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Business Success Coach and Entrepreneurial Expert: Caterina Rando
Expanding your business with a "Circle of 8"
Q: I heard you speak at a small business conference, and you mentioned your "Circle of 8" concept for creating a strategic alliance. It sounded like a really good idea at the time. Now I can't remember what it was all about. Can you re–fresh my memory?
A: The "Circle of 8" concept is something I put together after reading "The Tipping Point" by Malcolm Gladwell, and reviewing research on the effectiveness of leads–exchange groups for business people. The research showed that people who got the most business from leads–exchange groups were consistently exchanging leads with the same seven people.
Now, this may be because seven is the greatest number of things we can easily remember: like a seven–digit phone number. Based on this I created the "Circle of 8" Power Partner program. Here's how it goes. Identify seven other product or service providers that have the same target market as you. For example, if you are an image consultant and your target market (or ideal client) is executive women in their 40's and 50's who live in your city. Good power partners who might have the same target market might be a house–cleaning service, a day spa, a personal trainer, a nutritionist, a psychotherapist, a financial planner and a real estate agent.
Every month meet with your power partners, exchange leads and resources and let each other know about opportunities you've become aware of that they might be interested in. For example, you can let each other know about upcoming trade shows, do joint advertising or put on seminars or host open events together.
The most important thing is to fill your "Circle of 8' with power partners that you know, like and trust.
Now, this may be because seven is the greatest number of things we can easily remember: like a seven–digit phone number. Based on this I created the "Circle of 8" Power Partner program. Here's how it goes. Identify seven other product or service providers that have the same target market as you. For example, if you are an image consultant and your target market (or ideal client) is executive women in their 40's and 50's who live in your city. Good power partners who might have the same target market might be a house–cleaning service, a day spa, a personal trainer, a nutritionist, a psychotherapist, a financial planner and a real estate agent.
Every month meet with your power partners, exchange leads and resources and let each other know about opportunities you've become aware of that they might be interested in. For example, you can let each other know about upcoming trade shows, do joint advertising or put on seminars or host open events together.
The most important thing is to fill your "Circle of 8' with power partners that you know, like and trust.
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