3 Types of Business Partnerships that Can Increase Your Market Reach
Get better results when you have better business partnerships. Use these 3 types of business partnerships and increase your market reach.
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Having the right partnerships as a new business can make a big difference in building brand awareness. As you work to figure out the right partnerships to prioritize, think carefully about where you want your specific business to grow. Figuring out those goals will help you identify the right partnerships based on their existing audiences so that you can attract the right customers.
Working with charities is a great way to make a difference as a company and connect with communities on a more intimate level. Work to find charities that you feel really align with your company values. As you pledge to donate certain amounts to these charities, you will not only be making a meaningful difference, but you will also be able to draw support from customers who believe in those causes. As you start to see support for your company’s humanitarian efforts, you’ll start to see brand loyalty meaningfully increase.
Working with influencers is another great way to partner up for mutually beneficial results. There are a variety of ways to work with influencers to maximize the relationship. Depending on the size of your business, you might want to work with a mix of micro and macro influencers. If you’re still growing and have a smaller budget, you might only be able to work with micro influencers. But sometimes, having a tighter reach can actually help you make sure you’re targeting the right people. Regardless of who you reach out to, you should establish metrics for influencers to make sure you are partnering with ones that will actually bring the attention you want.
It’s easy to think of your competition as, well, competition. But while it is true that you are competing with other businesses for customers, it can actually be incredibly beneficial to you to work with direct and somewhat indirect competitors because it allows you to pool your products and attract more customers. For example, doing collaborated promotions can help introduce your customer base to their products and their customer base to your products.
Partnering with other businesses, influencers, and charities can make a difference in your reach and your brand perception. But make sure that you do your research before going forward with a specific partnership to know that it will be a good fit. As you test out these different partnerships, work your best to make it a positive experience for your partner so they will have positive things to say about you in the future.
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