What’s In It For Me? (Partnership Marketing)
One of my favorite types of marketing to recommend for businesses of any shape, size, or budget is partnership marketing. Partnership marketing is all about finding meaningful ways to support each other. Note: I say, “each other.” At its best, partnership marketing makes the most of win-win relationships. When done right, everyone involved can feel satisfied with the answer to the question “What’s in it for me?”
Your partner could be another business. It could be an influencer. But whoever they are, they are also wondering what’s in it for them.
Partnership #marketing is all about finding meaningful ways to support each other. #smb #business
It sounds so simple, and yet this is actually a really hard thing to remember in the moment. The great partnership you are striving for is probably going to take some negotiating. Even if it is good-natured negotiation, you both have some things to establish. What is it you each want? What is in line with the other’s capabilities and interest? Even if you are perfectly aligned in every way, you have discussions ahead of you to figure that out. If you aren’t perfectly aligned in every way, there may be some compromises to get the right place.
Compromise is not a problem as long as you are getting to a win-win solution. But once you get to a point of compromise, this is the time to remember that both of you need to be okay with what is in it for both of you. If someone is trying to sell you on something that doesn’t seem to make sense for you, you don’t have to accept it – and you are in a position to set your own terms. (Read here for my thoughts on how to know when an offer of “exposure” is to your benefit). The same goes for them.
Compromise is not a problem as long as you are getting to a win-win solution. #business #smb
If you can find the right collaboration, partnership marketing leads you to a world of benefit. You have the chance to exponentially increase your reach, credibility, and the leads in your pipeline while NOT exponentially increasing your budget. The more partners you can collaborate with, the more your reach and reputation will improve. It is well worth the time and energy you spend building a solid relationship that both sides will benefit from.
You can take a marketing partnership to any platform. Blogging. Social media. Newsletters. Traditional advertising. Networking events. Event marketing. Referral marketing. You are only limited by your creativity.
You can take a #marketing partnership to any platform. #smallbusiness #smallbiz #business #smb
Remember that the best partners start as strangers. Look for those who have similar target markets, and you know that they have a vested interest in joining forces. Not sure where to look? Check in any of the places you are currently networking! Online, business associations, chambers of commerce, networking events, trade shows, farmers markets, business classes. You are surrounded by people in business, people doing business, people talking to your audience. If you open your eyes, you will see them. (If you are currently a member of a business organization that has regular meetings, read here to learn how to make the most of them).
Look for allies where you are and start the discussions that will help you find out what they want. And never forget that you have to protect what is in it for both of you to make this partnership stand the test of time! Partnership marketing can allow you both to get to the next level together.
For more ideas on how to market your business on a budget – ideas that you can do right now no matter what type of business you have – check out my FREE eBook Small Business Marketing on a Budget.