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Forming Business-to-Business Partnerships to Maximize Sales

Written by: Christopher Palumbo

Article Overview: A partnership with another business is an important step in the evolution of your own business. By combining forces with other businesses, you will be able to reach out to more people in a cost-effective manner. One local business contact can provide many leads when you consider their coworkers, spouses and, most importantly, clients. Learn more about how you can build rock-solid business partnerships and increase revenue for your own company.

Forming Business-to-Business Partnerships to Maximize Sales

A partnership with another business is an important step in the evolution of your own business. By combining forces with other businesses, you will be able to reach out to more people in a cost-effective manner. The people who work geographically close to your company are the likeliest candidates to use your business. One local business contact can provide many leads when you consider their coworkers, spouses and, most importantly, clients.

Before approaching a local business for a partnership consider the following:

• Is their clientele the same as mine?
• How popular is this business?
• Are most of the patrons residents of this community or employed in the area?
• Are they already partnering with a similar business as mine?
• What type of marketing or advertising do they use for themselves?

When approaching the manager or owner of a business, be sure to clearly propose a partnership in which you will work together for equal benefits. They might be turned off if your idea is not clearly illustrated or seems as if you want them to simply give you their client list. It is important that you make it clear how this partnership can greatly benefit their business, and that you provide enough information about how this can be done. You will help grow their business just as they will do the same for you.

Consider approaching the local dry cleaner with the idea of hanging a marketing piece for your business on the hanger of each order. In exchange, you might offer a coupon to their shop for each new customer that becomes a patron of your business. Larger marketing pieces, such as publications or catalogs, imprinted with your business location and phone number, also serve as great handouts for local businesses. By working together and marketing to one another’s clients, you are reaching a captive audience that will benefit both of your businesses and the community at large.

Be selective when choosing businesses to partner with, and make sure that each partnership is consistent with your own brand image. For example, a woman who frequents a high-end hair salon such as one that offers spa services is more likely to join a high-end fitness club than someone who goes to a discount salon. If you are careful about the businesses you work with, the legwork will be eliminated because you are reaching people who are already your demographic, which will save you money. You’ll be hitting your target market more accurately and reaching the kind of consumers that will be most likely to use your business.

Any relationship worth having requires effort and attention. It is not enough to simply create the relationship. Be consistent and follow-up with your business partner as you would a prospect. It is up to you to create an exciting, successful partnership. Do not rely on anyone else to bring you leads.

Think about requesting the following from your business partner:

• A dedicated email blast to their clients on your behalf with an attached marketing piece or coupon for your business
• Free advertising in their menu / newsletter
• Signage in their employee lounge
• Certain days for you to be on-site to promote your company

Creating strong business-to-business partnerships is a great opportunity for you to leverage publicity for your business. Maximize it!

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Article Tags: business contact, business location, captive audience, catalogs, clientele, coworkers, evolution, hanger, local businesses, marketing, own business, partnership, patron, patrons, phone number



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Re: Online Sales and Marketing vs Traditional - [quote="ltrahan":31w9r2iz]Hi Evan, I am noticing that many of the posts in the Sales/Marketing section deal with online marketing, SEM and and SEO and Affiliates. I was wondering if it might be a good idea to separate that section into two; 1) Online Sales and Marketing; 2) Traditional Sales and Marketing[/quote:31w9r2iz] I second the request...
Re: looking for partner - Partnerships in business can be tricky. Most partnerships fail. Here are a few points to ponder before starting a partnership: - Should have common goal and vision - Level of commitment in business - Expectations from business and each other. - Good sense of self-worth - Financial Position – Have a good experience in related business with strong financial standing I suggest you to go on Google type “Partnership Assessment form” and Partnership Assessment Tool” You find some good results. Further apart from this forum look into on social media and business sites.
Re: Has anyone used the SBA's Micro Loan program? - [quote="Kevin Lee":1gvayekb]Hi Barbara, Personally, I would prefer to just use my own money, and if I needed more, I would consider enlisting the help of a partner. I want to limit my risk and liabilities as much as possible.[/quote:1gvayekb] I disagree with the partnership advice. The only ship that wont sail is a partnership. Partnerships make business messy and complicated. If you need the funds to expand just expand slower. If you need the funds to stay open you need to look at your business plan a little more closely.
Hello From Marietta GA! - Hello All! My name is Tim Naylor and I am in Direct Sales! I am glad I have found EC's sites and I hope to learn and share a lot!


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