Collaboration and partnerships may well be the new disruption, as more and more small to medium-sized businesses have begun to realise there are potentially greater benefits from working together rather than going it alone.
According to the American Express Business Collaboration Index, Australian SMEs stand to gain billions of dollars through effective collaborations. Not only do more and more businesses want to work together, but increasingly it seems, those that do profit big time from it.
More than 700 business owners from small to medium-sized Australian businesses took part in this Amex initiative, drawn from 15 different industries and locations nationally.
With the power of collaboration being proven time and time again as a mission-critical approach to business, a significant number of business owners see collaboration as a core part of their business marketing strategy.
“So, how can I effectively partner with other business, using collaboration to grab a slice of that pie?!”
Well, it’s not as complicated as it may seem.
The simplest way to partner with other businesses is to identify a business that you already have a relationship with, that also has the attention of your ideal buyer. Then simply figure out what you both can do together in order to get more reach, more awareness, and ultimately more sales.
To this end, mortgage brokers could team up with real estate agents. Vets could team up with dog washers. Gyms could collaborate with health food stores.
Here’s a simple example of a marketing collaboration, where the very hip online homewares brand Hunting For George teamed up with the equally cool Four Pillars Gin to create an educational and engaging blog post on how to create a Bloody Floradora cocktail (using the Four Pillars Gin and Hunting For George glassware).
[Side note – In my interview with Four Pillars Gin founder Stu Gregor, he gives some great examples of effective business partnerships and collaborations]
Is the business collaboration penny dropping yet? Excellent. Then let’s take it to the next level.
Here’s my 9-steps to creating a highly profitable partnership through collaboration:
And if at anytime you find a potential partner struggling to grasp this concept of collaboration, then tell them to take a read of the American Express Business Collaboration Index.
Is collaboration part of your business? If so, what’s your secrets to making it work?
And if business collaboration is not part of your strategy, then what’s stopping you.
Let’s keep the conversation going below.