Strategic Marketing Alliances: Why Are They Important? By Terri Levine
3 Reasons To Use Strategic Marketing To Grow Your Coaching Business
If you want to increase your coaching business clients as well as income, this is my number ONE strategy.
You will have a clear path to follow with just three simple steps. Ready?
Strategic marketing alliances demonstrate trust. Perhaps the number one reason people do business with one coach over another is trust. Clients trust that if they give their money to a particular coach, they will get a good return on their hard-earned money.
Advertisers recognize this and will spend most of their energy when promoting new and growing businesses on establishing trust. However, as a society, today we have been advertised to death and we tend to doubt what we hear and see when it comes to us in the form of advertising.
That is why paid endorsements from celebrities are a vital part of advertising.
Nearly every large business in the US in the past tried to get Walter Cronkite to endorse their product or service because if “the most trusted man in America” would say it is true then “that’s good enough for me”.
Not wanting to taint his own unique position, however, Mr. Cronkite did not endorse products or services. If he did endorse a product or a service, that product or service would have been virtually guaranteed success because trust will be firmly established.
Endorsements are valuable to your coaching business because if you say it then it’s considered advertising and is perceived as a potential lie. If someone else or a business or professional they already trust says it, then what you say has another witness, and is that worth investigating.
The big companies do it with celebrities. You can do it much cheaper and effectively.
Strategic marketing alliances will help your prospects overcome the trust issue because they understand that few people or businesses would put their reputation on the line to endorse a business that wasn’t trustworthy.
The number two reason that strategic marketing alliances are important is they establish your business in your community.
Grow locally before you go national or international. By promoting your business side-by-side with well-established and trusted businesses and individuals you will give the impression that you are here to stay.
Everyone wants to get a good deal upfront, just like buying a new car. But they are also wondering if you will be there tomorrow if there is a problem.
When you can establish yourself among other businesses and trusted individuals, you are no longer viewed as someone out to get people’s money. You become “one of us”.
The third reason to have strategic alliances for your coaching business is they are very cost-effective.
The cost of acquiring a customer or prospect is enormous. The primary goal of marketing is to generate more prospects which translates into more customers.
Most businesses spend their marketing dollars to reach 100-percent of an audience, when in fact they’re only going to get business from a fraction of that audience. This means you are paying money to reach customers who ultimately are not going to buy from you.
For example, let’s say a mailing of 100 pieces cost $1000 to mail out. If you get a 10% response, you have 100 prospects as a result.
That means you spent $900 on advertising to people who either weren’t ready to buy from you, didn’t know you, or maybe they didn’t even open the letter.
Wouldn’t it be nice if you could get a 20% response or 30% or even 50%? Your advertising and marketing dollar just went a lot further!
Marketing alliances help eliminate a lot of expense in prospecting and help focus your time and money on people who are ready to buy because you’re communicating to a database of established customers where goodwill and trust have already been established.
I encourage you to make a list of all your customers or businesses that you trust completely and approach them about strategic marketing alliances.
Let me give you a quick case study on what I did when I started my coaching business about 27 years ago.
I set up strategic marketing alliances with established authors whose books I had read and who had an audience targeted in business growth. I reached out to them and asked them if I could share their book with my audience and if I could interview them.
I was an unknown in this industry at that time. If they said “yes” I then asked they might be willing to recommend my services to people they knew or their readers or clients.
I built strong alliances and my business went from a mailing list of 4 people to over 55,000 people in 3 days after one alliance. I had 30 clients in 30 days with a waiting list by tying my coaching services to other people’s audiences.
Any successful company that I am aware of has a good percent of its history and growth paved with carefully structured strategic alliances.
I tell my client family members alliances should be their minds as a logical growth strategy to use regularly.
If you want to get more tools to scale your coaching business they are free here.
If you liked this content subscribe now!
Learn how to grow your coaching business from the best.