I’m now only going to give you a broad overview of what makes a strategic alliance successful. More specific and in-depth details will be discussed shortly. For a start, I want to mention a few key elements that are crucial to the success of any strategic alliance campaign.
You must have the right attitude. Never forget you’re doing the other business a favour as well. You need to understand that they’re getting as much benefit as you are. When you approach them, do so from a position of power. Your attitude should be, ”I’m going to help you out. This is a great opportunity, but I’m going to be selective.” Of course, if your offer to the other businesses is not strong, you’ll be fighting an uphill battle from the outset.
Create a targeted list first. You don’t want to deal with businesses and customers that are unrelated to your line of work. You need to choose businesses that deal with almost identical customers to those you do. For example, people who own expensive cars, people who are absolute music fanatics, or ladies over 30 with acne problems. Your customers need to be definable in terms of age, sex, interests, or income.