Two Caymanian entrepreneurs are using a business strategy most might overlook.
The term is co-marketing and it tbasically means two companies coming together to split jobs.
The two companies involved are Exterior Restorations Unlimited (ERU), who specialize in external surface restoration, and Platinum Touch Mobile Cleaning (PTMC), a mobile car cleaning service.
The result is a partnership that can be a formidable force in their respective markets.
As Owner of ERU Sonji Myles explains, each company is their own entity that’s simply cutting its costs.
‘We work together but we’re not the same. It’s two companies working together as one. We co-market by sharing [Caymanian] employees.’
Aside from the obvious benefit to the profit margin, Myles says there is also a bonus in the form of additional revenue.
‘By coming together to form a larger Caymanian company, we feel there are more local markets to capitalize on. We’re looking to better the community and ourselves.’
Owner of PTMC Sydney Shaw says the decision to come together was one based on a desire for growth.
‘We decided to come together through conversation and an eagerness to grow our businesses.’
Open 8:30am-5pm Monday through Friday, ERU specializes in exterior mold, dirt and calcification, surface and general cleaning, sealing/coating and bucket truck rental. Open at the same days and times, PTMC specializes in exterior washing, car tinting and interior finishing.
Both businesses have 24-hour service numbers customers can call to set-up appointments. The idea is jobs can be done outside of normal hours, such as evenings and weekends, to suit individual needs.
The two companies are relatively new in Cayman. ERU was formed in 2005 while PTMC came onto the market in 2004.
Myles formed his business after Hurricane Ivan while Shaw decided to go into business to add professionalism to the job.
In fact, both men are fresh in the business world. Shaw started out as an accountant with CITCO before starting up another local business at the same time. The company is called Millennium Equipment and Shaw started it with local partners Matthew Wight and Dion Bodden.
Meanwhile, Myles was a detective sergeant with the RCIPS and deputy manager for 911 Emergency Services. He currently is studying law at the Cayman Islands Law School.
In spite of their varied backgrounds, both men have studied their respective markets and are prepared for clients.
For Myles, this translated into doing market research before starting the business. He sent out surveys and inquired about international industry standards. Shaw went about gathering information through word-of-mouth and business strategy observation.
Shaw used this research to take co-marketing a step further and currently uses the same strategy with another local business.
‘I also co-market with Fabri-Zone [Cleaning Systems]. My guys are trained by them and we use their equipment.’
With affordable pricing and a solid business outlook, Myles and Shaw firmly have the public in view.
‘My main objective is to target the average homeowner,’ Myles said. ‘No job is too small.’
For more information, contact Exterior Restorations Unlimited at 945-WASH (9274) or call Platinum Touch Mobile Cleaning at 92-SHINE (927-4463).