Most businesses decide not to be all things to all people; instead they specialize in a particular area of the market. So how can you offer more to your clients or customers, if you don’t want to expand your products or services?
One way is to find and work with partners whose products or services are complementary to yours. Creating partnerships with other companies or organizations can make you very valuable to your clients or customers.
A few ideas of ways to partner with other businesses are: · Offer discounts to each other’s clients/customers
- Refer customers/clients to each other
- Create bundled packages of products or services
- Co-host or co-sponsor events
- Write blog posts on each other’s websites
- Co-brand specific products or services
- Work together on a project too large for either of you to take on alone
My company, IvanExpert, offers onsite Mac computer support for small businesses and home users. We have recently begun partnering with How Lounge, a company located in Soho that offers Mac software tutorials. Our partnership currently includes cross-referrals and joint events, and may expand to include discounts or service bundles.
The partnership works because we don’t offer the same services–we do computer setup and repair, but we don’t give lessons. How Lounge gives one-on-one software tutorials, but they don’t do repair or systems administration. Our clients are thrilled to have a resource for learning more about their Macs, and theirs are often in need of tech support but not sure where to turn–so both our clients really benefit.
It’s important to pick the right people to partner with. If you have very different company philosophies, or client bases, or strategies for growth, you may not be the right match, or you may not be able to partner as fully as you might like.
One of the reasons How Lounge is a good partner fit for us is that their client base is very similar to ours–small businesses and home users who are looking for expertise with the Mac. In addition, our business philosophies are similar too; we both see ourselves as performing an educational service for our clients, and we both seek to explain complex technical terms simply and clearly.
Last, don’t forget to formalize your partnership, especially if money is involved. This could be as simple as an email exchange acknowledging each company’s responsibilities, or as thorough as working closely with a lawyer to draft a contract.
-Caroline Green
IvanExpert: Superior Mac support for home and small business
@IvanExpertMac
***This was Best Business Tip #88. Read the other 99 Best Business Tips.***
