No Cost Marketing

Submitted by: , Networking and Marketing Strategist

It’s not a myth. It’s true. You really can create marketing without spending a dime. All it takes is some creativity, ingenuity, some solid connecting skills, an investment of your time and a true belief in Win-Win. 

Still not convinced? Read on.

I refer to no cost marketing as the power of Strategic Partners. My definition of a Strategic Partner: another person in business who is in a different industry, but targets the same market you do. In my world, this is not a basic referral partnership. Those are great, don’t get me wrong! But developing Strategic Partner relationships goes a bit deeper. There’s more skin in the game for both of you.

Everything we buy or sell is through people. The best way to leverage our time is through other people. Why not create a marketing system that allows us to do just that, but with more intention and a positive outcome for all involved?

But please, don’t jump into this strategy lightly! Make sure you do some homework on yourself and your business before diving into the murky waters of Strategic Partnerships! Here are some things to consider when implementing this effective and powerful strategy.

Know Your Target Market
You may think this goes without saying, but the majority of small business owners and independent professionals have not done a true due diligence on this for their own business. Bottom line: you cannot ask others to work with you strategically if you do not know and understand your target market.

• Are you B2B or B2C?
  
• What size companies is your sweet spot?
  
• What is their annual revenue?
  
• Number of ee’s?
  
• Are they in a specific industry?
  
• Where are they located?
  
• If B2C, what does the consumer look like? Is it an individual person or family? If person, male or female? Family, what size and where do they live? What is their annual income?
  

Once you have a strong and clear understanding of your target Market, make a list of other people in business who target the same people and/or businesses you do. This is an excellent place to start.

Who Do You Want To Work With
Just like knowing your target market is important, so is knowing yourself before you start choosing a Strategic Partner. Taking on a Strategic Partner can be like a true business partnership. Make sure you ask yourself some important questions before you start asking others to join you.

• How well do you work with others in business?
  
• How open are you to others opinions and ideas?
  
• What type of person would you enjoy working with?
  
• What industry does this person currently work in?
  
• What other characteristics and values must this person have to be a good fit for you?
  

Start with understanding who, what and why you would work with another person to create strategies and grow each other’s business. Then make the list of those individuals in your network that fit your criteria and begin interviewing!

Two Heads Are Better Than One
Once you have a Strategic Partner set, it’s time to develop the marketing idea that

1. is creative; sometimes even innovative
2. provides a way to leverage each other to grow both businesses
3. is a true Win-Win!
   

Perhaps you are going into the relationship with a super marketing idea. Or maybe the two of you have a strong desire to work together, but still need to develop that creative idea. Utilizing the opportunity to cross-market is key, regardless of what the two of you decide to do. Getting your name and business connected in some way to the clients, prospects, and overall database of the other business owner is really an end result that each of you are looking to attain. How you get there, is where two heads are better than one. Perhaps it’s linking each other’s website to one another. Maybe you send a letter to your current clients with a gift certificate from your Strategic Partner’s business? Both great speakers? Do a 2-headed workshop together!

Still wondering if this no cost marketing is the real deal? Now one thing you will need to invest in when creating and implementing solid Strategic Partner relationships is time. And when you truly think of it as an investment with a possible ROI, then there is no expense. What would it mean to your business to cross pollinate prospects and clients with another person in business you trust? And other than investing time, not money, is it worth checking out?

My answer would be YES! Build, develop and implement creative Strategic Partnerships, and I guarantee you will see positive results!

Pamela Muldoon is Pamela Muldoon is a Networking and Marketing Strategist with Next Stage Business. Need a dynamic speaker for your next event or association meeting? Looking for networking training to improve your bottom line? Need an Action Plan for your Marketing Strategies? Need a stronger attraction marketing message to connect with your Target Market? Want to make a new connection? Give Pamela a call.

Next Stage Business
763.670.7238