Low-Cost Brand Partnership Strategies To Grow Your Small Business

Collaborating with another company is a great way to introduce your business to a whole new audience, increase brand awareness, and ultimately boost sales. In fact, 54% of businesses say collabs like this account for over 20% of their total profits. By partnering with a brand that shares a similar customer base and sells products that complement (rather than compete with) yours, you can successfully engage existing customers and grow your reach even further. Although there’s many different ways to do this, creating cross-promotional discounts, co-branded products, and joint giveaways are some easy, low-cost strategies to get started with.

Cross promote discounts

It’s no secret discounts drive sales. Over 65% of customers have made a purchase they weren’t intending to due to finding a discount. So, team up with another brand and offer your customers discounts for their products, and they can do the same for you. For example, a bookstore could partner with a coffee shop to offer customers 10% off when they purchase a coffee and a book. This is a mutually beneficial relationship that drives customers to both businesses. Plus, if you’re a newer business, it can be even more effective to partner with a well-established company. A trusted brand that endorses your business with a discount lends you credibility in the eyes of customers.

Create a joint product line

You can also team up with another business to create a joint, co-branded product line. Yes, this one requires a bigger financial investment, but it can actually help you save money if you were intending to expand your offerings anyway. For example, it’s faster, easier, and cheaper to combine resources with another brand to fill a product gap rather than coming up with a fresh product alone.

Before going down this route, you’ll need to first financially protect your business, so you have greater freedom to take the strategic risks needed to grow. The right insurance provides essential protection in this regard — yet shockingly 29% of small business owners don’t carry any insurance at all. In particular, living insurance acts as a financial lifeline if you become sick or injured. With this insurance, you’re paid a set monthly sum if you find yourself unable to work.

Host a giveaway

Running a collaborative giveaway on social media is another low-cost way to generate buzz around your products and boost your follower count. This involves you and your partner pooling together a few special brand goodies (something from each of you) to give away to a lucky winner. To enter, people should follow both your pages, tag their friends in the comments, and repost the giveaway on their own profile. Your collaborative giveaway will automatically be seen by at least double the amount of social media users than it would do if you were going it alone. As your followers increase, you’re bound to make extra sales as a result and grow your business.

Joint Webinars or Workshops

Partner with another business to host a free webinar or workshop. You can each contribute your expertise, attract attendees from each other’s networks, and provide valuable content that positions both brands as authorities in your fields. This collaboration can be especially effective for service-based businesses or those in the educational space.

Shared Content Creation

Collaborate on creating content such as blog posts, videos, or podcasts. Each partner can contribute their own perspective or expertise, and you can share the content across both brands’ platforms. This approach not only enriches your content but also reaches a wider audience without additional cost.

Customer Referral Programs

Develop a referral program where each business rewards customers for referring new clients to the partner brand. For example, a fitness studio and a health food store could set up a referral system where customers get discounts or freebies for referring friends to each other’s businesses.

Host a Joint Event

Organize a small event, such as a networking mixer, pop-up shop, or community gathering, with another brand. You can split the costs and responsibilities, and each business can benefit from increased foot traffic and brand exposure.

Social Media Takeovers

Arrange for a social media takeover where a partner brand temporarily controls your social media accounts and vice versa. This can introduce your brand to their followers in a fun and engaging way, creating buzz and potentially driving new followers and customers.

Cross-Promotional Blog Swaps

Exchange guest blog posts with a partner brand. Each of you writes a post for the other’s blog, allowing you to tap into each other’s audience and gain exposure to potential new customers.

Bundle Offers

Create special bundles where products or services from both brands are offered together at a discounted rate. This strategy benefits customers with added value and encourages them to explore both businesses.

Email Newsletter Collaborations

Feature each other in your email newsletters. Share a special offer, spotlight, or article from your partner in your newsletter, and have them do the same for you. This cross-promotion can increase visibility and drive traffic to both brands.

Brand partnerships can be an effective way to market your small business without spending a lot of money. By gaining access to a whole new audience, you increase your customer base, generate sales, and boost your bottom line.

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RCP