Are You Overlooking Opportunities to Grow Your Business?
2020 has proven that you need to develop an effective approach for each of the mission-critical areas to drive revenue growth;
- customer acquisition
- customer retention
- customer growth
Do you have a defined plan for growth in 2021?
Is your plan to stay status quo and ride out yet another storm, another crisis?
Or is your plan to react and hope for current clients to request new jobs?
One path to increased revenue is offering new services and applications. You’re probably evaluating new software, workflow or equipment right now.
The need for overflow support
Your business can be cyclical, like the December holiday rush. Every December your production staff is swamped with the year-end orders. Perhaps instead of buying new equipment or turning work away, you can partner to fulfill your overflow.
Customer requests for new applications
Perhaps a customer is looking to print on an unusual substrate (building material or glass) or needs to create and distribute wall pop-outs. It’s an interesting project, but you can’t support the workflow or time to manufacture this one off.
But why turn away the business? One way to quickly fulfill customer requirements is to partner with a company that produces similar or complimentary work.
You might think, let’s outsource the project and mark it up. A longer lasting, revenue impacting approach is to collaborate with another company. Since getting started may be a challenge, below are seven steps to help you evaluate potential business partnerships:
- Begin the process
Look for business partners that have complimentary offerings. Start out by looking locally. Perhaps wide format or textile printing projects come into your shop based on. Begin with local suppliers and expand to nearby geographies where you can establish personal relationships.
- Research the business
Review the potential partner’s website, look for customer reviews, ask your customers or other local business what they know about the business. See what type of content they share on social media, like LinkedIn. Visit the shop or talk to the owner and ask about their business goals. This is a great way to learn about their business.
- Start the discussion
During times like these, businesses are open to helping each other out. As busy as we all may be, companies are willing to help others and listen to recommendations.
- Establish the partnership
Formalize the relationship. Work with the company and create a proposal for joint services. Or provide a proposal to start the process. Clarify goals and expectations for the pilot project.
- Create a sales and marketing strategy
These are joint strategies for the two companies to plan for success. You’ll determine your target market, competition, goals and more.
- Train your staff
Collaboration among your workflow, operations and client services teams is important. Communication between the two companies is critical to the success of the partnership. Have processes in place to check, check and recheck the all projects.
- Track your progress, evaluate and shift if needed
Like with all successful strategic planning, you need to monitor and track the results of your plan and programs. Continually assess if you are on track to achieve your goals.
2021 is sure to be a year of highly strategic partnerships with collaboration driving new revenue and innovative solutions.
Not sure how to start a partnership? Is now the time? Visit my website, KimberlyMeyers.com or call me direct 646.320.8854 for more information. Let’s connect.
Kimberly Meyers is the principal at Kimberly Meyers & Associates, a marketing consulting firm. Kimberly is a Marketing VP for hire. She develops marketing solutions based on strategic assessment of her client’s business, sales and marketing requirements. She lives by the philosophy of ensuring the appropriate message and content is delivered to the target audience – always, focusing on customer needs and satisfaction. Kimberly welcomes your connection at email@example.com.