Collaborating, or “collabs” as the kids say these days, can increase your reach to your ideal clients without investing in ads. Imagine what that can do for your business.
In a 2020 study, High-growth businesses are three times more likely to use marketing partnerships as part of their overall strategy than no-growth businesses. (Source: Hinge 2020 High Growth Study)
If you know us from BNI, the Chamber of Commerce, or the other networking groups we’ve been members of, you know we live by collaboration.
You can get in front of a new audience interested in your services by finding someone with a similar service. In other words, find other players in your niche or closely related places and start collaborating.
[Before you stop and say, “I know this already,” think about how you’re implementing it. Is there room for improvement? Where are the opportunities?]
Let’s say you’re creating branding packages for new businesses. These new businesses might also need a new website. They’ll want a sales copywriter to write their sales pages and ad copy if they sell online. They might need contracts for their clients and their subcontractors. They’ll need liability insurance if they’re opening an office or storefront.
None of these businesses compete directly but instead complement each other.
Approach the other players in your niche and see how you can work together. A great place to start is to offer to share something of theirs with your contacts first.
Here are some ideas:
- Interview them and share the interview in your newsletter, website, or social media.
- Share a special discount they have with your clients. If they have an affiliate program or referral fee, you can even profit from sharing this.
- Collaborate on a community service project to give back to the local community.
Next, ask if they would be interested in sharing you with their clients. This is constantly your end goal, but you have to make it worth their while.
Depending on your business model, there are several ways to accomplish this. If you have an affiliate program, it makes it easy. You can also offer to create unique content for the other person’s audience.
A strategic alliance doesn’t have to be a direct way to get new clients to boost your revenue. A 2014 report states that 57% of the surveyed companies use partnerships to acquire new customers, and 44% form alliances to get new ideas, insights, and innovation. These new ideas, insights, and innovations can be the catalyst that improves your processes and services, increasing your profitability.
No matter what you decide to do, when you’re just starting, make it as easy as possible for your fellow service provider, consultant, or coach to work with you and communicate, communicate, communicate with each other.
Would you like support in growing your purpose-driven business? Apply for a complimentary Discovery Session here or read more about working with us here.