In a lagging economy, finding ways to boost your business can be challenging. But just like two heads are better than one, two businesses can each become better by partnering together. A symbiotic partnership between two companies provides opportunities to share concepts and holistically sell products and services.
As a small business, creating a strong brand name may be difficult with a limited marketing, advertising and research budget. But remember you are not alone; other small businesses are in the same boat. So why not get together with another business or other businesses that may complement your product or service and create a more holistic marketing campaign? Human needs are not isolated, so pairing two related services is a smart move. For example, if your business sells cleaning products for residential or personal use, partnering with a house cleaning company to promote a special for both house cleaning services and cleaning products would be strategic. You could share advertising costs and the expense of creating marketing slogans, etc.
Be clear on your agreement with other companies. Either enter a Memorandum of Understanding or a contract that defines the period of partnership, the responsibilities of each party, and the expectations of each company. Don’t be afraid to approach larger companies for partnership. Even if you’re small, you can still bring valuable new customers.
Consider hosting an event in which both companies invite their respective clients and showcase their business’ strengths and the ways they complement each other. This is also a great opportunity for a public relation campaign and possibly a non-paid marketing piece. Remember to have a precise time frame for the partnership; you may want to focus on specific times of the year.
For businesses to have a better chance for surviving these difficult times, it’s important to think outside the box while also bringing better solutions and convenience for customers.
Let Zions Bank’s Business Resource Center assist you with your business needs. Call us for a free appointment at (801) 594-8245. We are open Monday through Friday from 9 a.m. to 5 p.m. Beth Holbrook can be reached at beth.holbrook@zionsbank.com.
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