One of the fastest ways to gain traction in business is collaboration. Depending on what industry you’re in, you can find other businesses who services similar clients. Working alongside other business owners can expedit reaching your goals.
I always get asked the same question.
“How can we work together?
3 Quick Ways Businesses Can Collaborate
1. Cross Promotion
Cross promotion is using your product or service to leverage another product or service from a collaborating business. For example I work with many Real Estate agents who mention mortgage protection Life Insurace when they sell a home. When I sell my clients life insurance I always ask if they’re looking to purchase a home.
Co-Branding is the marketing of a product or service under two or more brand names.
For example when you see a Baskin Robins and Dunkin donuts at the same location they are Co-branding their products and services to help reach a larger audience.
There are so many variations that can be created when it comes to partnering with other businesses for competition and contest. But the most basic form is a raffle.
For example I went to a restaurant that if you purchased a certain product your name was entered into a raffle to win a gift card to a massage parlor. The message parlor receives brand awareness and the restaurant also gets brand awareness from the clients of the massage parlor. It’s a win/win.
Collaborating with other business owners is a good way to receive referrals to your business. Currently there are many business owners who are using collaboration as their main source of getting clients and leads.
Mortgage professionals work closely and collaborate with Real Estate agents who help one another get more clients using these creative methods.
Today I sat down with a Health Insurance agent, we created a plan using these 3 ways to promote one anothers brand and at the same time grow our own business.
Find several businesses that complement your product or service and figure out a plan where you can collaborate.
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“Your Success is Important to me”-Tone