This week in Quick Wins with COM we're chatting about partnerships and joint ventures. There are a number of benefits available to businesses and business people engaging in these sort of relationships.
-Aligning Yourself With Others-
MULTIPLY YOUR AUDIENCE
Your reach can instantly expand 2, 5, 10 times over. Partneringing with established organisations gives you quick access to their audiences, which means getting you own brand out there.
A start-up or younger organisation can work together with a more mature company and their friends become your friends, their leads become your leads, and you also benefit from any trust and good will that they have developed over the years.
It's important that the partnership is having a positive impact. That you have something to offer them, that you are benefiting, and that the clients and customers are getting something out of it. Whether this is direct, like a product on offer, or indirect through something like a database you are able to share.
The marketplace is evolving. Large brands and companies are open-minded, but you need to think outside the box, to charm them, and figure out what you have to offer them.
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Partnerships & Joint Ventures – Quick Wins with COM Episode 9
Tune into to this weeks episode where Richard talks all about business partnerships & joint ventures
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Richard : Welcome back to COM Quick Wins. It’s Richard Toutounji. Today’s episode, I want to talk about a strategy that I’ve used multiple times over the past. I’m looking at using it at the moment. That’s the reason why it’s on my brain at the moment. That’s why it’s in my conversations. That’s why we’re talking about it now. It’s called partnerships and joint venture relationships. You see I believe the fastest way to grow is through this method. It’s through this method. This means that with a partnership, with a joint venture relationship, you actually can really, I would say, double your audience straight away. You can triple or you could 10 times your reach of who you’re marketing to or doing business with.
It’s also borrowed credibility as well so you can actually … If you’re a startup and someone is a little bit mature in their business, so you like their brand, you work together as a team and it’s like their friends are your friends. Their market is your market now. Obviously as long as it provides value to the market, so if your clients are going to get something out of it and their clients are going to get something out of it, not even clients, the database that they’re marketing to. If they both have value points, it’s a win-win for both parties.
Let me give you an example. If you’re a personal trainer who just does fitness training and you have a local nutritionist that gives nutrition programs out, well, if these two parties combine, what it means is that they now can both market to both audience. It means that if you were to join that personal trainer, he’s got more value than the other personal trainers who aren’t offering nutrition program. If you’re joining a nutritionist, she’s way more solid in her service offerings because now she can recommend a fitness, or a personal trainer, or a gym, whatever it may be. It’s a really strong partnership in place there.
Due to the fact that the last five years we’ve had the biggest shake up online ever in history, things have changed. Companies that were huge are now no longer as huge as they used to be because there’s a lot of competitors around the marketplace. What it’s saying is that larger brands that you thought that you couldn’t even go contact, you can contact them. You can find them on LinkedIn. You can find them on Facebook, Twitter. You can contact the CEO, the managing director. You can get the details straight away. You just got to charm them. You got to woo them. You got to think outside the box of how you can partner.
You can’t go mainstream and send an email, “Hey, this is what we do.” You’ve got to think differently. You have to think what’s in it for them? Why would they want to partner with somebody … I’m just a little guy starting up and they’re a massive organization. How can I partner with them? You have to think outside the box. What’s the value that you are going to give them? To answer that question, you just got to ask bigger questions. We’ve discussed those things in the past. Ask bigger questions and ask them what do they need? Look out for the clues what they need, who are they looking for. I really challenge you to do is … There’s such opportunities now that I don’t know if they’re going to be around in two, three, four years. The opportunities are happening right now. Go and find who you can actually align yourself with, who you can partner with and start to think about some smart, innovative ways to actually get your message across to the right people.
I hope you like this episode of COM Quick Wins and I look forward to chatting to you next time.