Ways Small Businesses Can Partner With Each Other
As a couple in business together, you already know the power of a strong partnership.
Now, it’s time to take that concept and grow mutually-beneficial partnerships with other small business owners.
Small Businesses Can Build Big Partnerships
Small business owners, particularly those in B-to-C industries, are often looking for cost-effective ways to expand their customer base and engage in meaningful ways with their communities. Teaming up with another small business can be a great way to do that.
According to a blog posted by America’s SBDC — a nonprofit that represents America’s network of Small Business Development Centers (SBDCs) — there are endless opportunities to collaborate with other businesses in order to diversify your audience, reach new customers, and improve your products or services.
“By combining the expertise, perspectives and skills of different people and organizations, all parties involved are better able to innovate and grow. ”
Small business partnerships can include hosting events together, creating joint marketing campaigns or cross-promotion of each other’s brands.
Below are a few types of partnerships and ways to leverage your various communication channels to make these collabs successful.
Location, Location, Location
Some great partnerships can result from simply being neighborly.
By working together you can create a promotion or event that drives traffic to your area.
A small business partnership might be informal, such as creating a special event or sidewalk sale hosted by two or three nearby shops. Or it can be a full-fledged retail association that creates marketing opportunities (including festivals and events) all year-long.
Whatever the structure, all parties should agree to the following:
Purpose of the Partnership
Is this a one-time or seasonal operation or do you hope to create a long-term plan with the partners?
Are you solely doing this to increase foot traffic or is there a charitable cause you want to tie into?
How will you measure your success?
The Decision-Making Process
Will there be a committee to make large decisions for the group?
Will partners vote on expectations (see next bullet)?
Who will manage relationships with outside parties, such as media outlets or government contacts?
Expectations of Those Participating
Time: How many hours will be required by each partner for planning and implementation (logistics, getting permits, etc.)?
Store Policies: Will partners need to adjust their operating hours for the campaign/event?
Money: How much will each partner contribute to event supplies and promotion?
Complementary Industries
A Bridal Expo is the perfect example of this.
Multiple businesses - from florists and bakers to dress shops and honeymoon destinations - come together to sell to the same coveted audience.
Business expos are a large-scale version of this concept. But that’s not the only way to team up with like-minded businesses.
One of our clients is a high-end liquor store. We are constantly looking for ways to expand their audience by partnering with celebration-adjacent businesses. For example, the store has hosted several wine and chocolate tastings with a local chocolatier (see more below) that has proven mutually beneficial to both brands.
Find those businesses that are a prefect complement to what you do and/or whose ideal customer looks a lot like your ideal customer. Then find ways to combine your efforts. That could be combined advertising, joint business coupons, a special referral program, social media campaigns and more.
Bookstore + Coffee Shop
Bike Shop + Outdoor Clothing Store
Make-up Artist + Photographer
Lawn Care Service + House Cleaning Service
This article from Shopify.com offers some great ideas for collaborating with other businesses.
Same Industry
Join forces with the competition? Yes!
This is the flip-side of the above concept.
The same idea - combine forces and expand your reach - just with businesses that do what you do.
While joining forces is a great idea, this is a bit tougher to pull off. Not all competitors play nice with each other and it might not be a good idea in terms of brand differentiation to partner with a similar business.
But below are two great examples of when this can work really well.
INDEPENDENT BOOK STORE DAY
On the last Saturday in April, independent book stores are celebrated across the country. To recognize this day, many book shops join forces and host Independent Bookstore Crawls. (Think pub crawl but with books).
As an avid reader myself I participated in my town’s version (I even bought the t-shirt) and saw many of my favorite Bookstagram and Booktube influencers promoting their own community’s events.
The concept is simple. You pick up a “passport” at one of the participating bookstores and visit as many of the stores on the list as you can and get stamps to earn prizes. And all of the bookstores combine their promotional efforts for that weekend.
RESTAURANT MONTH
Similar to the idea above, a group of restaurants partner together to increase foot traffic during a month that might be traditionally slow.
Local Chambers of Commerce or Tourism Boards often spearhead this type of thing and it can be tied to a charitable cause. Here is an example from North Little Rock’s annual event. Participating restaurants often get promotional signage to put up in their business, graphics to include on social media and get their logos included in any advertising.
POSE Your Way to Success
Combining marketing efforts using Paid, Owned, Social and Earned Media can save you money and help maximize your reach.
(To the right is an image from a local TV appearance promoting our Wine & Chocolate Tasting event.)
PAID MEDIA
Share the expense of traditional advertising:
TV/Radio/Print Ads
Social Media Marketing
Direct Mail or Outdoor
NOTE: You could include a media outlet as a sponsor of the event in exchange for free advertising.
OWNED MEDIA
Cross promote on all partner communication channels:
Websites
Print or E-newsletters
In-store Signage and Flyers
SOCIAL MEDIA
Cross promote on all social channels:
Create/Post Graphics and Custom Hashtags
Instagram Story Takeovers
Create a Like/Follow Component to Partnership
EARNED MEDIA
Get the news out:
Joint Press Release and Media Pitches
Schedule Joint Interviews and Media Appearances
Invite Media to Attend Events
Final Thoughts
Developing a partnership with another small business takes time and thought, but can have an amazing impact. It’s well worth considering.
