Networking Through Strategic Alliances

Networker's know that you always get back more from your network then you have to give to it

. However, that should not stop you from thinking about new ways you can help the people in your network. Your network is full of people who would like to partner with you, though neither of you may have approached the idea or formalized a plan. Here are some suggestions for ways that you can form strategic alliances with other businesses in your network.

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BNI (Business Networking International) coined the phrase "giver's gain", which basically means that if you give referrals, leads or resources the recipients will want to repay you somehow. The problem is that as your network grows, it will become increasingly difficult to give referrals to everyone in your network.

This is somewhat counterintuitive because most people would think that as they add contacts to their network it will be easier to refer the new members of your network to each other. However, if you know five accountants it is difficult to refer to all five of them equally. One way to give back to your network is to develop a number of strategic alliances.

There are a few basic steps you should follow to help ensure that your new alliances are effective. First, be sure to think about what you want the alliance to accomplish. Are you simply trying to reach new potential customers? Or are you also trying to reduce your marketing costs? In general, think about the goals of the alliance. Here are some things you might want to consider.

- You will get access to the networks of your partners.

- You will get to associate your business with another, potentially, more established brand.

- You can decrease your overall marketing costs, while expanding your reach.

- You can learn from other businesses. What has been successful for them in the past?

Next you should think about who you want to partner with. If you are a Realtor, you might think of mortgage originators or real estate attorney's that you could partner with. Bear in mind that your partner does not have to have the same goals are you, but they should be complementary. Here are several ways you can potentially form and alliance with another business.

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- Create an alliance with a market leader If you are a small business, you may be able to reap hue rewards from partnering with the market leader in your area. You may be able to offer a level of local penetration that a big company may have trouble creating on it's own. The alliance may not offer a huge financial incentive for the small business but you can leverage the alliance in your own marketing program. If you are the market leader, consider partnering with a young, easer business that might be able to offer you this type of market penetration.

Networking Through Strategic Alliances

By: Justin Brown

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