It is a fact that we are much stronger when we work together. Forming partnerships with other businesses can help you reach more people in less time, and control your overall costs. If you are a small family-owned business, chances are you are trying to increase sales on a limited budget. With little time to devote to your own marketing, strategic partnerships are key to increasing your sales faster.
Form Mutual Benefit Partnerships
It is important to note that the partnership should be beneficial for both companies. You want to make sure that the company you partner with has the same level of commitment as you do.
Often people join referral or networking groups in hopes of getting more business but fail to realize that you really need to be proactive in order for those groups to work. Too many people just go through the motions of meeting every week, doing the typical mini business pitch, and then review if there were any tips or referrals given out between the members. But are you really getting the maximum referral benefits from your group? How much time do you commit towards promoting that group and how many referrals do you really give out for the members?
Leverage Your Partnerships
If you are part of a group, you should look at every opportunity to leverage those members to drive your business. You should be doing more than just going to a meeting every week and handing out the occasional referral. Try partnering on a co-op marketing program to lower your cost. Try to think of ways to get everyone’s clients together in one place to meet each other. If you and your prospective business partner target the same type of client, and are non-competing, there is no reason why you should not be taking full advantage of leveraging your network of contacts.