How do partnerships work? Essentially, two companies with similar markets approach each other and brainstorm ideas of how they can work together to achieve their goals for growth. This is the idea behind sponsored YouTube videos and affiliate posts on blogs, however it expands much farther than simple sponsored partnerships. Take Etsy for example, who have settled on a deal with West Elm that allows the online craft site’s products to be listed in West Elm’s stores and catalogs. This partnership benefits Etsy and the creators who fill it with content, as it promotes sales in a new market – in this case, products that were previously available only online can now be purchased through catalogs and in-stores, opening up to a large new audience that likely would not have seen the products otherwise. In turn, West Elm gets a portion of the revenue from sales, allowing them to benefit equally from the partnership.
While having partnerships is evidently very beneficial, establishing productive partnerships can take more time and effort than one may expect. Not every partnership offer will be philippines phone number list mutually beneficial for both companies, however there are a number of guidelines that can be followed in order to ensure that any partnerships sought will allow both entities involved to benefit equally:
Partner with the right organizations.
Personally reach out to potential partners.
Devise campaign ideas to pitch to potential partners.
Use trusted business practices.
The first step of creating a partnership is finding a partner. This is perhaps the most important part of creating a productive partnership, as it will set the tone for any future action taken. Be sure to contact only companies that have products or services that will work well with what you are currently selling. A company selling power tools may not want to partner with a company selling crafts, but working with a landscaping service may be a productive partnerships.