The Difference between Lookouts and Strategic Alliances

Hi, it’s Mike here again from M Business and Marketing Solutions. Come and join me again for another of Mike’s Marketing Minutes.

For today, we will talk about the difference between lookouts and strategic alliances.

You may not be aware of this but let me enlighten you on this. Within the marketing industry, there are specific sources you use where all your leads come from. May it be from referrals, social media ads or straight direct marketing.

But do you know that lookouts and strategic alliances are the greatest ones you can use to advertise your business? If not yet, let me help you.

What are Lookouts?

Lookouts are the people you meet personally. It might be from a coffee shop or book store. You can share your brochure or your business cards. Olivia and I did that when we first moved in Toowoomba. We out cards everywhere to gain referrals even from coffee shops.

Just let me clarify this, we get the referrals not from the persons in the coffee shops but from the cards we placed there. After that, we took things to the next level. We made a deal to a person that if he knew someone who needs to create a website – just ring me up and I’ll give him $150 if it’s a closed deal. That’s your lookout.

What is the Strategic Alliance?

On the other hand, the strategic alliance may not involve money. It can work two-way. You give them something and they’ll give you back the favour. It’s like they can refer you then you’ll refer them too.

For example, for us, it can be an IT Company that don’t do web development – they can refer us and in return, I can endorse their products and services. We have the same type of customer and line of business. We scratch each other back. With this, you might get into something fantastic.

You might be a builder and you got an ally whose a renovator that needs to renovate a driveway – they can call on you. Words of mouth is a great way to get people to know you. You can work together with them. This will depend on what type of business you are in.

Try teaming up with other companies that are in the same line of business as you are. Both of you can benefit each other.

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Hopefully, you have enjoyed this and you can use this in your future business transactions. May you be able to join me again on my next video. Talk to you again soon!