Your business has achieved great success, with significant growth since its first inception.Â With a loyal client base and great PR outreach, you enjoy both repeat and new business.
Why are your revenues no longer growing?Â For all business owners, the earnings plateau of the original business model is inevitable.Â Every business experiences a growth phase, which plateaus and enters into the â€œcash cowâ€ scenario, where you obtain a steady stream of revenues.
Overcoming the revenues plateau and current market dynamics
However, the key to taking your business to the next level is to think beyond your current marketing plan.Â Yes, it certainly has been successful and effective at achieving your goals, but if you want to grow your business to the next stage, you must think outside of the box â€“ or original business plan.
With the significant shifts in business, no longer are businesses enjoying a one-to-one relationship with customers.Â With the barrage of competition and information available at the click of a button, customers do not have enough attention to focus on your business.Â They also know that they hold the power â€“ so they demand more, expect more, and if you do not give them their expectations, they instantly move onto the next business.
You know this.Â That is why you have been quite successful at the three â€œIâ€™sâ€ needed for marketing success: Intercept, Isolate, and Inhibit.
Now, according to marketing guru John Hagel, your marketing must shift into the three â€œAâ€™sâ€: Assist, Attract, and Affiliate.Â Â This essentially changes your â€œone on oneâ€ focus to a â€œmany on oneâ€ marketing strategy â€“ a collaboration strategy.
The fundamentals of the collaboration strategy
At its core, a collaboration strategy increases the overall economic pie, allowing each player to get a better piece.Â This is a tremendous shift away from the traditional business model, where each business fights the others to gain a bigger piece of a small piece.Â Â To understand how collaboration strategy works, let us evaluate each piece of the puzzle:
â€¢Â Â Â Assist:Â When you help, empower, and engage individuals, you instantly develop an attractive rapport with them.Â Therefore, you must not only understand your product deeply, but also remain open to your customersâ€™ inputs to create â€œco-opâ€ products.
â€¢Â Â Â Attract:Â You must understand underlying consumer psychology, and then utilize motivational incentives to draw individuals towards your business.
â€¢Â Â Â Affiliate:Â Whereas you are a single voice, developing networks give you an exponential reach to potential customers.Â Affiliates are any third-party partner that can develop synergies with your business.
Collaboration strategy capitalizes upon power in numbers â€“ the more people and businesses that you can bring value to, the greater value your own business will achieve.Â In a sense, the more â€œgenerousâ€ you are with sharing to your customers and partners, the more you will receive in return.
Whether you run a successful business or are engaging in a start-up, collaboration marketing is an effective tool in helping you achieve your goals.Â Remember, the power is in numbers â€“ the more people you can engage in your marketing process, the broader your reach, and the greater your revenues.