Think you have to go at it alone as a small business? Think again.
Growing your business can be hard work. But teaming up with businesses that offer complementary products or services can help you tap into new customer bases and expand your reach. The bottom line: Success can be sweeter when shared.
Here are 10 creative ways to team up with other businesses to boost your brand and grow together.
1. Cross-Promotions and Discounts
Make your business stand out while giving your customers a little extra savings. Partner with another business to offer special deals to each other’s customers. This not only drives traffic to your business but also builds community by introducing your customers to local favorites.
Ideas to get you started:
- Make discounts exclusively for each other’s customers.
- Design coupons or digital codes to distribute at checkout.
- Include offers in newsletters and share on social media.
- Track redemption rates and gather customer feedback.
Picture it in action: With each coffee purchase, Beanie Brews gives out coupons for 10% off at Page Turners, a local bookstore, while Page Turners does the same in return. They place each other’s flyers at their counters and promote the discounts on social media. The result: Customers flock to Beanie Brews for their morning coffee and then to Page Turners for a good book to go with their coffee.
2. Joint Referral Programs
Referrals work. Dropbox, for example, exploded in popularity through customer referrals. Team up for a joint referral program with another business to enhance credibility and attract new clients through mutual endorsements. You’ll also strengthen your local business connections and foster a sense of community.
Ideas to get you started:
- Discuss how to track referrals and decide on rewards (for example, thank-you gifts or discounts).
- Make sure you fully understand each other’s services so you can make confident recommendations.
- Distribute referral cards and promote the program through various channels.
- Hold regular check-ins to assess and make improvements.
Picture it in action: Over coffee, Lucy from Pixel Perfect, a web design studio, and Max from Click Boost, a digital marketing agency, discover they’ve referred a mutual bakery client to each other. This leads to a lightbulb moment: Why not create a joint referral program? They hand out eye-catching referral cards and track each referral meticulously. The collaboration brings in a wave of new clients.
3. Joint Marketing Campaigns
It can be tough (and costly) to stand out in a crowded market. Joint marketing campaigns offer a powerful way to enhance your visibility. Combining your marketing efforts lets you share costs and creativity to reach a wider audience and create impactful, cost-effective campaigns.
Ideas to get you started:
- Brainstorm joint campaigns that will appeal to both customer bases.
- Consider joint social media videos, co-hosted events or bundled promotions.
- Track success through social media engagement, event attendance and sales.
- Try themed campaigns like “Summer Fun” to highlight seasonal offerings.
Picture it in action: Sarah discovers FlexFit Studio and Nature’s Nourish through their joint “Healthy Living” campaign on social media. She enjoys a free yoga class at FlexFit where she gets to sample snacks from Nature’s Nourish. Delighted, she signs up for a FlexFit membership and regularly visits Nature’s Nourish to maintain her healthy eating regimen.
4. Shared Space and Resources
“The whole is greater than the sum of its parts.” This Aristotle quote perfectly captures the benefit of sharing resources with another business. By teaming up with a business with similar space and equipment needs, you can reduce costs, streamline operations and create an environment ripe for collaboration and community engagement.
Ideas to get you started:
- Discuss how to split the costs of rent, utilities or shared tools.
- Set clear terms and schedules for space and equipment usage.
- Regularly communicate to handle any issues and ensure satisfaction.
- Set up a shared calendar or schedule board to manage usage effectively.
Picture it in action: When photographer Jane and videographer Mike decided to share a studio, they had no idea it would lead to such success. Splitting rent and equipment costs gave them both access to a top-notch studio and led to new clients and referrals—like the clients who came for an engagement video and ended up booking their wedding photography as well.
5. Collaborative Workshops or Classes
Attracting new customers can be a challenge for small businesses, but collaborative workshops offer a creative solution. Both businesses get to provide unique and engaging experiences that draw in a broader audience. This collaboration increases your visibility and builds a sense of community.
Ideas to get you started:
- Brainstorm workshop ideas that highlight both businesses’ strengths.
- Jointly promote the event through social media, newsletters and in-store flyers.
- Collect feedback to improve future events.
- Follow up with participants with a newsletter recap or future event discounts.
Picture it in action: The Healthy Cooking Class, co-hosted by Gourmet Kitchen and NutriLife Wellness, teaches participants to prepare delicious meals with a Gourmet Kitchen chef while NutriLife’s nutritionist explains the health benefits of each ingredient. Attendees leave with new recipes and a better understanding of healthy eating habits.
6. Collaborative Product Bundles
Think of collaborative product bundles as the perfect combo for success. By combining your products with those of a complementary business, you can create packages that are appealing and offer more value to your customers. This approach can boost sales and set your offerings apart from your competition.
Ideas to get you started:
- Offer special bundles for holidays or events to generate excitement and urgency.
- Create limited-edition bundles for special occasions.
- Include samples or small items from both businesses to entice customers.
- Track sales and gather customer feedback to improve future bundles.
Picture it in action: The Cheesy Corner and Vino Veritas create a “Gourmet Getaway” bundle, pairing artisanal cheeses with curated wines in a picnic-themed presentation. Their promotions invite customers to enjoy a mini-vacation with each bite and sip, driving sales as customers share their “Gourmet Getaway” experiences.
7. Event Sponsorship
Imagine your business logo on a banner at a local holiday market or charity run. Local events like town festivals and school fundraisers regularly seek sponsors. Stepping up as a sponsor lets you engage with your community, share costs and connect with a wider audience.
Ideas to get you started:
- Research festivals, charity events and community gatherings that attract your target audience.
- Reach out to the organizers to discuss sponsorship opportunities.
- Collaborate on the event details to ensure your brand is well-represented.
- Promote the event through social media, email newsletters and in-store signage.
Picture it in action: FitGear sponsors Pedal & Play Cycling Day, bringing families, friends and cyclists together. Their event booth showcases fitness gear and interactive demos, with a special discount for on-the-spot purchases. The result: Increased sales and a strengthening of community ties that make customers feel part of something special.
8. Group Buying and Vendor Negotiation
Team up with businesses that need similar supplies for bulk discount savings. By pooling orders, you can reach the minimum quantities needed for discounts that would be out of reach for your businesses individually. This strategy cuts costs and strengthens your bargaining power, helping your buying group secure better deals from suppliers.
Ideas to get you started:
- Discuss which products or services to purchase together.
- Approach vendors as a group to negotiate better prices and terms.
- Establish clear guidelines for decision-making and conflict resolution.
- Regularly review vendor agreements to ensure they meet everyone’s needs.
Picture it in action: After teaming up with Green Leaf Café, Bella’s Bistro and The Rustic Spoon to buy in bulk from wholesalers, Savory Bites was able to cut its food costs by 15% while improving ingredient quality. This collaboration saved money, increased customer satisfaction and strengthened the community of local restaurateurs.
9. Joint Ventures
When two businesses team up on a project or product, they can combine resources and expertise to achieve something they couldn’t do alone. Take the joint venture between Google and NASA, which began in 2005 and continues today with projects like tracking local air pollution. This is a grand-scale example, but you can find similar joint venture success working with local businesses complementary to yours.
Ideas to get you started:
- Discuss project goals and outline each party’s responsibilities.
- Agree on financial contributions and develop a detailed plan.
- Maintain communication to ensure everything runs smoothly.
- Consider launching with a special event or campaign to generate buzz.
Picture it in action: The Hoppy Canvas, a local art gallery, and BrewMasters, a craft brewery, teamed up in a joint venture for their “Palette Pleasers” beer series. The results were impressive: a 30% increase in gallery visitors and a 25% rise in brewery sales. Their kickoff event drew over 500 attendees for live painting and beer tastings and tripled the social media buzz for both brands.
10. Knowledge and Skill Sharing
Knowledge and skill sharing among local businesses helps everyone grow. You learn from each other’s successes and challenges and build a more close-knit, supportive local business network. Plus, staying in close contact with other business owners could lead to new collaboration opportunities.
Ideas to get you started:
- Hold regular meetings or workshops to exchange ideas and discuss best practices.
- Collaborate on training sessions or create a shared resource library.
- Set up a cross-business mentorship program.
- Develop case studies together to analyze success and challenges.
Picture it in action: Sometimes the oddest pairings make for the best collaborations. When theater group CurtainCall met accountants from CountOnUs at a networking event, no one could have predicted they’d be sharing knowledge and skills. But their discussions soon led to workshops where accountants upgraded their presentation skills and theater staff gained financial management knowledge.
Ready to take your small business to the next level? Sign up for Small Biz Ahead for more creative ideas, how-tos and success stories. Let’s grow together—join our community today!