Profitable Partnerships 

It doesn’t matter whether you’re a start-up, small to medium sized business, or a multinational, there are lots of ways you can get your product and your brand in front of new customers – without having to spend huge amounts of cash.

Sound too good to be true? It’s not – in fact, many businesses just like yours already have a ‘toolkit’ full of these ‘low to no cost’ ways on hand to promote themselves. In this article we’re going to share with you one such strategy you can use right away, to be seen by more of the people you want to do business with.

Collaborate and Cash In!

Have you ever thought of how many businesses in your area are currently promoting themselves to exactly the kind of people who fit your customer profile? Imagine if you could get access to these business’ databases – or even better, have them recommend your product/service to their clients? Imagine how profitable a partnership relationship would be with a  company like that.

How do I find partners?

Start by profiling your current customers, their lifestyle, needs and interests. Then think about who would already be marketing to these people with a related product or service. These are potential marketing partners.

For example, if you’re a company that sells sporting goods, you might look to make an alliance with a local massage store and have them promote your products to their database or offer a special discount on some of your products. Likewise, you could offer to provide some in-store promotional signage for the massage store and a link on your website.

Often, internet businesses use the partnership concept to establish an ‘affiliate’ program –whereby they offer their partners a percentage of a sale, when a customer comes from their partner’s list. But you don’t always have to have a monetary incentive, partnership arrangements can be as simple as doing a ‘swap’ of your databases, enabling you to double or triple your database. You can then conduct email campaigns and market to these new prospects, without having to spend the time and effort developing the database on your own.

Power in numbers

Don’t think you have to just stop at one partnership however. Let’s consider the sports store example again. Perhaps you could partner with a personal training group and nutritionist, as well as the massage store. Together you could offer all stores’ clients a bundle of products/services or discounts – giving your customers a great deal and growing your sales and profits – all for no cost!

How to Partner Up

  1. Once you have identified your target market, make a list of other businesses whose products and services your customers would want and need (the businesses on your list shouldn’t be competitors, they should be businesses that provide a related product/service).
  2. Formulate your proposition. This should be constructed with your customer in mind – after all they need to be getting a great deal otherwise they won’t see any benefit in buying from you and your partner. You need to also ensure that this offer comes at minimal cost to you and your partner.
  3. Call/email the businesses on your list and propose your partnership idea, making sure you outline the benefits to them and to their customers. If necessary, send them samples of your product and arrange a time to meet to discuss your potential partnership further.
  4. Be persistent!

If you’re interested in other ways to position and expand your business, whether you’re just starting out or growing an established business, simply give us a call on 1300 855 109.