The Power Of Partnerships – How To Work With Like Minded Businesses For Mutual Benefit
Updated: Jan 25, 2024
Written by: Annette Densham, Executive Contributor
Executive Contributors at Brainz Magazine are handpicked and invited to contribute because of their knowledge and valuable insight within their area of expertise.
One of the defining characteristics of those who are successful in business is their ability to recognise the strengths in others, and harness that in a way that accentuates that power while putting it to good use (for your benefit). However, sometimes success happens when two powerful entities come together and tap into each other’s resources and audience for mutual benefit. If you have identified another business who has the same target audience as you, tapping into their contact list can be an absolute gold mine. This is how other companies have made it work;
1. Charity and outreach
There’s a lot to be said for those who break into the charity circuit. It looks good to the public, it does a lot of good for the world, and it provides you with an ideal opportunity to network. Challenge other businesses, even competitors, to join you and start a tag. For example, a baker might start a feed the children and deliver bread rolls to local orphanages. The beauty of giving back is that you often end up dealing with other businesses who are also serving the same charity - which can turn into a lucrative and rewarding business relationship.
2. Start with trust exercises
If you have identified a business you would like to collaborate with, establish trust first. Understand you are putting your reputation on the line when you refer your clients to your new “partner” and vice versa. You want to know that you are genuinely sending your clients to a service provider that will treat them well and offer excellent service. Build trust by using their services yourself and referring them to family and friends. If that goes well, you can expand and refer your clients. You can expect similar treatment from the other side too, while you both establish trust.
3. Agree on how to pass business to each other
Do you hand out each other’s business cards? Run some digital ads together? Do discount promotions for the other business’ services when clients spend a certain amount with you? There are many ways to tackle this. The route you decide to take will depend on a few different factors - the industry you’re in, the budget you have available, and the type of business you are hoping to gain from one another. Both parties need to be satisfied with how they will be portrayed by the other. Both parties need to gain equally (albeit sometimes one at a time) and both parties need to do equal work.
4. Don’t want to schedule meetings or deal with people?
Does a partnership with meetings and agreements sound far too tedious? Then piggyback on other companies’ advertising campaigns. If you see a competition advertised that targets your audience, get in touch with the advertiser and offer to sponsor a prize. Even better? Contact a social media influencer with a large following. Choose someone whose interests and topics align with your brand. Offer to send them some testers if you have a product, or invite them to make use of your service and review it on your channel. Just like that - you have massive publicity without scheduling a single meeting.
Annette Densham, Executive Contributor Brainz Magazine
Multi-award-winning PR specialist Annette Densham is considered the go-to for all things business storytelling, award submission writing, and assisting business leaders in establishing themselves as authorities in their field. She has shared her insights into storytelling, media, and business across Australia, UK, and the US speaking for Professional Speakers Association, Stevie Awards, Queensland Government, and many more. Three times winner of the Grand Stevie Award for Women in Business, gold Stevie International Business Award, and a finalist in Australian Small Business Champion awards, Annette audaciously challenges anyone in small business to cast aside modesty, embrace their genius and share their stories.
