Most businesses think of partnerships as something reserved for large corporations.
A major brand partners with another major brand.
A company sponsors an event.
A celebrity promotes a product.
A national organization announces a strategic alliance.
But that's only one version of partnership.
Some of the most valuable opportunities for a growing business can be sitting much closer to home.
A local restaurant can partner with a fitness studio.
A real estate company can partner with a home services company.
A dealership can partner with a local business, creator, nonprofit, or community organization.
A salon can partner with a photographer, fashion boutique, event company, or creator.
A hotel can partner with local restaurants, artists, event organizers, transportation companies, attractions, and businesses.
The problem isn't necessarily that opportunities don't exist.
The problem is that most businesses aren't systematically looking for them.
WHAT IF YOUR NEXT CUSTOMER ISN'T THE CUSTOMER YOU'RE TRYING TO REACH?
Businesses spend enormous amounts of time thinking about customers.
- Who is our target audience?
- Where do they live?
- What do they want?
- What should we post?
- How much should we spend on advertising?
Those questions matter.
PARTNERSHIPS ARE MORE THAN SPONSORSHIPS
One of the biggest mistakes businesses make is thinking:
"Partnership = Sponsorship"
Not necessarily.
A sponsorship might mean:
“We give you money and you put our logo somewhere.”
A strategic partnership can be much broader.
It can involve:
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Cross-promotion
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Shared audiences
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Events
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Content
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Referrals
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Bundled offers
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Customer incentives
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Community initiatives
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Co-branded campaigns
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Experiential marketing
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Influencer/creator collaborations
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Product exchanges
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Business-to-business referrals
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Local activations
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Educational programming
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Media opportunities
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Strategic introductions
The right partnership can create value for both sides without either company simply purchasing advertising.
EXAMPLE: THE LOCAL RESTAURANT
Imagine an independent restaurant wants more customers during slow weekday evenings.
Instead of immediately buying another advertisement, the restaurant could identify businesses with overlapping audiences.
A nearby fitness studio might have hundreds of members.
A local employer might have dozens of employees.
A hotel might have guests looking for places to eat.
A local event company might need catering.
A photographer might regularly work with couples celebrating milestones.
A neighborhood organization might host community events.
Those businesses already interact with potential customers.
The restaurant's opportunity isn't necessarily:
“Advertise harder.”
It might be:
“Build more relationships.”
EXAMPLE: THE REAL ESTATE COMPANY
A real estate company has access to buyers and sellers.
But buyers and sellers need much more than a real estate agent.
They may need:
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Mortgage professionals
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Attorneys
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Contractors
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Interior designers
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Moving companies
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Insurance professionals
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Home inspectors
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Photographers
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Landscapers
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Cleaning companies
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Furniture companies
The real estate company could potentially create a network of complementary businesses.
Now the partnership becomes useful to the customer.
And that's one of the strongest forms of partnership:
Create value for the customer first.
EXAMPLE: THE LOCAL RETAILER
A boutique retailer may think its biggest competitor is another retailer.
But what if the opportunity isn't competition?
What if it is collaboration?🤔
A boutique could partner with:
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A local photographer
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A salon
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A restaurant
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An artist
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A jewelry designer
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An event company
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A creator
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A nonprofit
Imagine a local shopping event where multiple businesses participate.
Each business promotes the event.
Each business brings its own audience.
Each business gains exposure to customers it might not normally reach.
One business doesn't have to manufacture all the attention.
The partners can create it together.
WANT TO BUILD YOUR PARTNERSHIP STRATEGY?
Music Assets™ created the Strategic Partnership Toolkit™ for businesses and organizations that want to move beyond random networking and start thinking systematically about partnerships.
The Toolkit is designed to help you identify potential partners, evaluate opportunities, structure partnership ideas, develop outreach strategies, and turn relationships into actionable business opportunities.
[EXPLORE THE STRATEGIC PARTNERSHIP TOOLKIT™]
BEFORE YOU LEAVE, FIND FIVE
Before you go, write down 5 businesses that you would love to partner with one day.
BUILD BETTER PARTNERSHIPS
Strategic Partnership Toolkit™
Turn networking into strategy.
Turn relationships into opportunities.
Turn opportunities into partnerships.
[GET THE STRATEGIC PARTNERSHIP TOOLKIT™]
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