There’s no question that running a small business on a limited marketing and advertising budget is challenging. You have to make your money stretch and you have to make sure there is a strong ROI (return on investment) for the time and money you put in to things. One great way to leverage both your time and money is to form strong relationships with strategic alliances.
A strategic alliance in business is someone who sells complimentary products or services to the same niche market spaces that you do. Forming a relationship and furthermore a joint venture with a strategic alliance can prove to be fruitful for small business owners looking to stretch their cash.
A great example of a recent strategic alliance that I heard of, was formed between a personal trainer and a photographer. The personal trainer, who specializes in training high achieving female clients, paired up with a high-end photographer specializing in capturing natural and authentic beauty. Both service providers serve the same niche market: high achieving female clients who want to look and feel beautiful. They both do a different thing, for the same target client, making a client for one, a client for both. By pairing up they are sharing the cost of prospecting and hunting for new business. A smart move in today’s busy market space.