As we have reached the middle point of our series, let’s do a quick recap. We started our I.M.P.A.C.T Framework analysis with the Investigate phase where we looked at all the external factors affecting our retail business post-crisis. We then moved on to the Manage phase where we had to look internally into our business to ensure we were in good shape to compete. With these 2 phases completed, we moved on to develop our Action Plan which included all the necessary step by step implementations to move us forward.
Attain Strategic Partners
Today we are going to look at the 4th phase of the I.M.P.A.C.T Framework which deals with Attaining Strategic Partners. The amount of competition we face today in any retail business is extremely intensive. As such, we will find our goals to grow our business a little easier to be achieved if we look at collaborations with other retail businesses who are not in direct competition with us for clients.
So let’s start off by first making a list of businesses who would be a good strategic partner for our retail business. Let’s take for example a supermarket, some of its potential strategic partners could potentially be restaurants, cafe’s, digital lifestyle stores, or even kitchen accessory stores. The possibilities are endless because the supermarket will have customers who would potentially be looking for a new washing machine, oven, or even a new set of kitchen utensils. You as the retail business owner, just have to stretch your imagination to make a list of potential strategic partners who will want to work together with you.
Once you have identified the list of other retail businesses who would be suitable strategic partners, it is now the time to reach out to them to discuss potential collaborations. It goes without saying that the best strategic partnerships are the ones where all parties benefit. For example, a simple collaboration would be customers of our supermarket will get to purchase a product at a very special price from let’s say the kitchen accessory store whenever they show that they have shopped at the supermarket. Other collaborative examples could be the supermarket and the kitchen accessory store creating a special membership point system that earns points for customers who shop at either business and these points can then be used at each other’s stores to redeem vouchers or special gifts. Again, the level of partnership is only restricted to one’s creativity and trust level with your strategic partner.
Another great reason that your retail business needs to attain strategic partners is to take advantage of the marketing strength that both businesses bring to the table. What this means, is that both businesses will be able to reach out to each other’s customers to promote themselves. As tantalising as the thought of exposing your retail business to another brand’s customers may be, let us not forget that such collaborations also allow us to share any cost of marketing that may be incurred in the collaborative efforts. Thus, it would be insane for your retail business not to take advantage of this tremendous marketing opportunity to attain a strategic partner in your endeavor to grow your retail business post-crisis.
As the saying goes, Together Everyone Achieves More, so I encourage you to take this step very seriously if you want your recovery plans that you have spent an enormous amount of time drawing up to work out for you.
Tune in next week for part 5 of our I.M.P.A.C.T Framework analysis where we move on to the second last part which deals with “Communicating with Empathy”.
Should you have questions about the IMPACT Framework and how I can work with your retail brand to create your custom I.M.P.A.C.T plan feel free to contact me at connect@viscreative.com or visit this site to see what our clients have said about working with us.