“Alright stop, collaborate and listen”……
Because, If we’ve learnt anything during COVID this year, it’s that connecting and helping others, finding your tribe and networking with others with the intention of helping one another (and your industry) has been at the forefront of many of our “WHY’s” and for good reason.
Not to sound cliché, but “we are all in this together” has never rang more true. Having others to connect with can do massive things for your mental health (in a good way). Being part of a community means you have safe place to share your good and bad days. A connection with like-minded individuals with which you can bounce your ideas, and share information and resources with can be hugely advantageous for your business.
We’ve connected with amazing people in our own industry and beyond and this inspires and motivates us to want to do more. To share stores and experiences with the intention of driving and helping others when they might need it too, is exactly what we should be doing during these tricky times.
This leads us to the discussion of partnerships, collaborations, and joint ventures. If you’ve not formed an alliance, joined a Facebook Group or community that aligns with your business or offering, you need to and here’s why:
1. New market penetration. This means getting your business, brand, product or offering seen in front of potential new customers. Clients who may not be aware of your business. You’re getting in front of an audience you might not otherwise reach, unless you shell out loads on marketing or advertising $$. This is business-to-business (B2B) exposure.
2. Build new networks and connections. A follow on from the above, this is more B2B and where you’ll have the opportunity to tap into new connections. Build up a contact base with people you could form partnerships with down the track. An introduction and lead which comes from a known and reputable source is way better than a cold lead and reaching out to someone you do not know.
3. Shared expenses and costs. Each party shares a common pool of resources, which can bring down costs on an overall basis. This means that rather than one party shelling out costs for boosted posts, adds or marketing and graphic design etc you share the costs. You also have a better opportunity at reaching more people and an audience and it won’t hurt you in the pocket.
4. Two heads are better than one. If you are a sole trader or individual, it is easy to get stuck in a stagnant pool of your own ideas. By connecting with others, you can sound board off each other, and come up with ideas and offers that might not have even been on your radar in the past. A partnership is exactly that – joint. Create new offers and products that may not have existed without the input of this secondary party (and that’s pretty cool!)
5. Partnerships allow you to grow your database. We love data and we continue to speak about it, because it’s the most effective means to communicate with customers who are invested in hearing what you’ve got to say. Leverage the other person’s database along with your own to get your business and brand in front of a new audience. Also create and grow your existing database (which you can likely convert to your customers) and get in front of many more people (N.B ensure that you’re communicating to people that might sign up what their data will be used for, and ensure that it’s housed and communicated in line with the relevant privacy policies and laws too).
It is important to note these things too:
- Ensure that you are partnering with others that share your values
- That the fit and partnership are beneficial for both parties
- If it does not feel right do not do it
- That you have agreements, expectations, and deliverables in writing so things are clear and concise before you get started
- Sign a non-disclosure agreement/ partnership agreement so everything is black and white
- Don’t be driven by money. Greed is never a good motivational force, and you should be doing things for the genuine reason to help and assist others. With that as your driving force and motivator the money will come.
- Be sure that the person or company you are partnering up with is a good fit for your brand and you personally. Be sure before hand they’ll pull their weight, will represent you and your business in the right way and that if you’ve an existing friendship if things didn’t go the way you might like, you won’t be putting a relationship or friendship in jeopardy
Remember though, introductions can ignite conversations and new connections, and this can equate to great things. When funds are tight, joint ventures are a great avenue to explore. Exercise due diligence, do your research and be very clear of your objectives. Collaborations can be an excellent asset to a business, so do your homework, find those who align with your brand, and see where your new connections may take you.
Want to find out more information on what might make a great collaboration? Get in touch as we’re great at connecting people.