Finding a way to successfully partner with other businesses is a fantastic way to further your own business. It gives you the chance to reach new audiences, getting your brand in front of potential new customers. Plus, there’s something in it for the businesses you partner with, ensuring they can grow too.Creating a successful partnership between your business and another has multiple benefits, but you have to do it right. It’s important to choose partners that align with your business and create campaigns that will get results.
I’m sharing about this topic because I’m a bestselling author and entrepreeur and leading Executive Coach – with about 2 million books sold globally.
Before you start looking for other businesses to partner with, you need to know what steps you should be taking to make it work. It can take time to find the right partners and to work out a deal that will benefit both businesses.
Above all, you need to ensure you’re partnering with other businesses for the right reasons. It’s essential to outline your goals and align them with the overall goals of your business. Are you hoping to reach new customers? Perhaps you want to improve your brand visibility or reputation. Partnering with another organization could even be a chance to demonstrate your brand values or to show your existing customers that you understand their needs and what they want from you. Don’t go into a business partnership with no understanding of why you’re doing it or what you’re going to get out of it.
Finding the right partners for your business is one of the most important steps. You could potentially partner with any other business, but it has to make sense for you, your chosen partner, and your customers. You might start by looking for partners that are in the same industry or sector as you. There’s likely to be a certain amount of crossover between your target audiences, so both businesses could potentially grow their customer base.
However, the businesses you choose don’t necessarily have to be in the same industry as you. There could be potential partners in other industries that still align with your brand and share a certain type of target buyer with you.
For example, if your business sells vegan food products, you might partner with a fashion business that sells ethically-made clothes. These two businesses could share desired customers due to their similar values, despite not operating in the same industry.
When you’re considering who to partner with, you might find it helpful to create a list or spreadsheet. Make a note of the business, what they do, and who to contact.
When you’ve shortlisted the businesses you’re interested in working with, you need to think about reaching out to them. There are various ways you might get in touch to let them know you want to work with them.
Of course, you want to avoid coming across as spammy and make sure they know you’re serious. You might choose to email them or perhaps send a message on a platform such as LinkedIn. Maybe you even know the relevant person already, and you can get in touch by phone or approach them in person.
You also need to decide exactly who to get in touch with. Your point of contact might be the owner or CEO, especially for a small business, or it could be someone in their marketing or business development departments. When you reach out in the first instance, you’ll probably want to keep your message short and sweet. Let them know you’re interested in a partnership and why you’ve chosen to get in touch with them. Give them a quick summary of what could be in it for them and how a partnership might benefit you both.
Creating a full pitch for a business partnership is likely to be the next step. If the people at the other successful business are interested in a potential partnership, you need to tell them more about what a partnership between you could look like. You might start by emailing them a pitch deck, or you could set up a meeting to give you a chance to make a full presentation.
If you want to be able to deliver a great pitch, there are several elements of it you have to get right. Of course, first you need to know exactly what you’re offering your potential partner. You might not have a solid idea for a campaign yet, but you can outline why you think you should work together and how it will benefit them. You also need a well-designed pitch deck that you can adjust for different potential partners. Using pitch deck design services is a good idea if you want to ensure you have something professional to present. Rather than try to put together a presentation on your own, make use of expert knowledge. You don’t need to have graphic design skills or be a PowerPoint expert to get an impactful pitch deck ready.
Once you’ve sealed the deal and agreed to work with another business, you have to think more about what your partnership will look like. A partnership between your businesses should be mutually beneficial, ensuring both companies can achieve their individual goals.
There could be lots of ways you approach a cross-promotion that works for both of you. It could be something simple such as having print materials (e.g. flyers, brochures) for the other company and displaying them in your store or including them in orders. Maybe your customers get a discount for the other business and vice versa. Discuss what types of promotions you feel would work best, helping both businesses fulfill their goals.
When you have decided what type of promotion you want to use, you could start by testing it out. Instead of jumping into launching a full-scale promotion, determine whether your idea is going to be well-received. Ask your customers about it or perhaps test it in a small group of them before going any further. Get feedback on the promotion or use ways to measure your campaign’s results objectively. For example, you might give customers a specific discount code, which you can then track to see how many times it’s been used.
After testing your idea, you might want to make some changes before you fully roll it out. Taking your feedback or observations into account, think about what you could change to make improvements. Of course, you need to ensure you’re working together with your partner on this. You both need to make sure your campaign works for your goals and is getting you the results you want.
Some partnerships aren’t tested as easily. But if you have to go all-in on a partnership, such as sharing a booth at a trade show, you can still observe the outcomes and adjust future collaborations to get better results.
If you’ve managed to create a successful partnership with another business, don’t stop there. You might work together again, but you’re probably not going to be doing so all the time. So it makes sense to look for other businesses with values or products that align with yours. Continuing to look for partnership opportunities can help you find new ways to make partnerships work for your brand. There are different ways you can partner with various businesses, depending on what you can offer each other.
Partnering with other businesses is a smart way to spread your brand’s message and find new customers. The right partners can help you do more, and they benefit too.
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