With many companies, after starting the business and when the honeymoon period is over, there comes a time when some serious effort needs to go into knowing how you're going to generate new business. Should you always go it alone, or is there a better way to generate new business?
If you haven’t read part one, click here to read ‘What does Collaboration or Syndicate Marketing Really Mean’
You're probably au fait with cold calling, emailing and mailshots but you will have worked out that the returns are miniscule. The typical success rates are as follows:
Apart from taking out a second mortgage to pay for an integrated marketing campaign, there are not many alternatives, except one; syndicate marketing.
Syndicate marketing is more than just a group of businesses paying for an advert and sharing the sales leads; it's a strategy for winning consistent new business for people with a common goal, i.e. success!
Syndicate marketing, or joint-venture marketing, is about pooling resources and customers so that everyone within the group can benefit from each other's previous hard work and make new sales. The collaboration group can also significantly reduce their marketing spend by being more focused.
The first thing you need to do is think about your customers, and who else they buy from:
Networking online on LinkedIn is a great way to seek out and identify specific individuals who could meet your criteria. It could be that you use the following search criteria when looking on LinkedIn:
If you have been networking before, you will know the typical format. With most networking organisations, you are given the opportunity to briefly present your company in front of all the attendees.
When it’s your turn, briefly explain what you do, but this time, explain what type of companies you're looking to connect with. If they are not sitting in the room at that time, ask the attendees to let you know if they are aware of people that you're looking for so that they can introduce you or give you their contact details.
If there is one or more of your desired collaborators in the room make sure you talk about the potential increase in each other’s exposure, either by marketing to each other’s customers or, if you're both new businesses, producing a joint prospect list.
Now you’ve seen what needs to be done to get some other businesses on board, check out the final part in this series “How to promote your SME through syndicate marketing”.