Implementing Strategic Alliances

The perfect business marketing strategy to increase business profits is probably one of the most pressing questions for business owners, large and small, especially in the current economic climate where an increase in business profits, especially your bottom line, would be more than a welcoming reward.

So, as a business marketing strategy  how could you increase profits without ‘breaking the bank’; without spending any more on advertising or without having to create more products or services?

Quite simple really. By implementing strategic alliances with reputable companies that, although may have similar products or services to yours, are not in direct competition with your company.

Companies who offer excellent products or services to their customer database can literally increase business profits by a minimum of 30%, even as much as 100% in a matter of days just by letting their in-house marketing team get a little creative and start implementing strategic alliances.

Increasing business profits by implementing strategic alliances isn’t a new concept but still very much under-utilized by a large percentage of small to medium-sized companies, even large corporations, who would like to start using some highly-effective marketing strategies, but simply don’t know how to put a successful campaign, from concept to fruition, into action.

Let me give you some quick examples of time-proven marketing strategies that would work extremely well with companies that have a customer database of at least 5000 customers:

1.    Reactivation of past customers that were sold any type of service subscription

2.    Implementation of an opt-in subscriber form to gain new customers

3.    Implementation of an automatic sales funnel using a targeted email campaign

4.    Cross-selling by promoting non-competitive products to your customers or clients using profit-pulling copy via direct mail.

5.    Endorsements of additional non-competitive products to your customer database

I’ve seen large organizations have a lackluster approach in looking after their customers and clients. Focusing on making your customers feel like royalty and maintaining their longevity is key.

While carrying out some typical research to find out if businesses could do any more with their websites to increase business profits, I was quite horrified at my results.

Researching 10 various business sectors, with the top ten results in each sector (100 business website home pages), a mere 5% had implemented an opt-in form for the visitor to request more information about that company, albeit a better job could have been done with the copy, but nonetheless, a device was in place.

That means, the 95 remaining companies had nothing in place to ask the visitor if they wanted to receive further information via a company newsletter, free business report, free trial, free book chapter etc. Sad but true.

Just because a new client or customer comes on board and you’ve take their money, does not mean it ends there. Clients like to be rewarded; made a fuss over and continually looked after with additional follow-ups; products and services that you recommend and endorse, even although these products may be produced by someone else.

Not only do your clients expect this, but it’s also the perfect way to increase business profits by implementing strategic alliances with other reputable businesses, while continually building trust and customer-bonding over the lifetime of their existence within your company, and all other companies associated with the promotional strategic alliance.

More often than not, you only have to look within your own company and you’ll find there are multiple ways to increase business profits without having to do much more than send your existing customers an email or a direct mail letter.

Forming strategic alliances can not only be highly lucrative, but can continually bring in an additional increase in business profits for all parties involved, even though the majority of the work involved to see it through to fruition, can mainly be outsourced.

Companies who are new to setting up these strategic alliances can often try to implement these strategies themselves. Unless experienced using any form of business marketing strategy, and know how to set it up correctly, it can easily backfire, cause tremendous grief and can even damage customer loyalty and longevity.

I hope this article has given you an insight into a business marketing strategy that can be implemented by any online enterprise wishing to increase their business profits while forming profitable strategic alliances.