Monday, April 19, 2010

The Power of Relationships in Building Your Business

Big, small, or tiny, success in business is about creating and maintaining relationships, not only with customers but with those who can help you build your business.

One of the low-cost strategies that a business owner can incorporate into their Marketing Plan is being someone who connects with other businesses and helps them build their business too.  It is a simple way to build your business through building your circle of influence.

Each week make it a goal to build relationships with complementary small businesses that are not direct competition. If you sell candy, become a marketing partner with a florist, a salon & spa, or a restaurant. If you are a gourmet food shop, connect with a caterer or an event planner. The key it to see how many "business partners" you can connect with for reciprocal referrals and joint marketing events.

For all you A-Type personalities who need to quantify and measure your marketing activities and their ROI, this is easy to track. Set goals on your number of contacts and their outcomes. How many new relationships have you created this month? How many referrals have you made? How many have you received? What is the average gross receipt for each partner's referrals? You can decide to retain or end a partnership based on the reciprocity of the relationship.

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