Stumped for ideas to promote your small business? Perhaps it is time for a meeting of the minds. Thought of working with another business in the area for a joint venture? Collaboration with other businesses can be a low-cost, high-return way to create relationships with other businesses while promoting the business. To get the most out of the advertising dollar, try partnering with another business for a promotional campaign or two.
Advertising is expensive. Yet if combining resources with those of another business, the result will be a 50% reduction in advertising expenses while giving the business valuable exposure to a new clientele—the new advertising partner’s customers. Here are several ways to create winning collaborations for your business.
Unique Strengths To Promote The Brand
What makes your business unique? What sets the business apart from the competition? Knowing these things can help create your own brand—and can help locate other businesses whose own strengths are a complement.
Take Time to Brainstorm Marketing
After identifying what makes the company special, think about what other types of businesses could best partner to create a winning promotion. Make a list of those businesses, noting what characteristics they have that can help. Don’t rule anything out—just yet. Brainstorming, to be effective, needs to engage the creativity. For example, a restaurant’s list may look like this:
Performing Musicians—Live music for our customers, a fan base that could bring in new customers for our restaurant.
Food Service Companies—Discount prices on products in exchange for promotion, attracting the company’s employees and executives as customers.
Politicians—A group of fervent supporters that may become equally loyal customers of our own, press coverage to give us free publicity.
Hospitals—A large group of employees and patients that could be potential customers, the association of our food with an organization that promotes health will create the perception that our food is also healthy eating.
List The Promotional Benefits to the Potential Partner
Now, after the creativity, begin to narrow down the field. What would make this an attractive proposition for their business. Put yourself in their shoes and think, “What’s in it for me?” After some thought, the restaurant owner might come up with these ideas:
Performing Musicians—An opportunity to get more people exposed to their music, promotional materials with their name and contact information on them.
Food Service Companies—Brand loyalty from our restaurant, press releases mentioning their name.
Politicians—A group of loyal restaurant customers that will consider voting for them, being perceived as promoting the local economy by association with local businesses.
Hospitals—An opportunity to present their nutrition and fitness programs, promotional materials with their name and contact information.
In part two of this article we’ll delve into…
The Process of Elimination
Looking for Possibilities
Time to Connect
Preparing for the Meeting
After the First Meeting, Plan
Consulting The Silent Partner
After the Event, Keep Connected
Stay tuned to the Nova Custom Label Printing blog for the next chapter of this article…