What do you own that you would be willing to put on the line in…
So many businesses across Canada have had to shut their doors because of the coronavirus pandemic. For a few business owners, the extremely unfortunate reality that their businesses may have to shut down for good has set in. For so many others, it may not be business as usual, but continuing to march forward is the mission.
The top way to generate revenue, during this time of shutting down, is to do so online. But entrepreneurs should take things a step further. Why promote your business only on its website and social media accounts? Why not partner up with other businesses in order to expand your reach during a time when reaching people is harder than ever?
Partnering with another business will grow your brand’s prestige.
Imagine the impression a person will get when he/she visits a restaurant’s website to place a meal order and sees a link to your store’s site. Arguably, there’s never been a more important time to cross-promote. It’s vital that you let consumers know your brand still exists. Not only will you alert the public of your existence when you align with other businesses, you will make great impressions on those who might otherwise not know you exist.
“When you work with another brand, you essentially give your own brand higher value perception,” notes Tommy Wyher on Influencive.com, “Simple math makes it easy to understand how this works…The combined value of two brands equals more than either of the two brands standing alone. Of course, this is only true if both brands are in good standing and have solid reputations.”
It’s wise to show your charitable nature.
It goes without saying that giving to charity is a good thing to do. Arguably, there’s never been a more important time to be generous than right now. The coronavirus pandemic has been hard on everyone. If you don’t have the financial means to donate, right now, you can show your charitable nature by teaming up with and supporting charities by placing links to their sites on your site.
“The fact is any business can find an opportunity to work with a non-profit, cause, or charity,” reads Kabbage.com, “To maximize the benefits from this type of partnership for both parties, there should be some amount of synergy. To figure this out, it’s a good idea to consider customers. What would they be interested in supporting?”
Your new partnership will serve to grow your audience.
If you own an auto repair shop and you have a cross-promotion agreement with a car wash, it’s not unlikely you’ll grow your customer base. Keep in mind that as much as your business needs customers, consumers need your business. Aligning your brand with a non-competitor related to your industry is a great way to grow your audience.
“Working with a brand allows you to extend your reach even further,” says Wyher, “This is because you can capitalize on your partner’s customers, too. Let’s say you run a local coffee shop. You might partner with a local bakery or brewery to bring in baked goods or craft ales, depending on the premise of your business. In turn, perhaps, a bakery would sell coffee using your branded beans.”