3 Areas to Establishing Business Symbiotic Relationships
Many leadership teams today are focusing on team building, be it vendors, employees, customers or other companies, who have the greatest potential for symbiotic relationships. The term ‘competitors’ can certainly be a hot topic out there, and in reality you can look for the complex symbiosis between two groups: meaning mutually beneficial relationships between different organisms in the universe that allows them to flourish or, bottom line, they need each other.
Here are three examples of business symbiotic relationships:
- Referral Marketing The cycle self-perpetuates with more satisfied customers referring others to your company. You both flourish in this type of relationship. We are definitely living in the ‘recommendation age’ more so than the ‘information age’. We all have so much access to information these days, that it’s highly desirable when recommendations or referrals are made. That initial trust factor is more apparent, and you’re one degree closer to your goal.
- Branding and ROI Campaigns Some of the best online campaigns in recent times have used advertising to drive metrics for both branding and ROI. Specifically targeting your ads to engage your customers in a series of focused communications will most likely result in maximizing the long term value of your investment.
- Large Companies and Small Businesses The corporate world’s glass towers, large conference rooms and grey suits may be intimidating, and it’s imperative that small businesses place a high value on their viable business and negotiate accordingly. Large companies may assume roles as business partners, product distributors, or customers for small businesses. Good communication practices are essential to all business relationships, both internal and external, and team building with large companies is no exception.
Keep in mind that a symbiotic relationship has the potential to turn parasitic when you’re not paying attention. Work smart by building relationships in these three areas, and reinforcing that with strong leadership, team building and follow up. Your business symbiotic relationships will be worth it.