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Archive for January, 2011

1+1=11 The Power of Relationships

Growing a business is mighty difficult for “Lone Rangers.” Undeterred, the “Lone Rangers” plunge in on their own, whole hog, trying to personally market, to sell and to connect with every single potential client. Sure, plenty of supposed experts teach that approach. It’s just not realistic, or even sustainable. There’s only so much of one coach to go around!

We have our own name for “Lone Rangerism.” We call it the “One-on-One” mindset. Once they start down this solitary path, they’re headed for overwork, high stress and even burnout. The thriving business they dream of, mismanaged, can look more like a nightmare.

Successful Business Owners think differently, choosing a “One-to-Many” mindset. That means they realize that, to double their practice, serve more clients and to charge higher fees, they must leverage their relationships. So they build strong networks and partner with like-minded colleagues.

Successful coaches build key relationships and collaborate with strategic partners

Through relationship-building and marketing, more and bigger win-win-win opportunities for clients, prospects, you, the strategic partner, and even the industry, can be created. Leveraging the power of relationships gives you the results of 1+1=11.

As formulas go, it’s not terrific math. But the key to leveraging relationships is that you are able to reach more people, with the same or even less effort; saving you time and often money. Not to mention, it is more fun to collaborate with others to accomplish parallel missions and visions.

When we started Coaches Console, we knew we wanted to help hundreds and even thousands of coaches worldwide. But in the beginning there were only two of us. We knew the One-on-One mindset would use up our time, energy and money long before we had fulfilled our purpose.

So we embraced the One-to-Many, partnering with other service professionals serving our same niche market. Together, we identified actual and potential clients’ needs and goals. Together, we identified clients’ challenges and how our individual and combined expertise, products and services, respectively, could make a difference for them.

Our strategic partners involved us in a variety of creative ways. They:

  • Brought us in as guest experts.
  • Invited us onto a virtual radio show.
  • Included articles and information about us in their newsletters, or interviewed us and wrote about us.
  • Included us on the “member benefits” page of their websites.
  • Introduced us to their clients.
  • Bundled products and services with us, and we co-marketed them.

We even collaborated and created joint presentations, events and workshops! That particular whole truly exceeded the sum of its parts, and still does.

Leveraging relationships so that the whole is greater than the sum of its parts starts with knowing your goal: to either gain exposure to more potential clients (increasing your database) and/or to gain new clients. Then ask the question “What’s in it for them (the strategic partner)?” Knowing what is important to the strategic partner will allow you to tap into your available resources and creativity to put together a beneficial relationship for the strategic partner.

Often, strategic partners are looking for exposure to new markets; they’re promoting products and services to potential clients, credibility, and even passive income. Sometimes it might be apparent as to what is important to the strategic partner and, on occasion, you simply have to ask them what they are looking for in the relationship.

Ways that we involve our strategic partners:

  • Hosting them as a guest speaker on our free, bi-monthly “Thursdays @ 3: Business Success” calls
  • Showcasing an article written by them in our monthly newsletter
  • Spotlighting them in the “Cool Resources” section of our monthly newsletter
  • Featuring them on the resources page of our website
  • Bundling their products and services as “bonus offerings” in promotions we offer

We make the distinction between Hobbyists vs. Business Owners when it comes to the approach one takes to creating and running one’s business. The Hobbyist is the one that would take the “Lone Ranger” approach; the one-to-one mindset. Business Owners understand the value of relationships, allowing them to accomplish more, to reach more people and to work with more clients in the same amount of time a Hobbyist would spend marketing their own business.

Yet for the Business Owner, understanding alone is not enough. The key is that Business Owners, unlike Hobbyists, also change their mindset. A self-fulfilling prophecy takes root: They think about, and act upon, the presumption that key relationships and marketing systems will and do bring new clients.

Business Owners anticipate success. They are open and ready to receive it.

They set themselves up for success ahead of time. They invest in the right places because they know, emphasis on know, that success is inevitable when leveraging the power of relationships and operating their business under the 1+1=11 marketing model. Knowing that the power of strategic partners will lead to more prospects and more clients, the Business Owner establishes systems, processes and procedures to manage the influx of contacts, the increased level of client support, and the required follow-up necessary to mine the gold their relationship has afforded them.

Consistently, the Business Owner’s time and energy goes to the right systems, with the right partnerships, as part of the right community.

Posted in: Marketing & Promotion

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