About This Lesson
As the years pass and you learn more and more about what it takes to be a successful entrepreneur, there are many marketing tactics available to you that you might not have tried before. Business partnerships and building professional relationships with other companies can be one great way to not only support a fellow small business but to also garner attention to yours. Think of the reasons why resolving to build working relationships with other businesses can be beneficial to you in the year to come.
New Year, New Partnerships
While you kick around rewards and recognition ideas for the New Year's Eve party at your office, also think of New Year's resolutions for your company in the way of reaching out to other small businesses. If you have no idea how to even begin doing that, don't worry; it's not as scary and difficult as you might imagine. In fact, you might be pleasantly surprised to find out how many other entrepreneurs are thrilled at the idea of a partnership.
Figure Out Your End Goal
What is your reason for wanting to reach out to this business in particular? Do you admire its values and practices and would like to develop positive associations? Is it related to your industry somehow? Decide what you want out of this partnership as you go into it so that you have clear end goals.
Develop a Contact
Even if it's as simple as a quick PM on LinkedIn, reaching out to someone within the company is the first step. Is it scary? It can be. If you're not sure how to initiate contact, make it something simple and direct: "Hello, my name is Jane/John Doe with X business. I was hoping to develop a partnership/working relationship with you. Please call or email me back if this is something you are interested in. Thank you!"
Start Working Together
Congrats, you've made the leap and reached out, now your new partnering business wants to help you out. You might be wondering "Okay, we agreed to work together — now what?" Now's the chance to make real, impactful changes working together, but what are some of the best ways to do that?
Ways To Use Your Newfound Partnership
Have you ever noticed that when you go to a hotel concierge to ask about restaurants or shopping in the area, they always seem to have a handy-dandy list all ready to go? This isn't just a nice thing to have lying around for convenience's sake, chances are these businesses get a kickback of some kind for every customer the hotel sends its way. Now, armed with that idea, what are some ways that you can use a partnership as a marketing tool?
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Follow the lead of the hotel chains. For every client that your new partnering business sends your way, consider something like giving a fraction of the proceeds back to the referring business and offering a referral in return.
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If you are unable to find or locate an item for a customer, having a go-to person for moments like these can be a great way to be a shining star for them. What sounds more appealing: "I don't have it, sorry." or "I don't have it, but my partner at Z business might, would you like me to contact them and see?" It shows that you are willing to go the extra mile and your customers appreciate that.
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Get the public excited about the partnership you've developed. After all, this is a big development and you're excited, and if it's a brand that your customers like then they will be stoked too. Sometimes the power of association really is all that you need to get a reputation boost.
As the song goes, "When you're good to Mama, Mama's good to you." Take care of your new business partner and they will take care of you in return.
What If The Partnership Is A Bad One?
It can be a painful lesson to learn that reaching out to another business to help you out was not worth it in the end. If you feel like this business deal is not what was sold to you, what do you do to regain control?
A contract is par for the course for any legal partnership, so look over what yours dictates. Ask an attorney if you are unsure what your rights are. If you feel it's no good, your partner probably does too. Talk to one another and decide where to go.
Make An Improvement Plan
You don't want this to go bad and neither do they. Make a plan to improve what isn't working. As you navigate the ways of the Force in entrepreneurship, make the right choices in deciding to partner with others. It can be a hugely successful marketing campaign for you and the other business.
