Some of my team have been asking questions in response to my blog of September 7, 2010, Not For The Perfect Entrepreneur: https://casbmanagementgroup.com/blog. The Q&A is as follows:
Q – How do I choose my Synergy partners?
Look for those that bring value to your relationship. The top producers in their field will bring you the biggest return to you, using the 80/20 rule. Are they experts in their field? Can their influence drive sales for you? Do you share a common client? Do they currently use your product or service? If the answer is yes to any of these questions, chances are you have a good fit.
Q- How do I motivate them to act?
Make it easy to work with you and make it profitable to work with you. The more seamless the process and the more integrated the two businesses the better. Customers should feel like each of you are an extension of the other, like separate departments but within the same company. Understand what your synergy parent needs out of the relationship or the WIIFM (what’s in it for me) and deliver on their WIIFM
Q-How do I best compensate them?
I like paying a percentage of sales they generate for me because if they do nothing they receive nothing. The harder they work to make me successful the more they benefit. There may be other forms of compensation in their WIIFM, but from my perspective cash is king.
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