Look Before You Leap! There’s Aways Help!
Sometimes you can’t do everything yourself. You don’t have the budget to launch a big marketing campaign. Or you don’t even know where to start. One of the best ways to promote your website, business or youth entrepreneurial program is to work together with others to achieve mutually beneficial outcomes.
The legal form of this is known as a joint venture, where two or more parties create a new entity by contributing equity and sharing revenue, expenses and control. Another form of collaboration is known as a strategic alliance, whereby the parties involved pursue common goals while remaining as independent organizations.
No matter what you call it, collaboration with others will benefit you in ways that go beyond what you can do on your own. Think about it. Each involved party comes with their own established audience, reputation, brand, networks and strengths. Some of them may overlap with your own but usually, they’ll reach people or own assets you don’t.
Some people may have more media contacts. Some may have a specific skill (e.g. design, programing) and others have an audience or customer base that you’re trying to reach. Partnering with them for short or long-term initiatives is a smart way to promote your business, on top of all the online marketing that you’re already doing.
How can you collaborate? The possibilities are endless. For example, you can run joint contests/competitions, set up incentivized referral networks, promote a co-op web product, create content together, exchange ad space or trade skills for exposure. There are many ways to collaborate for mutual benefits. It’s just about finding what works for you.
So how do you get started? Five simple steps:
*When partnering with a local existing program, see what they have done that has been successful. Example: (North Minneapolis) A local agency is given a grant from a local Foundation to create, idea and develop a youth entrepreneurial program, y-t-d this local agency does not have one successful outcome), the moral of this statement, “Fly with eagles!”
*Identify your goals. This is what you want to get out of the collaboration. Your goals will determine who you should work with and having a clear idea of what you want from the beginning will give you an immediate idea of what kind of marketing strategy you want to take, and hence who is most suitable for you.
*Determine what you can offer. Make a list of benefits you can offer to the opposite party. For example you might have specific personal skills or a website with a built-in audience. Perhaps you’re launching a new product and give away free samples of it away. In other words, this list consists of what you can do for the other parties.
*Create a List of Potential Collaborators. Start writing down a list of people you want to work with based on your goals, what you can offer and who you think will be potentially interested. Make the list broad: there’ll always be people who’ll turn you down so you want as many secondary options as possible.
*Pitch the people involved. Draft up an email template and send it off to the people on your list. Try to customize your pitch by using each recipient’s name and including unique information/comments. Keep the emails short and frame them in terms of benefits. Alternatively, try pitching over the phone or a face-to-face meeting. Remember to follow up before permanently striking a recipient off from your collaborators list.
Nothing ventured, nothing gained. There’s no harm in reaching out to people, all you have to risk is your pride. When it comes to partnerships, you’ll be surprised with the people who will be interested in working together. Don’t automatically write yourself off, especially you have something valuable to offer to another party.
If you’ve never tried any strategic collaboration before, why not start today?
Steps to Making Your Ideas Successful
By Donald W.R. Allen,II (Donny) VP, Twin City Business
It is common to have an idea.
Turning that idea in to a function action takes a total understanding about what is you want, the players involved and do you, the one with the idea have the CAPACITY to make it work.
“In the business world, everyone is paid in two coins: cash and experience. Take the experience first; the cash will come later”.
Harold S. Geneen
Step 1: Research
I’ve seen many “idea men” wake up in the morning and decide that they want to create or start a business or something they think is new without consulting others experienced in the area of the idea. This leads to total “winging it”. Take the advice of the folks that have done it, successful or not and customize your idea so that failure is never an option.
“Remind people that profit is the difference between revenue and expense. This makes you look smart”.
Scott Adams
Step 2: Are you the Meet & Greet Type?
One of the worse things that can happen to a start-up business or “idea” is that the person representing the idea is not taken seriously or has rubbed the community in which he/she has done business in the wrong way. The Twin Cities is a small business community – doing great local and national business. The folks you might have “wronged” here locally might be responsible for that business loan, grant or charitable capital funding to your “idea”. Be careful and always consider stepping back and joining forces with TEAM of folks who like your idea and feel passionate as you and would agree to help the idea along. Being the “front person” is not important if you understand what it is your trying do.
Step 3: Doing Business
I just received and email from a grad student giving some great advice to a group of folks from a non-profit start-up where one of the board members had went “rebel”, somebody who chooses to live outside laws or conventions in regards to process, actions and information to the Board. One of the many things this student said is, “Simply put, “If you don’t document it. Then you didn’t do it.” We have to learn that a paper trail in the electronic age can help you, by having one – or hang you by not having a paper trail.
I like to use “DAIC” – Develop, Adopt, Instruct, and Collaborate. “DAIC” insures that the “team” is all on the same page. Think-tanking ideas to DEVELOP the approach; then ADOPTING the approach; INSTRUCTING the “team” on the variables of the approach with problem solving models, spin reports, competition, understanding you in the marketplace and then COLLABORATING with others outside the collective to understand your place in the “Business Food Chain”.
Example: Twin City Business, the Twin Cities #1 Internet Marketing Company does not bring any dollars or profit to the table. What brings profit to TCB is the relationship we have with our existing clients, what we have to offer new clients and the attraction of having the best customer service team that will micro-manage each account to assure 100% satisfaction while exceeding our new and existing expectations.
Not everyone is going to business with you or your idea.
For many reasons folks don’t like doing business with people they are not comfortable with, be it the color of your suit or what you are wearing or the way you walk, this is sometimes out of our control.
“Profit in business comes from repeat customers, customers that boast about your project or service, and that bring friends with them”.
W. Edwards Deming
Step 4: Evaluate (Self/Idea)
Looking at the man/woman in the mirror is an important part of success. Ask yourself, “Did I make a 100% effort to be cordial & diplomatic when dealing with my team and potential clients”? “What is one or two things I can do better tomorrow”? “Did anyone I talked with seem disillusioned about me or the idea, and did I explain fully to the best of my knowledge my idea and what I actually want?”
Summary
By using these steps you might decide that this idea might be better by collaborating with someone who has completed the idea before to successful outcomes. On the other hand you might think to step back and start over. The business person who understands that pulling back to reorganize does not mean failure – but an attempt to move in a direction that will be successful.
