Partnerships are key to helping grow your business. There are many ways to drive your sales channels. Thankfully not all of them cost money. They may impact a little on your time and require some energy, to begin with. But there is no actual hard cost. We are talking about finding the right partnerships for your business. These can come in many different guises. That is if you decide you would like to include trusted partners as a business proposition.
The overriding aspect is that having good partnerships displays a halo of trust around your business.
How can partnerships improve sales? In many ways. The overriding aspect is that having good partnerships displays a halo of trust around your business. Customers will subconsciously relax in this knowledge. They’ll be more likely to buy from you as a result.
Think about the number of potential avenues for your business – not just in sales terms. All the areas that may be touched upon. You’ll then have some idea of how many partnerships you could potentially involve. It is quality, not quantity that you need here. Although you can never have enough friends. Good partners are an extension of your business. It’s important to choose carefully.
- Natural connections. Good partnerships (much like friendships) come from sharing common ideals and thoughts on subjects that may or may not be business related. Identifying with another business purely from looking at the website and seeing their story or the way they design their pages is a good trick. It is a natural affinity for each other than can extend to helping each other’s business.
- Sharing the love. Partnerships need to have a contractual basis, particularly if there are goods, services and commissions being exchanged. Set boundaries, parameters and manage expectations. Beyond that, the biggest benefits for each other’s businesses are via marketing and PR. Simple sharing of news and information on each other’s platforms. Referrals are a great way to work with partners. Win-win.
- New business. This is where a contractual basis for the relationship comes in for closer inspection. It may come to the point that you may include each other’s business as a preferred partner for a new project or pitch. Having faith in one another’s skills is one thing. Being very clear about where the deliverables are for each company and who gets paid for what is another thing completely. Working on a project together will be the true test of a partnership.
How do you find these partners? Much like the staff for your business, this will most likely be an organic process. Your natural state will take you into situations or places, like event venues or seminars, where you will meet like-minded individuals with companies in the same market. Business people are always making new connections. It is the norm. The chances are you will meet very similar ones in places you frequent.
Like any business, you will meet suppliers of materials, marketing companies, event organisers, travel agents, estate agents, etc. who all may have aspirations to work with you or sell you something. Partnerships may come from one of these areas or somewhere completely unexpected, like baby clothes. Keep an open mind.