There are 3 levers in jumpstarting new business growth.
OPM is using Other People’s Money.
This is the one that most business owners use when requiring more credit of investment capital.
But the other 2 are more effective and require no borrowing or developing investment proposals.
OPR, harnessing Other People’s Resources and
OPC, using Other People’s Customers.
The entrepreneurial thinking that encourages joint ventures between competitors and other industries is win:win.
When one of my clients recommended customers to buy a product from another of my clients, both enjoyed immediate and profitable return and strengthened their customer relationships in doing so.
Taking the time to identify companies that have customer lists suited to your own product or service is a worthwhile investment of your time.
And often what you perceive as a competitor is not. For example a specific audience that buys a golfing, classic car or yachting magazine or products, may well be attracted to your unrelated product or service, because their buying criteria match your targeted list.
Most customer databases are tired of receiving the same offer from the same business. When a business can receive a healthy introductory profit percentage for every one of its customers that buys your product, while at the same time increasing customer loyalty, because of the recommendation, it makes good sense to investigate.
Cooperation pays dividends; Competition costs money.