When growing your business, creating strategic partnerships helps you enter new markets. Each company leverages the other’s strength and credibility to gain new customers and increase revenue. Here are four tips on how both business partners can receive what they want.
Identify Potential Partners
Determine which businesses that provide complimentary services you want to work with. You’ll interact with the same type of customer but fill different needs. If you already have a relationship with a complimentary business, start there. If you don’t have an established relationship, find a common connection and ask them to introduce you. If you don’t know anyone in common, become a customer of the business. You can get to know the owner and establish trust while ensuring you like the company’s products/services and the customers are treated well. Because people enjoy doing business with people they like, you’ll be establishing a strong foundation on which to grow a partnership.
Pitch the Idea
Talk with the business owner about forming a partnership. You may offer to recommend the owner’s products/services to your customers if the owner recommends your products/services to their customers. You also may offer a special discount to each other’s customers for a limited time to increase interest and urgency. You’ll be doing customers a favor because both companies have top-quality offerings and customers are saving money while being treated well. Both companies may generate new business without having to pay for it.
Implement the Program
If you’re partnering on an email marketing campaign, exchange customer email lists. Send an email endorsing each other’s products/services along with a limited-time discount for first-time customers. Use every opportunity to mention the benefits of doing business with the other company. Do all you can to increase revenue for each other. Measure your success by your partner’s success.
Uncover New Opportunities
As your partnership matures and your original objectives are met, look for new ways to partner with the same or a different company. Run another campaign with the business owner in six months. Continue finding ways to deliver greater results for each other. Partner with another company for other promotions. Your customers will be thankful you continue adding value to their lives while saving them money. Both companies will continue growing their customer base.
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