During difficult market times, building strategic alliances is one of the best investments you can make for your firm. Taking your firm to the next level will require that you incorporate key tactics in your marketing plan to gain market share and improve your client acquisition strategy. To be more competitive and differentiate your firm, having strategic alliances will extend your team and present your firm a way to offer clients a full spectrum of services.
Strategic Alliances Should Be About Your Client, Not Your Firm
One of the biggest mistakes advisors are making today is attempting to build strategic alliances for the benefit of the firm. These types of alliances will fall short of your desired result, providing you with nothing more than a network rather than a true solid alliance producing results.
Center your strategic alliance plan around solutions to meet client needs.
The value of your firm is measured by your client problems, needs, and wants, as well as the quality of solutions you can provide to them. While cost & skill sharing are some reasons why companies form alliances, creating the ability to offer clients more services is the most desirable shared benefit for each partner, including your client.
Begin to structure your extended team with other professionals whose efforts are symmetrical with the needs of your clients. Identify professionals that share your niche and are able to provide solutions for your clients beyond your existing realm of services.
Choose counterparts that you can easily collaborate with, develop good connections, and those that will actively introduce you to new clients rather than waiting for an opportunity to present itself. Perform searches of noncompeting professionals in your community, (such as attorney’s and CPA firms) and then find a mutual connection to help initiate contact. Explore the common motives and objectives between your firm and those of your alliances.
Steps To Creating Successful Alliances:
1. Approach local CPA & Attorney Firms
2. Interview key people to determine their suitability for an alliance with you
3. Implement a systematic process to create strong relationships
- •Create The Vision-describe what your firm and alliances can achieve together
- • Document and Collaborate-review how each alliance will benefit your firm• Lay the Foundation-mutually commit to specific actions
- • Staging-include a clear description of opportunities, obstacles, & challenges that each alliance may encounter
- • Progress-review specific tactics and their results, building on any early successes
An important factor to any successful long-term alliance includes a plan and documentation of future success for each firm. Ironstone can help you structure your alliances by picking the right people to partner with and develop a comprehensive strategic alliance plan.
Contact us for assistance in cultivating a web of alliances with your peers to identify and implement best practices to build a world-class business and achieve bottom line results.
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