Tips for Developing Successful Strategic Partner Sponsorships
Knowing how to join forces with another business is a key factor in making any growing company successful.
A strategic partnership with a sponsor can let you leverage their brand to give you more exposure. They could help you win business by offering services that are compatible with or complimentary to yours, or help you find new clients targeting the same industries by partnering on various ventures and events together. When it works well, a strategic sponsorship can be just what you need to speed up the growth of your business.
In the luxury goods and services world, partnerships are often based on finding ways to combine talents and resources to mutually promote and strengthen each other’s brands. Here are a few valuable lessons in developing strategic partnerships:
Find the right fit
Finding the right strategic sponsor is similar to building a great internal team. You will be working closely together, so it is important to have a good connection. Make sure that your ideas of how to best utilize your strategic partnership is similar, and that you share the same ideas about marketing and promotions. It is also important that the relationship be equitable. You will want to make sure that you are both bringing contacts, connections, and ideas to the partnership that will help you mutually grow your businesses.
Establish clear objectives
Making sure all parties are on the same page greatly improves your chances of a positive outcome. It also provides you with benchmarks for measuring a partnership’s success. Make sure you know what you want to get out of the sponsorship and have a rock-solid grasp of your partner's goals. This will make sure that everyone is aligned and has complementary visions of what success looks like so that both sides of the will feel rewarded by your joint ventures.
Getting the most out of a sponsorship starts with building trust. Remember, you will potentially be sharing trade secrets, technology, staff and client lists with a strategic partner, so it is important that you have a relationship that is built on a mutually beneficial commitment. In today’s highly competitive world, it is completely acceptable to expect that a sponsorship is also an exclusive one.
Understand what makes your businesses unique
Having a clear grasp of your own intellectual property and your own unique value proposition will help you bring the best representation of your brand to the partnership. Knowing what your strengths and weaknesses are will help you build a relationship that enhances what you both do best and fill the gaps where you are still building.
Once you have found a great partner, established a good relationship and figured out your objectives, don't forget to keep communicating. Maintain contact with frequent check-ins to talk through any issues and make sure you are frequently including them in regular events and promotions. This will keep confidence levels high on both sides and ensure that your partnership achieves the goals you have set for maximum impact and success.
Getting Involved: 4 Tips for Helping Local Businesses Come Back from Covid
Back in March of 2020 when we first began dealing with the Covid pandemic, few of us could predict that some six months later, we would still be dealing with the fallout from this global pandemic. It has been a stressful time for all to say the least, and small businesses have especially felt the strain as they’ve struggled to stay afloat amidst strict rules for staying open and doing business. With so many rules about how people can gather and socialize, the service and hospitality issues have been especially hard hit. As we continue to find ways to keep our lives and local businesses going while still keeping people safe, it’s vital that we do our part to help the businesses in our communities motivated and moving forward. Whether you’re an individual or a business owner yourself, there are many ways you can help build and strengthen your local business community. Here are some tips on how you can help your community stay strong as we fight and find our way through Covid.
Do the Little Things to Help Business
During these times where businesses are struggling to keep their doors open for even the limited time they’re allowed to be open, there are ways that every patron can help. Get takeout from your local restaurants a couple of nights a week. Ask your local merchant for in-store credit rather than a cash refund when returning something. Purchase gift certificates to give as gifts or to use yourself later down the road to provide merchants with more cash flow now when they need it the most. Leave positive reviews on social media and Google My Business when you have a positive experience and talk about a great experience on your own social media by sharing them with your own network. Committing to doing little efforts like this can add up to a big impact when several people decide to help within the community.
Form a Business Marketing Coalition
One of the main messages we’ve heard during this epidemic is that we are “stronger together”, and this positive message can definitely carry into the business community. Finding ways to join forces with other local businesses that offer complimentary products or services to yours and market those services together is a great way to entice consumers back and give them some motivation to become customers once again. If you’re a limousine company, for instance, finding restaurants in your community to offer a “night on the town” promotion can be an exciting and vital offering to both energize your mutual businesses and the spirit in the community. Special events have been especially hard hit during Covid. If you’re a wedding planner trying to scramble to help couples find a way to still have some semblance of a wedding celebration, partnering with an event venue that offers an outdoor space or small gathering room to promote your services can help you both get the word out that you’re still doing business, even if the scope of those services has changed.
Share Your Expertise
Have you become particularly good at promoting your business via social media? Found a way to make email marketing work for you? Sharing that expertise and knowledge with other businesses and helping them launch a new way to market their services can be an essential tool for helping them survive the pandemic. Maybe they have found a great way to utilize a local publication to offer specials and coupons for their services, and you can take advantage of their foothold to do the same. Sharing your mutual customer lists will help both businesses expand their network and offer services to your community that gives them more options as to where they can acquire products and services they need during this time.
Sponsor Events with Other Local Businesses
Got an idea for a great fall get together that can fit within Covid safety parameters? Go to other local businesses and pitch it and find people within your community to sponsor it, or sponsor part of the event yourself. Get your local media involved in helping to promote it and use social media platforms to get the word out to the community. It’s important that we find ways to lean into what we CAN do during this time of Covid restrictions and adapt to this new temporary normal to keep local businesses open and thriving as best they can until we are able to go back to business as usual. A successful event like this will help spread the word to other communities that can do the same, and that there is still opportunities to do something proactive during these challenging times.