What can you do to expand your business without spending a bunch of money? You can do it by helping another business expand their reach. In fact you can speed up the process by getting together a group of businesses and all work together to expand your business reach.
Put together a working group using cooperative interactions among, non-competitive businesses in your area and cross-promote each others businesses. You can use coupons, fliers, reciprocal website links, bundled promotions or social media platforms. By collaborating with each other, you can expand your customer base because you’ll be reaching many new people.
In simplest terms, a coalition is a group of individuals and/or organizations with a common interest who agree to work together toward a common goal. That goal could be as narrow as better sales results at a specific shopping mall, or as broad as trying to improve permanently the overall quality of businesses in the local area. By the same token, the individuals and organizations involved might be drawn from a narrow area of interest, or might include increased sales in nearly every segment of their products or services, depending upon the breadth of the business needs.
When used in a business application, a coalition means that teamwork will produce an overall better result than if each person within the group were working toward the same goal individually. However, the concept of group cohesion needs to be considered. Group cohesion is that property that is inferred from the number and strength of mutual positive attitudes among members of the group. As the group becomes more cohesive, its functioning is affected in a number of ways. First, the interactions and communication between members increase. Common goals, interests and small size all contribute to this. In addition, group member satisfaction increases as the group provides friendship and support against outside threats.
Business synergy occurs when local businesses interact congruently. A sales synergy refers to a financial benefit that a corporation expects to realize when it works with or cooperates in marketing and sales. This type of synergy is a nearly ubiquitous feature of a business coalitions and is a negotiating point between the buyer and seller that impacts the final price both parties agree to.
A marketing synergy refers to the use of information campaigns, studies, and scientific discovery or experimentation for research or development. This promotes the sale of products for varied use or off-market sales as well as development of marketing tools and in several cases exaggeration of effects. It is also often a meaningless buzzword used by corporate leaders.
A cost synergy refers to the opportunity of a combined corporate entity to reduce or eliminate expenses associated with running a business. Cost synergies are realized by eliminating positions that are viewed as duplicate within the merged entity. Examples include the headquarters office of one of the predecessor companies, certain executives, the human resources department, or other employees of the predecessor companies. This is related to the economic concept of economies of scale.
You can work with MI Printing to design your business printing needs. We look forward to helping with your business growth. Give us a call at 623.582.1302 and let’s talk.
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