Power Partners are business professionals who share the same target market without overlapping products and services. For example, McDonald’s and Coca-Cola could be considered power partners because they both go after the same target market of consumers, but they are not a threat to each other.
Who Are My Power Partners?
Lauren Young, the CEO and Founder of Freshly Baked Communications, and I have known each other for a few years. We were comfortable with each other’s work and most importantly, we agree with RNIA’s seven principles of building a healthy relationship. We share the same target markets and have a similar growth plan. We decided to “interlock” because we look to capture more business in the medical, professional services, retail, IT, restaurant and sales industries.
We are great power partners because we know who our target markets are.
Do you know who your target market is?
Most marketing experts would agree that assisting a company in narrowing their target market is the first step to an effective marketing plan. Today’s market is very sophisticated. The old process of blanket marketing is over.
Your target market should be broken down into demographics or “niche markets.”
I learned long ago that the “riches is in the niches.” A director of sales should never send their sales team into the marketplace without a clear description of who they are looking to meet or it risks what I call “flinging enough mud against the wall to see what sticks.” This is expensive and yields little results. An experienced marketing company can provide the research to uncover the most beneficial audience for a company. Yes, this process will cost a company time and money, but in the long run, will save an abundance of marketing dollars and time in the field.
Where Can I Find My Power Partners?
This year, we started a few Chicagoland “Commercial Property Manager” focus groups. The group members call on commercial property managers to purchase their products and landscaping, cleaning, restoration, paving, heating and air, painting and plumbing companies. Besides those who focus on the building itself, we have invited lawyers, insurance agents, accountants and product supply companies to join the group. They all have one main thing in common; the property manager is the decision maker, or gatekeeper, facilitating their sales. They make perfect Power Partners because each hold relationships and a database with this target market, commercial property managers.
The next step is to build trust among each other and to enjoy “MOOs.” This has nothing to do with cows; MOO stands for “Moments Of Opportunity.” These are chances to assist your client in growing his business through a quality introduction to a Power Partner who may provide the solution to his dilemma. Your client will be grateful for the referral and your Power Partner will appreciate the referral.
Ready to identify your Power Partners?
Select two to three target markets and begin listing other professionals who also call upon them.
If you are having difficulty completing this task, list the industry and ask for recommendations from your sales manager, chamber of commerce, or better yet ask your target market for a referral. These are the individuals you should seek out at a business event, mixer or conference.
Once you have located your potential Power Partner, your next task is to take a few moments to confirm your target markets and your relationship building skills.
You can refer to the following blog for key compatibility questions and preparations for what I call the “The First Date.” There is also a trust articleand poll you and your potential Power Partner may take. The results will be forwarded to my team at NWI who can discuss your results. Then check back for our next blog on how to recognize the “MOO Moments” and build trust.