Joining Forces: Business Collaboration Tips

Summer is a perfect time for get-togethers, whether it’s a backyard gathering with neighbors or a beach trip with extended family. So why not do the same with your company? By partnering with other local businesses, you can each broaden your audience and better stay top of mind with clients all season long. Here are some tips to help you get started on a red-hot summer business collaboration.

Perform research

Like with any relationship, you need to do your due diligence before committing. Begin by casting a wide net, looking for local businesses either within or outside your industry that could complement yours. Consider joining relevant groups, where you can meet an array of like-minded owners and have a natural opportunity to learn more about them. Once you start establishing connections, whittle down your potential partnerships to those you really know, like, and trust (and who feel the same about you). Then bounce ideas off them to better gauge how you’d work together before making your final decisions. The more confident you are in your selections, the more likely your summer collabs will be a smashing success—and even keep going throughout the rest of the year and beyond.

Focus on the “co” of collaboration

Any partnership you have can only be successful when you are up front about your endgame and understand and respect the other business’s goals. Saying what they want to hear as you’re forming the relationship but then later flipping the switch (intentionally or not) on social media or at an event would just be bad business. In contrast, being forthright will allow everyone to determine whether the partnership would be a good fit and, if so, the parameters for it, such as responsibilities, revenue shares, and expected length of the alliance.

Such harmony often starts with having similar missions. For example, if you’re a real estate agent, you know how important open houses can be for your business. Say that you meet a local baker who creates amazing cookies and, just as important, is an amazing person. Their treats would make your open houses undeniably welcoming, but how could you help them in return? By doing what you do best: selling. Prominently display a stack of their business cards, and maybe even a small ad, by the food, and name-drop the bakery whenever people start sniffing around for sweets. (The baker would have your business cards on their counter as well, of course.) Ultimately, both of your businesses would win because you share the same purpose: making potential customers feel at home.

Decide your “how”

The previous example illustrates a common way of doing business collaborations—sending new potential customers each other’s way—but it’s certainly not the only one. Another tried-and-true method is cosponsorship, such as by supporting a local kids’ sports team together. This could get your names in their programs, on their uniforms, or even on their field. Events are also a surefire way to improve visibility. Whether you cohost a picnic in the shade of a park, hold a fun joint giveaway, or lead a philanthropic fundraiser, it will bring your community together—and both businesses will reap the rewards of spearheading it.

There are also several ways to meet potential customers together online, which may be particularly effective during the busy summer season. Teaming up on a monthly or quarterly e-newsletter would keep your businesses top of mind and your customers in the loop with updates, seasonal tips, and limited-time offers. Connecting on social media in particular can make a huge impact, if only because it can potentially expand each business’s online reach. Share each other’s posts, and consider doing online collaborations, such as creating fun reels showing your businesses’ joint effort and touting upcoming events and promotions.

Remember your “why”

For any business, the easy answer to this is “sales.” However, since summer can be an unpredictable sales season in general, you and your cohorts may want to think longer term—for instance, focus on pumping up awareness and word of mouth instead.

Here’s a scenario to illustrate the point. If your business is a car dealership, one of your advantages is abundant space. In contrast, a place that often lacks square footage is a pet shelter. A shared goal? Foot traffic. Setting up and heavily advertising pet meet and greets every month would seamlessly bring even more people to your dealership and provide the shelter ample room to showcase animals available for fostering or adoption. As a bonus, you’ll be remembered fondly as the “dog dealership” and more awareness will be created about pets that need homes and where to find them.

Summer is a time of endless potential and making dreams come true. Put a little legwork and creativity into seasonal business collaborations, and you can strengthen both your and the other owners’ sales while also establishing yourselves as pillars of your community.

TAKE ACTION:
Research businesses that could be potential partners, and commit to reaching out to at least one of them before summer ends.