Today I will explore different ways that your business can leverage partnerships to increase your marketing reach, build credibility and increase the value that you offer!
Warning: Any partnership can go wrong with mis-understanding. So regardless of the size and duration of the partnership, I recommend that you involve your attorney and spell all the details out in writing.
Reasons To Partner:
- Flyers/Other Print Media
- Product Pairing
Discovering partners is easy. Look adjacent to the market that you serve, and select partner businesses that serve the same market with different products. So a hairstylist could potentially partner with: nail salons, clothing stores, make-up suppliers, photographers, and massage therapists.
Event Partners can mean many different things. It could mean that you and your partners each have a speaking segment during an event. It can mean that you have a big following, and you allow another company to give away free items during your event, which will be advertising for that smaller company. It can mean that one company foots most of the expenses of the event, and simply takes away a larger portion of the ticket sales, and has no mention as part of the event at all.
Flyers can be very expensive. One way to lessen the cost, is to place one event on one side, and another event on the other side – we see this in the night club industry often. This can work for events that take place at the same venue, but different days very well. It can be that one side is the hair salon coupon, and the other side has the nail salon coupon.
Product pairing only works if the customers feel that they will gain more value with a package than by just buying the items separate. I do not recommend that you discount each item very much, but merely push the value of the pair. This pair should have its own, limited time marketing campaigns. I love when bands roll out product pairs – cd’s plus a t-shirt for $20 for example. I was going to buy both anyway, and now its cheaper. Product pairing is going to decrease the sale price of each item, so it is important to hash out all the details well in advance, to avoid disputes.
Cross-promotion can be limited time or long-term. In a small way, companies can agree to talk about each others services on certain social media sites, or provide endorsements for each other. In a bigger way, companies can run entire campaigns where they promote each others products. Cross-promotion can also mean that you allow companies to place their marketing materials in your shop.
I hope this gives you some ideas on how you can use partnerships to your advantage! We would love to hear from you – here is how to connect: