Strategic Partnerships- Why It Pays To Play With Others

Strategic Partnerships- Why It Pays To Play With Others

handshakeI will never forget my high school math teachers. Every single one bragged that Math (as a subject) is better than English because “Math does not have exceptions like the English language; 1+1 always equals 2″.

While these brilliant educators did a wonderful job at helping me master math up to Calculus II in high school, they did not consider what happens when you throw synergy into the equation. 1+1 can equal 3!

Allow me to illustrate my point. You own a company that makes specialty shirts for babies. You find another company that creates specialty hats for babies. Some of your designs definitely complement theirs. Instead of creating your own hats, partner with the hat company to offer packages in addition to your normal offerings. Negotiate a price so that your shared packages are offered at the same retail price. Begin offering the packages on each of your websites and in both stores (if applicable).

You will find that clients will often purchase packages if the items contained therein are a good match. In the end, you will sell more shirts and your partner company will sell more hats. When you stop to examine your total revenue as well as your partners, you may very well find an increase in both of your sales. In fact, you may just find that 1+1=3!

You do not necessarily have to sell packages.  You can simply feature each other in your newsletters.  You are both targeting the same niche; so you’ll each get exposure to your target market while not having to spend a dime- brilliant!


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Comments

  1. So funny you talk about this today as I am working on building a partnership package right now. It’s a win-win relationship that makes the vendors look that much resourceful by having worthwhile recommendations to help their clients/customers that much more. Awesome tip as always Crystal, thanks!

  2. Awesome! You’ll have to return to this post later to tell everyone about your results.

  3. You know, I’ve been praying and searching for perfect partnerships. I got a call on last week from the owner of a SPeech Therapist firm looking to share office space. After talking we are sooooo excited about the possibilites of our joint ventures. Speech Therapist and Educational Firm. WE ARE ABOUT TO EXPLODE!!

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