Being a business owner requires being decisive when it comes to risk-taking, but going in it alone can be challenging without the help of a community around you. In a competitive industry where you’re up against both the big and small players, joining a supportive network is essential to thriving. Today, we explain why collaboration is essential for your business’ growth.
It defines your brand
When you collaborate with other brands, it’s important to determine whether you have similar brand values and culture. Being thoughtful about who you partner with can define and shape who you are as a company. Hence, you build a more solid brand profile and gain consumer trust. Strategic partnerships that enable your business to connect with other local businesses establishes your name within the community and help makes your product more visible and more familiar. This is why it’s important for small businesses to partner with like-minded businesses to increase brand recognition.
It builds a mutually beneficial relationship
Small businesses who partner with each other often need to be accommodating of each other’s proposals. The two brands should be clear in laying out how their companies will grow together and mutually benefit from each other. Discuss the benefits both parties could gain and determine objectives and metrics clearly. The goal is to clarify every aspect of your partnership – verbally and in writing. Effective proposals come in the form of cross-referring your business, cross-promoting, or simply introducing customers to each other’s products and services.
It widens your target audience
Business networking allows you to reach a new and relevant audience that can potentially take fresh interest in what you're offering. When you have great partners, they can refer their customers to recognise your brand, doing the same thing on your end. This provides both businesses with new clients and increases company loyalty.
It boosts patronage
When two forces join and work together to create better products and services for the community, the locals will notice. The good work of such a partnership will resonate with the people who benefit from it. Therefore, they will naturally want to support you and increase patronage for your products and services.
It increases your chance for success
Effective partnerships don’t mean partnering with just big brands. Successful partnerships are all about choosing companies that target your ideal customers while also finding a way to provide value back to your partner. Numerous start-ups partner with each other for great gain. When your partner with brands that support you regardless of its size, your business will be able to tap a new market, gain access to new products, increase customer loyalty – increasing your chance for success.
Two is better than one!
If you’re a small business, you should start looking for other companies within your industry to partner with. Don’t be afraid to reach out and pitch your idea. Look not just for short-term benefits; instead find partners that promise long-term compatibility in terms of values, vision, expectations, and goals.
Bartercard supports strategic partnerships and business networking. We believe that personal relationships open business opportunities especially when it means working with people you trust. Our Bartercard events connect members to build relationships and enable member to gain business knowledge on sales and marketing, social media, financial planning and more. Book an online consultation to learn how you can become a Bartercard member today and network with other businesses for growth.