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Advantages Of Strategic Alliances And Joint Ventures [2 Critical Things For Success] - YouTube
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Hi, this is Terence Tam here.
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Today, I'd like to share with you a little known
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strategy that I use to actually boost my business.
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So I want to tell you about this story
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about how I came across this.
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So I was in this new mastermind group,
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a new mastermind group for marketers,
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and I got to know these two guys and we decided, you know,
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we have different skills and knowledge.
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So we decided to partner up together.
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And quite amazingly, within a three month period of time,
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we managed to get six really good clients,
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and basically we had so many clients,
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we actually had to push some clients back
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because we had too much work to do.
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So it was quite an amazing experience
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and that was through our synergies,
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because each of us was good at doing something.
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So one of the partners was based in Europe
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and he had 20 years' experience in art directing.
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So he was great with graphics, with videos,
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and coming up with all the creative stuff.
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Whereas on my side, I was, you know,
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probably better with the copywriting stuff,
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so I focused on the copywriting stuff for the team
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and we basically did great copy and got great results,
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whereas the other partner who was based in Australia
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was great at sales
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so he could do a lot of sales and
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also manage some of the ads,
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which was really great and manage client relationships.
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So through that synergy, we managed to get very, very good results.
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And that's why I suggest that
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this is something that you should attempt to do
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if you are not already doing it,
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which is to look at who in your industry
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you can strike up strategic alliance partnerships with
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and work together on various projects.
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Now another example, which just happened to me yesterday.
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A guy from the US reached out to me,
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and he's a marketing consultant,
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but he was stuck with a project and needed some fresh eyes on it.
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So I came in and basically we gave him
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some great ideas on how he could market his client.
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And after talking for a while,
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we realized there's some synergies between us.
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So we decided to pool together our resources
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and we're talking right now and
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he's already pulled a potential client with a two year contract
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and the client's really interested and
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we could be possibly getting this contract
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within the next two, you know, few weeks hopefully.
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So that's just another example of how
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powerful strategic alliances can be for your business.
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So a few things to take note is that
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one thing for your strategic alliance to work
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is that you need to make sure that
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each of the partners has their own areas of expertise.
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Like in the first example, where
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each of the three partners have special abilities that
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the other partners may not have so much of.
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And the other thing I would also suggest
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is to make sure you have everything in writing
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because at the start, everything is all nice and rosy,
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but you know, you can come to the point where
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especially when there's money involved,
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that things can happen that you did not expect would happen
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later on in the relationship.
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So it's good to set the expectations
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and set the conditions from the outset.
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So that's how you can make a strategic alliance partnership work.
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So make sure you start looking out for
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strategic alliance partners in your industry
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and you could be amazed at what kind of opportunities,
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what kind of doors open up for your business.
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So good luck with it and let us know the results
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If you get a great strategic alliance partner.
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