What A Marketing Partnership Is
A marketing partnership involves two or more security professionals, companies or salespeople who have common prospects, similar marketing needs, and possibly complementary services. These entities join forces for mutual marketing and sales, usually within a specific market sector or for specific prospects. This does not necessarily mean they lose their individual identity. More than likely, each will continue to market and sell outside the partnership.
Marketing activities may involve:
• Creating joint marketing materials
• Joint direct mail, e-mail or advertising campaigns
• Joint sales calls
• Referring of prospects
• Possibly even combining services, talents and assets to create new services.
What A Marketing Partnership is Not
A marketing partnership is neither a quick fix for sales problems, nor a way to eliminate the burden of marketing and sales.
Although some marketing partnerships may be elaborate formal legal entities, most, especially with smaller companies and individual practitioners, are informal devices that enhance each partner’s marketing reach–their combined efforts allow both partners to meet prospects’ needs they may not have otherwise been able to meet individually.
In a partnership both parties must assume responsibility for marketing the joint venture. A partner who expects to ride the back of the other partner will quickly find himself alone.
When considering a partnership, there are a few things to keep in mind:
1. Your Partners Help Define Your Reputation and Position
When you enter a marketing partnership, whom you choose to join forces with directly impacts your sphere of influence, marketing potential and reputation. Each partner’s reputation “rubs off” on the other. In addition, your marketing reach is enhanced or limited by the other side’s.
Careful selection of partners can rapidly establish a relatively new company or professional as an expert or serious player within their local industry. Likewise, poorly selected partners can just as quickly damage a reputation.
2. Commitment is Key
The quickest way to achieve full buy-in of partners is to have a client or two ready to go as soon as your partner prospect agree to the partnership. Nothing gets the attention of a new partner like immediate business–and it demonstrates that you are serious in your commitment to them and not simply looking to mooch off their business.
Many, if not most, marketing partnerships fail to live up to their promise because the initiating partner forms the partnership with unrealistic expectations. If you are looking for a quick fix to sales problems, an “easy” way to get business, or are looking for a one-way referral connection, a marketing partnership is not the answer.
Nevertheless, if you are committed to building a long-term partnership that can vastly increase the prospecting and marketing capabilities for all concerned–and eventually the sales pipeline–a well constructed marketing partnership can work wonders.
Veteran Business Solutions is continually seeking high quality partners that it can work with that could benefit from working with an established, successful Service Disabled Veteran Owned Small Business (SDVOSB).
Veteran Business Solutions
PO Box 94
Fairfax Station, VA 22039
Phone: (703) 946-4922 Fax: (888) 733-9776
www.veteranbusinesssolutions.com
