Tuesday, September 26, 2023

Eight ways small businesses can support each other (while marketing themselves)

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Shreya Christinahttps://cafe-madrid.com
Shreya has been with cafe-madrid.com for 3 years, writing copy for client websites, blog posts, EDMs and other mediums to engage readers and encourage action. By collaborating with clients, our SEO manager and the wider cafe-madrid.com team, Shreya seeks to understand an audience before creating memorable, persuasive copy.

When you start a business, you are not only part of your local community, but you are also joining a network of local entrepreneurs. By being part of this business network, you can often find help from your fellow entrepreneurs and even lend a hand yourself when others are in need. This can take the form of advice, but it can also take the form of partnerships where you both support each other’s business and market your own business.

There are a few ways to enter into such a partnership so that entrepreneurs can choose which solution best suits their situation. Below eight members of Council for Young Entrepreneurs share the methods they recommend each business use and why this kind of partnership can be beneficial for both parties.

1. Recommend each other’s services

Small businesses can have partnerships as simple as recommending each other’s services. Is there someone in your shop waiting for car repairs? Recommend they wait at your friend’s restaurant. Create a place for ads and promotions for both companies. If your fellow entrepreneur runs a venue or catering service, choose it for your corporate party. Focus on cultivating rapport and relationships with as many local businesses as possible. Once you’ve established that, creative partnership plans can flow from there. It’s about being the first to offer your hand in friendship. It’s so worth it. While you can do this online in our age of remote working, it’s nice to go local. Walk through your city, find your co-owners of small businesses and open the door to some amazing opportunities. – Tyler Bray, TK Trailer Parts

2. Create a package offer

When appropriate to the business type and offering, companies can work together to create a unique package that brings both products or services together to solve a new need. Especially in our world today, consumer needs are changing rapidly. You can partner with another company to provide an offering that will appeal to both your audiences and a whole new group of consumers. For example, you can contact a company that sells products or offers services that complement what you offer. Target businesses that your current customers are likely to buy from based on their past purchases, interests, and needs. – Blair Thomas, eMerchantBroker

3. Make use of your content

One of the most effective ways two or more small businesses can work together to support each other is through their content. But for this to work, their audiences need to be somewhat similar, if not completely identical. Making lists around topics relevant to your niche is a great way to promote companies you’ve partnered with. By mentioning these companies in your blogs, you are not only presenting them as viable solutions to the public, but also giving them high-quality backlinks. This can give companies a significant boost in their reach and help them rank higher in search results through collaborative efforts. – Stephanie Wells, Formidable shapes

4. Collaborate for promotional events

One way for small businesses to support and market each other is to work together for joint promotions or events. For example, two companies can team up for a customer appreciation day where they offer discounts and giveaways. This would be a great way to generate traffic for both companies and create a sense of community between them. In order for this type of partnership to be successful, it is important to have clear goals and communication between the companies. This way, both companies know what they are working on and can approach each other. – Syed Balkan, WPBeginner

5. Create a co-branded product

Companies can collaborate on co-branded products, experiences and events. When we decided to create a dark chocolate oat milk, we knew we had to partner with a brand that shared our values ​​and had a like-minded fan base. We’ve partnered and co-branded with Brooklyn-based company Raaka Chocolate, which is also vegan and transparently produced. It was a phenomenal way to introduce Raaka fans to Willa’s Oat Milk and vice versa. – Christina Drake, Willa’s Oat Milk

6. Collaborate on a Social Media Campaign

Social media is an excellent platform to collaborate with other small businesses. The possibilities here are virtually endless. You can run bundled giveaways, host live events, share content, and more. I suggest finding partners that match your target audience and brand values ​​and plan your next exciting joint campaign. – John Turner, SeedProd LLC

7. Support each other through affiliate programs

One way two or more small businesses can support each other and market their own is through their respective affiliate programs. Affiliate marketing refers to the process of promoting the products or services of companies you are affiliated with. In general, these preferences facilitate monetary gains where referral trades or traction are rewarded through commissions. But companies can take advantage of this by leveraging each other’s reach. You can guarantee success here by measuring the value of your affiliates. Each affiliate gets a unique referral code. These codes allow you to track events or transactions made possible by a particular partnership or affiliation with a particular company. – Jared Atchison, WPForms

8. Offer gift cards

Suppose A and B are two companies. They can support each other by offering gift cards to their customers. For example, when you buy something from A, you get a coupon code or gift card that you can redeem at B. It’s a great way to drive more customers to the other store and boost their business. – Josh Kohlbach, Wholesale Suite

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