Often time’s business’s hone in on their specialty and focus on acquiring customers that are looking to purchase a product or service that they specialize in. Whether your customer is an end consumer or other businesses this process is pretty standard, I’m actually an advocate of this way of conducting business and believe one is much more successful when you hone in on a niche and serve customers who fill that niche instead of trying to be all things to all people.
In addition to our traditional properties Highbrid also consults small businesses on branding and marketing, more often than not when you probe these business owners about who their target market is 90% of the time they say “Everybody” and we always have the same reaction SMH. Having a specific target market will help you focus on cultivating your message to the likes and needs of that market and ensure that you don’t waste resources reaching out to folks who have no intentions of buying your product or service. A drawback to this approach is there are instances where a prospect may not necessarily need your services but does have a need that needs to be filled and has a budget to fit that need. One of the worse things you can do is leave money on the table b/c you don’t have the ability to fill the need of a prospect, this is where partnerships come in to play.
Partnering with other entities expands and strengthens your business in a number of ways; it gives you the ability to provide more value to your customers which is rule #1 in our book. It also gives you the ability to acquire business because of these added value pieces that you wouldn’t have acquired otherwise, which adds to your bottom line. It also allows you to learn about other businesses that are complimentary to yours and could prompt an expansion into other sectors that you never thought possible.
The Bottom line is the right partnerships can be tremendously effective in helping propel your business to levels you didn’t know were possible.