be surprised at the answers and remember no, does not mean never
- Look for businesses that cater to the same audience / market that you do, but who are not direct competitors. Perhaps you can share your mailing lists?
- Once you have setup a partnership it is also important to manage and maintain this relationship. Treat it like a marriage. It always takes two to tango
- Make sure that both parties understand what to expect from each other
- Lastly, remember that you can create a partnership even if the other party is a competitor, as joining forces can push both businesses into a bigger success than if they tried on their own. (This point is of particular importance when both business are still relatively small)
Where possible try and form a partnership with a company much bigger (perceived or otherwise) than yours, do not be intimidated as you will push harder to achieve higher results for your own business.
