Strategic Partners can play two roles:
- Promote, endorse and recommend you to their clients
- You can promote, endorse and recommend your clients to Strategic Partners
The first point is a strategy to generate new ideal clients for your firm. The second is helping to ensure your clients needs are met for services and products you don’t provide.
I’ll focus on the first point for the context of this article and in the below
MFP video I go into much more detail.
Strategic Partners are non-competing businesses that have the same ideal client as you. They can be small or large businesses or even clubs and associations. These potential partners have clients that know like and trust them. Some are simply wanting their clients to be better supported and looked after, others are looking for a new revenue line for referrals, some want both.
The possibilities, and way of structuring and number of strategic partners you can put in place is limitless. This is part of its power. The other benefits are that they generally cost $0 to put in place, some are happy to make referrals and recommendations for no revenue share and others that do want a revenue share are generally only payable on accepting a new client (ie. you only pay if the referral converts into a client).
I can’t overstate how good this is. You now have all these “quasi-sales-people” out there endorsing and promoting and recommending your firm and services and you only pay if you secure a new client.
Compare that to other forms of generating new clients: referrals [covered in last weeks report - do that and do it well and often], advertising [upfront costs, no guarantee of return], networking [time commitment, no guarantee of referrals], social media posting [time commitment, no guarantee of new clients]. The list goes on. I’m not saying DON’T do other forms of marketing, on the contrary, you want to have multiple marketing vantage points, and Strategic Partners are highly leveraged and effective.
To give you a head start, let me share a few potential ideas for partners: associations and clubs of your niche, marketing and advertising agencies, lawyers, HR consultants, Facebook groups, niche magazines and publications, media websites, suppliers to your niche client industry, recruiters, real estate agents, finance brokers, financial planners…..the list goes on, that should get you started.
It all starts with a conversation and building a relationship. Don’t know any of the above? Go to Google and type in: Marketing Agency [insert local area ie. Richmond].
Until next week,
PS - Modern Firm Practices Membership opened yesterday. Let’s continue the Strategic Parter conversation in there.