Before, we’ve delved into thinking creatively about partnerships, identifying opportunities and then coming up with a mutually beneficial proposition for both parties. I wanted to share how partnerships are an effective strategy to help you achieve multiple goals so you manage your time on marketing activities more effectively.
Whether you go down the partnership road now or later, I’ve outlined some of the goals it can help you achieve and the benefits a partnership strategy has.
We’ve touched on this, but collaborating with a similar-sized business will enable you to double the size of your audience. If you promote each other’s work, you will achieve 2x brand awareness. With multiple businesses involved, you can keep multiplying, so it can help you achieve a more extensive reach, whether that’s on a specific platform, email list or customer base.
More website traffic
If you choose to promote each other’s websites, you will hopefully see more website traffic which if you maintain a similar conversion rate will mean more customers! Another benefit of promoting partnerships via your website or blog is backlinks.
By linking to each other’s websites, you can increase your “domain authority” which combined with good SEO practices can boost your google ranking, if you choose to invest in your web presence.
Increased average order size
If you choose to come up with a product bundle with a partner or upsell partner products as add-ons, you can increase your average order size which will help you become more profitable particularly if you are shipping products.
It’s always good to have the trusted seal of great customer reviews. Being affiliated with other trusted businesses or organisations can help you achieve either more trust, resulting in a higher conversion of customers or more awareness of your brand.
The advantages of partnerships and collaborations don’t just help you get more customers. The shared expertise and enlarging your professional networks can help you grow your business or connect you with other like-minded businesses.
Are you embracing partnerships to help grow your business? How could you tie into your most profitable channels? An Instagram joint giveaway? A guest post on your blog