Collaborating to Grow

Making headway with securing new clients can be daunting within a frugal business climate. Potential clients are taking longer to make decisions which increases the sales cycle and impacting cash flow.

Searching for different tactics may be worthwhile to collaborate with a complimentary business. This approach can be extremely effective but takes synergy between company structures, leadership and customer support. Adding a collaborative approach will bring cross promotional opportunities to each side’s client base while broadening the range of services. It can mean doubling the leads with a fresh offering of services to existing clientele.

Determining the right company to consider can be streamlined by setting suitability criteria. Identifying contacts with established relationships will make this an easier option to consider, especially since there will be direct communication to your clients. However, it’s critical to look for compatibility of services; are they value-added to strengthen the sales process; is there a plan to develop co-branded marketing tools and what kind of goals will be set to determine progress?

An overall plan to set up a strong alliance will position the collaboration for success. This should include key decision makers from both companies to have a complete understanding for each business segment, including sales/marketing, operations and service. Establishing roles for everyone will keep the team clear on responsibilities and accountable for results.