Forget about your direct competition… for now, at least. Instead, consider what other retailers exist who don’t compete with your product but have similar – or even the same – target markets. How can you work together to gain new business and increased sales? In an economy where this is a constant challenge, understanding new ways to make this happen can help your business thrive. One way is to reach out to like-minded businesses in an effort to support each other.

Suppose you are a hair salon that caters to children and sells an assortment of hair accessories for kids. Around the corner may be a kids apparel boutique that doesn’t focus on kids hair accessories at all… but your customers are likely the same. Possibly you are a home accessories store. My bet is that real estate agencies could bring business your way considering their clients are buying and selling homes. Maybe they’ll even start buying gift cards from you as thank you gifts to their clients in exchange for some exposure of their business cards in their store. Not a bad trade from where I’m sitting.

The general idea here is to increase customers and increase sales as a result. Sitting back and waiting for this to happen – although easy to do – doesn’t always work in your favor. It’s tough out there, and looking beyond traditional retail sales marketing plans is necessary. Are you in a Chamber of Commerce organization that may allow you to reach out to some like minded businesses? If so, start chatting to make some new connections… and new customers. Looking beyond your immediate demographics can benefit you, as well. Small towns don’t always have everything their customers need, but a business / retail owner friend you met at a trade show… or heck, even on Twitter… might. Start a referral program between stores to help strengthen your business. The ideas are endless based on your unique store, unique products, unique customers and unique needs. Accepting that this isn’t an opportunity for you… well, that’s your call. But it’s certainly not one that will keep new business rolling in even beyond your current marketing plan. So reach and try making some connections. A conversation can kick it off, but a formal outline of the partnership may be necessary to keep it controlled and keep it growing. In the end, dollars will be your reward.