There are many commercials on TV and on the radio these days that say to call in and tell them about your invention idea. It sounds so easy, yet so campy and shifty at the same time. You’ve decided to market your own product. You’ve invested your own money, (and possibly a little of someone else’s if you’ve been lucky). However, you know deep down that you might not have what it takes to insure the success of this business. It’s the same feeling that made you even listen to that campy, shifty commercial in the first place. You know you need help, but you don’t know where to look or how to get it.
You may have heard the phrase, “It’s not what you know but who you know.” In most cases that applies to the business world. Developing partnerships and networking to broaden your people base is one important component of being successful in your business. It is defined by whom you know. This is never more true than when building relationships.
As an Entrepreneur what is the one resource you wish you more of right now? I’d be willing to bet the answer is most likely time. If you’re running low on energy there’s always more coffee, right? But, if you find you just don’t have enough time in the day to get everything done what do you do? You can’t add more hours to the clock.
You scratch my back, I’ll scratch yours. When you form a strategic alliance with another company, you get the benefits of leveraging an expertise, product, service or asset that isn’t even yours. Yet, they call on the same customers you do.
Big businesses have been reaping the rewards of these relationships for years. Continue reading →
Most people are very familiar with the idea of “win-win” in the development of joint ventures. This way of thinking has helped push old world business owners into thinking about the benefits of helping their business partners as well as themselves.
To strengthen business relationships, you need to focus on what would benefit both parties. The result creates more of a unified force. Asking yourself how you can help your business partner will truly make a huge difference in the long-term stability of your venture. A good way to start a relationship is to ask both parties for their Conditions of Success (COS). Then everyone knows what is expected at the end for joint success.
When developing a new product or service, one of the first things to consider is how to get it to the end-user. Deciding on what channels of distribution to use is a very important business decision that must be made correctly. Using the wrong channels of distribution costs you money and depletes the value of your product.
1) How does the end-user want to buy?
To answer this, you’ll need to understand your customers and your relationship to them. How does your customer prefer to buy this product? Will they need customization or regular service? Maybe your customer needs other products or services to be able to use your product. Continue reading →
In a recent press release, Hallmark, the world’s leading greeting card brand, announced a strategic alliance with Shutterfly Inc., a leading Internet-based digital photo site. The goal is to have “exclusive Hallmark-designed customizable cards featured on Shutterfly’s new personalized greeting card site, Treat.com.”
When you first opened your doors for business, you were probably excited about the opportunity ahead. You had researched the market, talked to advisors, investigated financing, and made your dream come true.
Everyone has a dream to make it big with one invention or idea that could change the world. Before embarking on that dream, however, it is important to lay the foundation for your success. Remember, you are leaving the security of a steady paycheck to pursue your dream as an entrepreneur. Therefore, one cannot simply make this huge leap without careful planning and even some soul searching. Continue reading →
Building alliances can be tricky. Buildingstrategic alliances is time consuming in that to do it well, you need to be able to see the big picture. In a recent article written by Ken Lyons; 63 Free (or Almost Free) Ways to Market Your Business, each and every suggestion has its roots in building relationshipsKen’s advice isn’t repetitive. It’s just that the art of building strategic alliances is in and of itself the most effective, direct, and fool proof way of marketing your business.