A Great Marketing Model: Utilizing the Power of Other
Gage Copyright © 2004
Staying ahead of the marketing curve seems to be a never-ending quest. Marketing
doesn't have to be as complex as some people make it out to be. It's
simply a matter of understanding who you are marketing to - your ideal
customers - and then coming up with a system that keeps your name in
front of them. A huge part of the system is creating enough value for your
customers that they want to hear from you.
Reaching Your Markets
Another aspect of marketing is knowing how to continually reach and increase
your market in the most cost effective manner possible. One way to increase
reach and do so cost effectively is to find other businesses who share a
similar market. These can be complimentary businesses and even competitors.
What better way to get your foot in the door of a new market than with the
endorsement that comes from a joint venture?
Solo marketing efforts are no longer as effective as they were in the past.
True strength lies in utilizing the power of joint ventures. It is probably
one of the most compelling marketing strategies you can implement. With
so many people competing in any given industry, an appropriate joint venture
can stretch your marketing dollars and increase your market reach. And
so in a way that people want to do business with you. That is the power
of utilizing OPM - Other People's Markets.
Using Other People's Markets
Most people refer to OPM as being Other People's Money. In reality,
when you have been given permission by a person or an organization to reach
their market, you are in essence using their money. However, this is also
a give and take relationship. If you are using their market, you have to
be willing to let them use yours.
Over the years I have been involved in numerous partner-ships. Some were
short term and one time projects, others very long term. I wish I could
every venture I have been involved with has been successful and without
incident, but that is not the case. However, with each situation, whether
good or bad,
I learned a valuable lesson that I have been able to apply to current and
Key factors before establishing a partnership
of all, what is the reputation of the person or company you are developing
relationship with? It is important to know that the people you are
connecting your name with are reputable, have similar values when it
comes to the
way they view business, and they treat employees and customers with
of respect you would expect. If you have an established customer base
that trusts you and you then partner with another company, you are
saying, Do business with this company. I give you my word, they
Additionally, is it an equitable relationship? Before making any commitments,
determine what the benefit is for each party. What does each company
bring to the table that will create a successful partnership? Are you
a win/win relationship for all parties involved?
Be sure to test the waters. Do not make the mistake of blindly partnering
with another company only to find out that the two companies are incompatible.
Start with a small project rather than going in for a long-term commitment
Get it in writing
After finding a company you want to partner with, I highly recommend
putting everything in writing. A written agreement will help both parties
clear on how their partnership will work. In many cases, you will want
an attorney to review the information and even draw up an agreement.
to utilize the services of someone who has everyone's best interest
in mind. When drawing up a written agreement, take into consideration
the following: individual and joint roles, how new leads will be handled,
how expenses and revenues will be shared.
Think of your company vision. Who do you know that you could help to
create a win/win relationship with? When you are clear on whom you
can partner with
you will be amazed at what can happen for you, your partners and most
importantly, your customers and clients.
About the Author:
is a business advisor, keynote speaker and trainer who helps others gain
marketing dominance and visibility within their market. She is the recipient
of the 2004 Giant Step Award for Business of the Year in the State of Utah.
Kathleen is currently co-authoring two books utilizing the power of OPM.
Call 801.619.1514 or email
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