No, I’m not referring to polygamous relationships in Utah (though if that’s your thing, have at it!) I’m talking about B2B relationships and corporate partnerships. In my opinion, you cannot have too many.
Regardless of what product you sell or service you provide, establishing relationships with other businesses can be highly beneficial mutually, like any relationship should 🙂 This is particularly true in local/private businesses since there are little or no corporate hoops to jump through. Reaching out in your community can have a strong impact on your businesses. Here’s just a few of the possible benefits:
1. Cross-advertising: Each business can display their outgoing marketing in or on your premises and vice versa. This provides an extra stream(s) of traffic, information and exposure that otherwise may not exist. Plus there’s always the option to split costs on things like shirts, banners, signs, etc where both of your company’s logos can be displayed.
2. Promotions: Give your customers a little extra incentive with a coupon, flyer, or gift from your partner business. They will love the added perk!
3. Referrals: This can be an invaluable resource for all involved. Funnel some business your neighbor’s way and you can expect the same in return.
4. Social media: Once a new partnership is established, both businesses can help advertise and promote each other online. Whether it be in the form of links, tweets, blogs, a cross-email chain, or even just a name drop on facebook, the traffic in the social channels for both sides can skyrocket!
5. Events: Team up with your partner(s) to plan or host an event for your customers. Whether it’s something for the business, a holiday, or just a customer appreciation/thank you-type event, having some assistance from your partners can really lessen the load and increase the value & attendance of the event itself. Plus it’s a great centralized platform for all businesses to display their products or services.
So what are you waiting for? Get out there and partner up!