Generally speaking, when clients ask me what the best marketing tool is, I say that there is not one marketing tool that is right for every business.  One exception to that might be partnership marketing.

Partnership marketing is not about creating a legal arrangement with another person or business.  Partnership marketing involves collaborating with another business.  Through collaboration, you both get an opportunity to reach the other’s audience in some way – an option which might have required substantial expense to get the same reach through a more traditional advertising method.

Partnership #marketing involves collaborating with another #business. #smallbiz #entrepreneur Share on X

For partnership marketing to be effective, you need to be thoughtful about the type of partners you pursue.  You are not looking to collaborate with just any business.  There are several types of businesses that could be worthwhile collaborators, such as:

  • Businesses that share the same target market, but have different offerings.
  • Businesses that are local to you and could potentially draw foot traffic.
  • Competitor businesses in different locations.
  • Competitor businesses in the same location, but that might be able to refer overflow customers or have a unique point of differentiation from your business that could be of interest to your market.

Every business invests in marketing to its audience in some way.  As you know from your own business, there is a lot of hard work that goes into building a client base, nurturing leads, and retaining customers.  If a business is isolated in its marketing and functioning in a silo, the only benefit to be gained comes from reaching an audience with its own voice.

However, if two businesses partner together, they stand to gain exponentially without spending much more time or money on marketing.  Through partnership marketing, each business can get exposure to the other’s audience – and this could be for FREE with some methods, such as verbal testimonials, newsletter mentions, social media shares, or referencing the partner in printed materials that were going to be printed anyway.  With partnership marketing, your forces are stronger combined than they are alone.

With partnership #marketing, your forces are stronger combined than they are alone. #smb #smallbusiness Share on X

Plus, if some percentage of your audiences are duplicates, you still benefit.  The power of a partner’s testimonial is greater than the power of your own voice.  When your partner reiterates your message and vouches for you, your chance of retaining customers that were already in your pipeline goes up significantly.

The power of a partner’s testimonial is greater than the power of your own voice. #smallbiz #mktg Share on X

Partnership marketing is a creative endeavor.  If you think outside the box, you may find a business that can be a perfect ally for you on a single campaign or on a more consistent basis.  The more partners you can find for your business or event, the more efficiently you can spread your message.  You may even build more credibility with your own customers by showing them that you affiliate with another reputable business – and perhaps one that solves another pain point.

Although partnership marketing could look different for each business, it is an option worth considering.  Why go it alone when you can grow more quickly together?!

 

Partnership marketing makes a massive impact on your business if you put the work in.  If you are looking for guidance on how to find the right partners, how to approach them, and what to do with them, I recommend you check out this course on 3 Ways to Generate New Leads on a Budget!