How Your Small Business Can Beat This Recession - Strategy Number 3
In this mini-series, I've been discussing several strategies that your business can implement immediately to take advantage of the opportunities provided by the current economic climate.
The third strategy we're going to talk about today is developing mutually beneficial partnerships with nearby businesses.
Developing Profitable Business Partnerships The thing about recessions is that they tend to affect everyone.
Therefore, the business down the road from you is likely feeling the pain a little bit as well.
Why not pick a non-competitive business and partner with them to drive more sales for both of you?If you own a lawn mowing company, partner with a fence builder to refer leads to each other.
If you have an auto parts store, partner with a mechanic to offer your customers a discount on oil changes through him.
Are you a hairdresser? Partner with a spa.
Own a video store? Partner with a pizza shop.
The possibilities are endless...
Just try to think outside the box a little bit.
Partnerships Boost Both Businesses By partnering with another business, you're both gaining exposure to customers you wouldn't have otherwise come into contact with.
Because you're not directly competing with each other, but you have complementary businesses, then you both gain by referring customers to each other.
This can be a very powerful model, and can go a long ways towards reducing advertising costs.
Don't think they'll go for it? Think about it this way.
You've got something of tremendous value to other business owners - your customers.
You have to show them the value in being able to tap into your customer base.
What does it cost them to run newspaper ads every week, or do blanket mailings? You're giving them free access to a stream of targeted buyers who would appreciate the recommendation.
What's to lose in that situation?Of course, some business owners just won't get it, and that's fine.
Don't worry about it, move on, and try the next guy.
It won't be long before you find one that does.
How To Promote Your Partner's Business One of the easiest ways to promote the other business you've partnered with is to create discounts for their products or services that are only available to your customers.
For instance, you might get a flier printed up offering a discount at the other store, and give one out with each of your own sales.
Get them to do the same.
If you've both got email lists, or direct mail lists, consider doing a mailing to each other's lists, endorsing the partner business.
There are any number of ways to make this a profitable venture, you just need to think outside the box a little bit!
The third strategy we're going to talk about today is developing mutually beneficial partnerships with nearby businesses.
Developing Profitable Business Partnerships The thing about recessions is that they tend to affect everyone.
Therefore, the business down the road from you is likely feeling the pain a little bit as well.
Why not pick a non-competitive business and partner with them to drive more sales for both of you?If you own a lawn mowing company, partner with a fence builder to refer leads to each other.
If you have an auto parts store, partner with a mechanic to offer your customers a discount on oil changes through him.
Are you a hairdresser? Partner with a spa.
Own a video store? Partner with a pizza shop.
The possibilities are endless...
Just try to think outside the box a little bit.
Partnerships Boost Both Businesses By partnering with another business, you're both gaining exposure to customers you wouldn't have otherwise come into contact with.
Because you're not directly competing with each other, but you have complementary businesses, then you both gain by referring customers to each other.
This can be a very powerful model, and can go a long ways towards reducing advertising costs.
Don't think they'll go for it? Think about it this way.
You've got something of tremendous value to other business owners - your customers.
You have to show them the value in being able to tap into your customer base.
What does it cost them to run newspaper ads every week, or do blanket mailings? You're giving them free access to a stream of targeted buyers who would appreciate the recommendation.
What's to lose in that situation?Of course, some business owners just won't get it, and that's fine.
Don't worry about it, move on, and try the next guy.
It won't be long before you find one that does.
How To Promote Your Partner's Business One of the easiest ways to promote the other business you've partnered with is to create discounts for their products or services that are only available to your customers.
For instance, you might get a flier printed up offering a discount at the other store, and give one out with each of your own sales.
Get them to do the same.
If you've both got email lists, or direct mail lists, consider doing a mailing to each other's lists, endorsing the partner business.
There are any number of ways to make this a profitable venture, you just need to think outside the box a little bit!