Scratch my back, I’ll scratch yours – Partnerships
Discover the undeniable value of partnerships
No man is an island; your business shouldn’t be one either. Forming the right partnerships can play a large part in your business’s future success. A partnership is a mutually beneficial arrangement between two noncompeting businesses. We understand how relying on your own resources, efficiency and objectives can be attractive; however, working together with a reputable organisation that has similar interests – but doesn’t compete with your directly – can vastly improve your potential for success.
The benefits of forming solid partnerships
Everybody wins – Referral, recommendation, rewarding experience
Firstly, you need to have a thorough understanding of your customers and any products or services that they are looking for, that you can’t provide. This will allow you to determine any value-add offerings that they require, and direct you towards the relevant companies with whom you can build fruitful relationships.
Since we’re looking at partnerships, we might as well use a business model that is built on the notion of partnering, wedding planners.
If you are going to be planning a wedding, your customers will most likely need:
- A venue
- A photographer
- Tailored suits and dresses
- Make-up for the bridal team
Contact these organisations and ask them if they would be interested in forming a referral partnership. If someone walks into a dress shop looking for bridesmaid’s dresses. You can show them your outline for a comprehensive wedding plan. On the other hand, if you are working with a bride and her husband, you can suggest members of your network as reliable sources for a quality venue, catering, etc. The result? The recommendations and referrals will bring a steady stream of business to you and your partners. Just remember that the referrals you make reflect on your company as well as your partners; news of bad experiences travels faster and more frequently than any triumphs you may have enjoyed.
Partnerships offer additional benefits over and above the referral system. These include:
When you build your network of partners, you don’t just increase your visibility; their assets, skills and technology become an extension of your business, allowing you to improve your productivity and offer your customers added value.
Improved value proposition
The connection between two or more businesses breeds opportunity for better value for your clients. They can now enjoy access to a wider range of purchaser options, which they might not have previously discovered. This is also why it’s important only to offer referrals to companies that you know you can trust. Your customers will appreciate the convenience and quality that they receive.
Partnerships are a strategic advantage to any business, in any industry. Your business may be able to survive alone, but if you really want to strive for greater success, a partnership or two, may be just what you need to consider.
Truckworld Rental thrives on the invaluable partnerships it has built with road transport, civil works and construction companies in Western Australia. Get in touch with us for quality vehicle and equipment hire. or to find out how you can be a part of our growing network.