Tag: Partnerships

Keep Up the Momentum

Keep Up the Momentum

Posted on by Doogie Levine

Negotiation is more than a transaction. In this article, we will explore how to develop a mutual alliance in your big fish relationship. Developing this relationship allows you to turn a singular transaction into multiple transactions, introductions, opportunities, and more.

One of the most critical aspects of this is to keep your cheerleader cheering. This refers to the ally you created in the company and who needs to stay loyal to you for you to continue a profitable partnership with your fish. You can keep your champion going by offering or doing a number of things to show appreciation. Some of these things are:

  • Use their preferred media. It is essential to contact your clients/ customers the way they are most comfortable. 
  • Contacting the person your champions supervisor to share your experience
  • Introduce them to complementary products or services that can enhance their experience
  • Be patient and create a timeline for following up. The goal is to be present but not overbearing/desperate.
  • Invite them to participate in your company function or opportunity. It is a great tool to build investment in your company.

These are just a few ideas and tactics for maintaining relationships. Your goal is to create value outside of the singular transaction. In all cases, you want to become their go-to problem solver.

Now that you have some ideas of how to build solid relationships, you need to seek out people to build these relationships with. These alliances will help you get bigger clients that stay with you forever. You can often get in the door by offering them something in exchange for something they need:

  1. Solutions: provide them with a product or service that solves their immediate problem. 
  2. Information: provides them with access to new people, markets, and knowledge to achieve their goals.
  3. Improved environment: give them tools to make the workplace the best it can be. Find ways to bring joy into people’s lives.

These are all great ways to feed your alliance. You need to go into a 

relationship considering the things a big fish can offer you besides money. These can include:

  • The opportunity for your business to expand
  • The opportunity to learn from the experience and find ways to grow
  • The opportunity to improve your processes, systems, and other means of doing business

This article was a quick guide on keeping your alliance strong. Please note there so much more you can do. The most important takeaway is, your relationship should have transactions but not be transactional. You must avoid the favor for you, a favor for me mentality. 

If you need help developing your alliance strategy, please feel free to contact us. We would love to help you.

About the Author

I am a business coach and consultant specializing in uncovering the root cause of a challenge and offering an unexpected solution. That solution typically results in a substantial increase in profits and the peace of mind to set you free from your business.

I ask powerful questions to clarify who you are and what you want. I am empathetic, although surgical in approach. I make my clients feel they are the only person I am working with. I have an uncanny way of drawing people out and getting to the heart of the matter.

I am a Pittsburgh native who aspires to free business from the rat race. If I am not working to improve the lives of my clients. Then you will most likely find me on the ice playing hockey, reading, or making plans for the future.

If I can ever be helpful to my readers, it would be my pleasure to connect and see where I can bring you value. I look forward to continuing to share more great lessons with my growing community.

How Well Do You Know Your Vendors? 

How Well Do You Know Your Vendors? 

Posted on by Doogie Levine

One Method to Never get burned again.

It’s imperative to build relationships with your vendors and those around you who can bring in new customers/clients and increase awareness of your company branding. That relationship cannot just be transactional. It needs to be built on trust and have value going both directions.

The people you work directly with on your products and services are the ones with the most to gain when you find success. By taking the time to get to know them, you’ll find a whole host of opportunities you didn’t realize were there.

Building relationships with vendors can be challenging.  You never know if you’re going to get burned. Creating a plan based on value to them is essential for building that trust. 

Look for great ways to offer your vendors rewards for helping grow your business, and everyone wins. One way you can do this by offering performance-based incentives that are much larger than their standard charges.

Here’s the step-by-step process to putting together a partnership with a vendor:

  1. Approach all the vendors you work with and offer an incentive-based on performance. 
  2. Put the generous incentive plan together from their perspective, even take suggestions.
  3. Develop a transparent, concise, and easy to track incentive plan; this will increase competition between vendors and, therefore, higher performance levels.
  4. Encourage subsequent sales instead of focusing only on the initial sale. By doing this, you can give away more of the profit from the initial sale to your vendors and make higher profits off the back end products. Encourage:
    • Future sales
    • Upsell better and more profitable products/services
    • Cross-sell to additional products
  5. Create an incentive plan that’s irresistible to your vendors by offering generous, exclusive compensation.

Think of all the vendors you work with and the creative ways you can put together an incentive plan that entices them to be part of your business. Use their talents, capabilities, and connections, and you’ll both be winners.

Putting together an incentive plan doesn’t have to be a complicated process. Use our GUIDED TOUR to develop some great ideas and put your incentive plan together for maximum results.