Business can be a long and lonely road – but it doesn’t have to be. By creating relationships with other businesses in your niche, not only do you not have to be alone anymore, but your business will reap the rewards of more marketing, more leads and more sales.
And it’s never too early to start working on building these connections. Whether in your first year of stepping out solo or five-plus years in an established business, the networks you create and the strategic partnerships you build will only drive you further. The best thing about these relationships is that they’re win/win!
What exactly is a collaboration? Is it the same as a Strategic Partnership?
Good question. This is different for every person and business. At Green Goodness Co we are all about collaborating and facilitating collaborations within our members - we also refer to these as strategic partnerships. When done right, it is the ultimate leverage you can get. Through finding a complimentary business, you will be able to gain access and exposure to their clients, database or networks, and them to yours. Sounds amazing right? Well it really is. You just need to think creatively and find the right fit for you.
Why are strategic partnerships important in business?
You want to grow. You need to grow. And strategic partnerships are a brilliant way to do so without cold calling and feeling like the hard-sell salesperson (that you’re just not comfortable with). You just need to have your ideal customer in mind and make sure that you’re adding value for them. Position yourself as an industry expert (because you are the only person that truly knows your business and what your customers want – or you should by now), so be authentic and share what you know with partners that will do the same.
So where do I begin?
- 1. Love A List:
Grab a piece of paper and draw 3 columns. The best place to start is by sitting down and writing a list of as many potential partners you can think of in the first column. Think - What is your customers journey, where do they go before you or after you? What other products or services do your clients use? Who else is targeting your clients?
Let’s use a “Move” Business as an example. Potential partners for them could be Nutritionists, Juice Cleanse Companies, Naturopaths, Float Tanks, Massage or Detox Treatments - the list goes on.
- 2. Find Your Complement:
Remember, the businesses you want to align yourself with are those that complement yours without being a direct competitor. See who’s out there by attending workshops and networking events, like the kind that we offer at Green Goodness Co, and meet and connect with like-minded business owners. Then work out a reason why someone would enter a partnership with you. Personally I would only enter into a partnership if it was a benefit to my clients and my business. So in the second column next to your list of potential partners write a reason why they would partner with you.
Example: A gym might collaborate with a day spa who offers massages and detox treatments. The reason would be to offer their clients other ways to help them on their health journey. This adds massive value as a customer of a gym as it shows them you CARE and want them to achieve their goals.
- 3. Make An Offer They Can’t Refuse:
You need to have to have a compelling offer for your new partner to go out to their database, clients or network with. In the third column write some ideas of offer’s that could work with each potential partner.
Example: The day spa may give the gym’s clients a discount or an upgrade. I have seen some great collaborations just using some great content eg. Could be e-book or an article that adds massive value to their clients. Think about what you use to add value to your clients. That may help.
- 4. It’s your time to shine:
Pick your top 3 and work on your pitch. Guys as much as this will be a game changer for your business, this is not about you. Get into the mind and hearts of the other business. Give massive value and the rewards will come. Too often I see people selling without giving anything and just worrying about what is in it for them. We all hate that. Be the change you want to see in the world and give first.
- 5. Target Your Tribes:
Make sure the businesses you choose to align with expand your target market and continually assess the success of the relationship. It has to benefit the markets of both businesses. Set targets and market your partnership’s offerings to each other’s audience which, in most cases, will open up an entirely new sector of a market who already have trust and awareness of a brand – this is where the magic happens!
- 6. Measure And Treasure (Or Move On):
Make sure to measure the success of each partnership you embark on. Some partnerships may not be the right fit (no matter how much you like the business owner you’ve built a rapport with), while others will continue to grow and evolve as your businesses do, so make sure to reset those targets regularly.
How we did it: Green Goodness Co X Lorna Jane
By partnering up with Lorna Jane, we provided access to content for their email marketing and in-store promotions to help activate their shops. In return, the connection has given us a strong brand alliance and helped get our members’ brand and message out there to Lorna Jane’s massive audience.
Remember the ABCs of partnering up
A – Analyse the market
Which businesses could complement your business? Which section of your target audience have you not yet reached? In what areas can you grow your business, and which businesses are already doing this well?
B – Break the ice
Send an email, make a phone call, swing by or arrange a coffee meeting – and make it genuine! You definitely don’t want to be seen as the hustler, who is inauthentic and only wants to line their own pockets. Be real and create meaningful relationships.
C – Communicate!
Keep the relationship going by marking a bi-weekly or monthly catch-up in the calendar, whether to brainstorm potential partnership ideas and offerings or simply to debrief. It’s always important to maintain your network.
Example: LaFit X Inner Ego
Our clients regularly make connections and form strategic partnership, just as the ladies from LaFit Studio, a fitness studio, joining forces with Inner Ego, a local juice cleanse company. LaFit wanted to partner up with a ‘nourish’ business to help their clients who wanted to lose those last few kilos. While they worked hard in the studio, they just needed something more – enter Inner Ego’s juice cleanses, which were offered to LaFit’s database. Inner Ego leveraged a database of new clients and LaFit are helping offer more value to their current clients. Perfect match!
Evolve and expand
Review and evaluate the successes of each partnership after a set amount of time has passed. Three months will usually give you a good indication of whether the relationship is on the road to success by either increasing your database, sales or solid leads. Then you need to assess where the partnership can take you next, what happens if you continue to work together or is it just not the right fit? Don’t feel bad if your business outgrows your strategic partnership – that’s the whole point!
If (and when) the relationship comes to an end, stay connected and share your networks, and encourage your partner to share theirs. To whom can they refer you? Offer and accept testimonials and, of course, play nice. You never know when or where you may meet again.
Good luck and if you need any help with this don’t hesitate to contact Scotty or myself to get some ideas flowing. Can’t wait to hear about all your successes.
Rach xx