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Expand Your Business With Partnerships

expand your business with partnerships

Customers are much more interested in working with full-service providers, then splitting up their projects within multiple companies. What if we told you that there’s an extremely affordable way to offer your customers everything they dreamed of, making your business look like the ultimate hero?

Partnering with other businesses to expand your product offering is an extremely easy way to keep your clients happy and loyal. Many businesses specialize in a certain product, mastering it and having the best equipment and processes to get the job done. If you combine efforts, your clients will be extremely happy and both companies benefit from the partnership. It’s a ‘you scratch my back I’ll scratch yours’ type of mentality.

Partner with a competitor

Contrary to what you might believe, it can be beneficial to partner with businesses that might produce the same products as you, if you can build a trusting relationship. If you notice a huge increase in complexity or sizes of jobs, it could be cost effective to retain those clients by outsourcing. It would take a huge amount of pressure off your workload, but you would still retain that extra revenue. After all, it costs noticeably less to keep an existing customer than it is to find a new one. Plus, you can use the partnership when it benefits you, keeping you in control of your business.

70% of companies say it's cheaper to retain a customer than acquire one.

Expand your product offerings

Partner with businesses that can add to your product line. If you specialize in direct mail, find a partner that can print and affix the gift cards that go with it. There are billions of companies worldwide, you must think outside of the box when it comes to products you offer. Take your product offerings up a notch by partnering with other local businesses to create the ultimate package deal for your client.

Ask questions

If you aren’t sure how to expand your product offering, ask your customers what else they would like you to offer. Ask your sales team what products consumers ask for the most, or if consumers ever inquire about new products that could compliment your existing ones. You may hear about a combination you hadn’t thought of before. In most cases, it would be the most cost-effective to partner with another company verses buying equipment and training new staff.

Referral programs between businesses

If you aren’t ready to fully partner with another business, you could take the first step by creating a referral program that benefits both companies. Come up with a goal and research a company that could benefit from having a referral program with you. It would make sense for a masseuse to refer a nail salon, and vice versa. This is the perfect opportunity to start building relationships with the companies around you.

Final thoughts…

Just because a company might be your competitor, it doesn’t mean you can’t work with them to offer your customers even more. Maybe they do a special finish that your equipment can’t do, or they can print smaller qualities in a more cost-effective way. Whatever the reason may be, partnering with other businesses can give you the upper hand when it comes to selling your product. The more services or products you can provide up-front gives you protection against being replaced by a company that can do more. If you aren’t ready to partner with other businesses, then think about starting those relationships with a referral program.

If you think partnering with CARDSource would be beneficial, give us a shout! We would love to hear from you. Otherwise, let us know your thoughts about building partnerships in the comments.

Jade Beaver
Marketing Coordinator
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