Reaching out to like-minded individuals is one aspect of creating new business and it the same effect that happens when reaching out to like-minded businesses or competitors of the same or different genre. Specifically speaking building Strategic Alliances is networking with companies and or vendors that deal within the same area of business. For instance, a local business needs to increase sales. One way they can accomplish this is to find another local business that caters to a similar demographic and build a working relationship that benefits both companies by increasing the audience of both through joint advertising.
The concepts behind building an alliance is not new, however, this concept is overlooked too often. One example of this type of relationship is a DJ, photographer, a florist, and jeweler, may wish to participate in a joint campaign promoting themselves to Brides, wedding planners, and dressmakers. This increases the available audience and possible sales for all four entities. However, this type of campaign can be a long-term or even a short-term alliance depending on the how these businesses want to handle it. In this century business is moving faster only because of technology, moreover business techniques really have not changed because businesses still functions under the umbrella concept of “it is who you, not what you know”, albeit it does help to be knowledgeable in your field.
When building strategic alliances, the business gains strength in the market and recognition in the business community by increasing the audience to their product or service in addition to the long-term effects of building a lasting customer base. Reasons to do so may be the lack of capital and the workforce to accomplish certain goals. For this one reason, it is wise to plan an alliance with other businesses that may be in a similar situation. If so, then allaying with them would benefit all those companies involved. If your business is interested in learning, more about the benefits of a strategic alliance then please contact us.