Who Are Your Power Partners? Are You Losing Out on Cooperative Marketing Opportunities?
What exactly is a Power Partner?
A Strategic Partnership is a formal alliance between two or more brands with the goal to generate more business for each brand. A Power Partner (sometimes referred to as a JV or Joint Venture Partner) is the equivalent at the individual level.
In other words, it’s two people working together to better both their businesses. Typically, the main goal is to generate more leads, sales, and revenue for both of them.
Brands, both big and small, do this all the time. If you've ever seen a group of businesses or people team up to promote each other, then you've already seen this in action.
Why should I consider a Power Partner?
Individuals and small businesses should form strategic partnerships for the same reasons that big corporations are doing it!
It can be one of the easiest ways to find and engage new clients. Start by finding another brand with a similar ideal client and plan on how you’ll cross-promote each other to your audiences.
Top reasons you should find a power partner ASAP!
You can gain leverage faster.
Your power partners sphere of influence, while similar to yours, contains new contacts and people to meet.
You'll be providing real value.
Each partner will bring new and valuable expertise, knowledge, and resources to the table. Your recommendation will help your audience solve problems your product or service doesn't address.
People trust other people's experiences and stories more easily than your own marketing. Always. It's not you; it's human nature. When someone else endorses and promotes you, it builds your credibility and positions you as the expert. No one is a better cheerleader for your brand than a power partner!
Power Partnerships are definitely an investment of time and require a solid relationship, but they don't usually have a monetary commitment. This makes them a very cost effective way to increase your bottom line. With proper planning, you'll see more leads, more sales, and more revenue. Win!
How else are you going to get access to an audience so open to your message? These are people who already know, like, and trust your partner. Many are already doing business and making purchases so it's likely they will be open to buying from you, as well.
Plus, you if you decide to delve deep and launch a product together, you can share in advertising costs.
There are nearly endless ways to partner. You're limited only by your imaginations. We’ll post more about partnerships (and our favorite partners) in the future.
What are your thoughts? Do you see how developing a partner relationship could benefit your business? Drop us a comment; we really want to know!