In a far-reaching market that can go global, getting a competitive advantage depends not only on what you can do, but who you work with. Partnerships with other businesses, brands and even non-profits can be critical to getting your message out and should be an integral part of any successful business strategy.
That’s what public relations professional Jessica Huie of JH Public Relations professes in an online article titled “The Power of Partnerships in PR.”
Huie writes that “Partnering is absolutely key in growing any business.” She also advises to not limit your potential, but to think big. Here’s her blog in its entirety:
There are many different business titles used to describe the coming together of two brands with the ultimate aim of reaching a new audience, improving their service or to create a new PR angle.
When we talk about partnerships we are referring to collaborating with like-minded brands which share a brand ethos and target market in order to reach a wider audience and create a newsworthy PR angle.
One of the most common mistakes small and medium-sized businesses make is limiting their own potential by thinking too small. Partnering is absolutely key in growing any business. A small business does this by standing on the shoulders of bigger and more established brands for mutual benefit.
If you want to partner with big brands then you have to think like them — and be sure that you can cater to the increased demand that your partnership will likely deliver!
So, what do you have to offer as a small brand? The answer will be personal to you and your business, but it’s certainly not necessary to have deep pockets.
Big brands will expect you to demonstrate your capability, so you’ll need tangible indicators of your company’s ability to create results. As we are talking PR, perhaps the most important element of your pitch should be how you intend to promote your partnership and the benefits it will deliver.
Which brands can you partner with for mutual benefit, and in turn generate press coverage from? Ask yourself the following questions and you’ll emerge with a list of target partnership brands:
>Which brands share your target market but are not your competitors?
>Which brands share your company ethos?
>Which brands are vocal about wanting to cater to your target audience?
In this global market, competitive advantage depends not only on what you can do, but of equal importance, who you work with! Partnerships have become a critical part of any successful business strategy.
Lastly, remember that your currency could be a free product, access to your database, and of course the all-important benefit of free positive publicity for the big brand.
Everyone loves a story of David partnering with Goliath, and the media will too. It makes the big boys looks good, so think big and get out there and capitalize on all of the partnership opportunities for your brand just waiting to happen!