Growth Hack: Form Strategic Partnerships
Looking to sell more of your products? Form strategic partnerships.
Imagine. Your downtown restaurant has competition on each side. But, the theater on the corner opened a new show last week. There’s a line out the door nightly. You approach them with an idea. For every ticket purchased at the theater, patrons receive a discount on your food. In return, your restaurant hosts a ticket giveaway and puts a poster in the waiting area.
And just like that, everyone wins – including the customer.
Wondering how to pick a partner? The best results come when both parties get equal benefits from the deal. Think of what needs your customers have that your business does not meet. Then find someone that provides complimentary services..
The restaurant in the above example serves, well, food. But when planning an evening, people don’t usually stop at dinner. Enter the theater. Providing customers a deal on dinner and a show will help both the restaurant and the theater get more business. Why? Because people with tickets to the play will want to take advantage of the discount on food, and those already frequenting the restaurant will want to win tickets to the show.
Once you have a list of potential partners, start outreach. Write them a quick, friendly email to set up a time to talk. Get a mutual connection to make an introduction. Find them on LinkedIn. Whatever you do, make sure that you clearly illustrate how their business will benefit from the relationship. Try proposing package deals, partner marketing, kickbacks for referrals, or other ways to boost both businesses.
The success of a partnership will depend on the amount of trust and communication between you and your partner. This can take some work, but will be worth it for both businesses and your customers.