Successfully collaborating with another local business to promote your organization requires sharing complimentary values. Customers will judge your company based on your business affiliations. Keeping this in mind, partnering with another business can be an effective way to support the community and to bring more customers into your store. These limited relationships are mutually beneficial for both organizations since the products and resources are currently available. The goal is to attract new customers, strengthen loyalty, and get people talking about the company. You can use various methods to accomplish your objectives.
Charitable Partnerships
One of the simplest ways to work together is on cross-promotions, where each business promotes each other’s products or services. It’s not uncommon to see Red Cross Volunteers collecting donations in front of the neighborhood hardware store. These collaborations are effective because many of your customers think helping people is the right thing to do. Supporting charitable efforts raises the company’s standing in the community and is an unobtrusive way to market the business.
Cross Promotions
Refreshing your inventory by selling local products not typically found in a hardware store can make shopping more enjoyable and expand your customer base. Some stores partner with local businesses who craft hand-made soap or specialty coffees. They have devoted followers, who also shop at their favorite hardware store. Businesses can reciprocate by holding a monthly drawing for a $25 gift cared each month that is redeemable at your store.
Hosting a Joint Event
One good way to attract more shoppers and bring in customers with diverse taste in products is to host a joint event. Sharing marketing and advertising efforts saves time and money. Simple promotions don’t require a big monetary investment. However, more elaborate events can include multiple stakeholders and require more finances and precise coordination. Participants may opt to enlist the services of local radio influencers to reach a broader audience and increase attendance at the event.
Referral Partnerships
These partnerships are a good way to generate sales by identifying potential new customers. It is a win-win for both companies. Referrals can come from non-competing businesses, Pro customers, the chamber of commerce, and other small businesses within your network. Be sure to follow networking best practices to avoid cold outreach. Acquiring a large contract will recharge sales and open doors that lead to additional referrals. When possible, ask your referring partner to introduce you to the potential customer. It’s an opportunity to build trust and access the needs of the company you want to offer your products and services.
Sharing Information and Advice
Good advice can be invaluable to your business and save you time, trouble, and effort. Best of all, it often comes free of charge. Many store owners have been mentored by business leaders who operate successful companies. In turn, they pass along what they’ve learned to help someone else deal with the challenges of operating a business. Markets and trade shows are also ideal places to network with knowledgeable store owners, suppliers, and industry experts. Additionally, there are several local organizations, specifically designed to support and advise local businesses, including the Chamber of Commerce.
If you’re willing to take the time to collaborate with other businesses, it’s important to manage expectations and have clear goals. Every event or promotion may not be successful. But whatever you learn can help future events be more successful.
