A key strategy for generating more and better quality leads is the development of strategic alliances.
As you look “upstream” and “downstream” from your business, you can identify other businesses who provide products and services to the same target clients you serve.
Consider the wedding industry for example. Once a lucky young woman receives a marriage proposal and a ring (that happens to be one of my daughter’s in the image), there is a chain of events that will typically take place… finding a wedding dress, securing a venue, identifying a printer, discussing options with a florist, etc.
Each of these business types has an opportunity to create strategic alliances with the others in order to refer work to each other.
Consider the florist, for example. If the florist makes the effort to identify “upstream” businesses that also service couples planning a wedding, then those “upstream” businesses can refer engaged couples to the florist. The florist would reciprocate with a referral commission.
Similarly, the florist can refer engaged couples to “downstream” businesses that will also reciprocate to the florist with a referral commission.
Considering how much wedding flowers can cost, think about the additional monthly revenue the florist could receive with even one referral from an “upstream” alliance and one referral to a “downstream” alliance in the month!
What’s the “event chain” in your industry?