Our last post talked about defining your business. Now I want you to take another 30 minutes to think about other businesses complimentary to yours. What’s a complimentary business? One that serves your target market, but doesn’t compete with you.
Let’s pick on plumbing contractors for a minute. A complimentary business might be an HVAC contractor … or really, any home services professional. Now, the plumber can go it alone and only work on drawing new plumbing business with all advertising at his own expense … or by partnering with another home services professional, both the plumber and the partner could double their results at no additional expense.
For example: Joe’s Plumbing creates a flier jointly with Bob’s Heating, each printing the number of fliers they intend to mail or distribute door-to-door, each responsible for his share of distribution. Maybe Joe’s Plumbing offers a slight discount to customers who use Bob’s to get their furnace checked. Or maybe Bob’s Heating offers a coupon to customers who call Joe to replace their water heater within the next three months. You get the idea … be creative!
Your 30-minute assignment, should you choose to accept it, is to make a list of potential marketing partners. Think about what you have to offer and what you hope to gain from this informal partnership.
What types of businesses might this work best for? Have you ever tried this and was it successful? Please respond below and tell us what worked or what didn’t work!
Photo Credit: Steve Weaver on flickr
Yes this does work. I had a client that was a dog groomer that partnered with a few dog specialty products online stores. She referred her customers to them, the customers got a discount code, and the groomer made a small commission off every sale. It worked magic. There are a lot of business that can take advantage of this. A simple website and a couple affiliate marketing agreements and both parties benefit.
The construction business is just that, a business. Like many small business owners, contractors often go head-to-head with competitors on price, instead of using the simpler and more powerful tactic of creating unique value through synergy with others. Nice, clear post.
I have attempted to leave a comment here and every time I try it refreshes the comment or provides an error. Can the author could possibly look into the reason this is happening?
As an entrepreneur, hoping to launch a new product or service to the world, an effective marketing strategy must be put into action. Marketing has long been recognized as an essential part of business as it attracts hoards of would-be customers to your doorstep.