Are you ready to dive into the winning marketing strategy of partnering with other businesses? When you pursue these promotional or marketing partnerships, here are four critical steps to consider that will lead to long term success for both your business’ bottom line and your partnership with the other business:
1. Develop a list of businesses that sell related products or services but are not in direct competition with you selling the same item. Hint: Look inside your own customer list FIRST to develop such a list. These people have already formed a relationship with you.
2. Contact the business owners on that list to form strategic alliances. Propose ways to mutually benefit each others’ business – the goal is to promote added value to each others’ customers. At the end of the day it’s all about exposing YOUR customer list to their products or services – and them doing the same for you, in a way that’s equitable for both of you.
3. Agree to a plan. Write everything down and agree to the exact specifications of the agreement with the other business owner. It doesn’t matter how simple the partnership “plan” – WRITE IT DOWN and get the agreement sealed with a signature. This simple act will help maintain the integrity of your relationship with this other business long after any marketing partnership is dissolved.
4. Implement your plan while communicating frequently about how it’s working for each other. If a lopsided result occurs – work together to make the partnership more equitable for both parties. This is the secret to LONG TERM success!
Now – go make some strong partnerships – and sell more stuff! Grow your business using this proven marketing strategy PERFECT for local and small business owners!
Have you already used this strategy and experienced success? We’d love to hear from you and feature your business and case study in an upcoming blog post. Please comment below and share some of your story right now!
Photo Credit: Beneath_B1ue_Skies
