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Wednesday, November 25, 2020

4 Tips When You're Looking To Collaborate With Other Businesses

Businesses all over the world compete with each other day in and day out to effectively win the sale of customers. However, while you want your business to grow, teaming up with other businesses can bring in more sales, expand your customer base, and increase exposure to your brand. If you’re thinking about collaborating with other businesses, here are some tips on how to effectively get them on board and move forwards.

Image Source: Pixabay CC0 License

Why would I team up with other businesses?

First, let’s look at some reasons why you’d team up with other businesses:

  • Your products complement each other and work well as a bundle 
  • You can share marketing efforts, therefore increasing your reach
  • Save money on shared expenses
  • Encourage other businesses to get in touch
  • Take advantage of their expertise and provide yours
  • It encourages innovation
  • You’ll creating a lasting relationship that has the potential to help you in the future

Know how to reach them

So you’ve made the decision to branch out to other businesses in pursuit of a collaboration? Great! But have you thought about how you will go about reaching them? While a simple email may be effective, CEOs of brands sometimes don’t have the time to respond or even look at your pitch. Using a platform such as SiriusXM can help your message be delivered to C-Suite and Business Owners effectively and speed up the collaboration process. Here’s some information on how to advertise on SiriusXM and get your plan into action.

Have a plan in mind

Speaking of plans, it’s important to have an idea in mind when reaching out to potential businesses to collaborate with. Whether you like the idea of teaming your products into a bundle, or you’re looking to pair your services together for a limited time only, it will work in your favour to have some sort of plan in mind before reaching out. This way, they can take your ideas into consideration and are more likely to respond.

Be willing to compromise

You may have an incredible idea in your mind, but it’s important to make sure that you’re willing to compromise, especially if your business is considerably smaller than theirs. You’ll be gaining exposure and shared profit first and foremost, so keeping an open mind will help you secure a deal. You may even find the business you’re pitching to comes up with a more effective idea! Once you’re a bigger business and more experienced with collaborations, you’ll find you’re calling the shots!

Don’t be afraid of shelling out costs

Finally working with other businesses isn’t going to come cost-free. You’ll need to think about marketing strategies, how much it will cost to put your products or services together, and how you’re going to work together to make this work. Don’t be afraid of putting in that investment! A well thought out plan between the two of you could change the trajectory of your business forever, so take the leap! You won’t regret it!

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