Building Business Relationships - Part 3: Establishing Collaborative Partnerships with Equine Business Professionals
By: Carol M. Aldridge
In this final volume of our latest series, we’ll take a look at the benefits and process involved in establishing collaborative partnerships with other equine industry professionals. If you have been actively building business relationships for a while, you will have most likely identified a group of like-minded business owners with whom you’ve established a mutual sense of trust and shared values, and the proven ability for support and exchange. For example, I’ve formed strong relationships with other equine entrepreneurs through mastermind groups, social media groups and member networking groups just to name a few. These are the places that have facilitated the kind of in depth sharing of ideas and knowledge that lead to trust and respect.
“Business collaboration is the act of pooling knowledge, resources and relationships for the sake of pursuing shared goals.”
The main benefit of collaboration is the possibility for enhanced marketing to a wider audience. If done right, you have the potential to expand your services offered while perhaps doubling or tripling your reach by promoting to both of your business contact lists.
Several important steps to consider when building collaborative partnerships:
- Identify Individuals with whom you have a solid relationship and who provide complementary services or products.
- Offer to schedule a discovery session, and prepare key questions and topics for discussion.
- Sample each others’ products and services.
- Brainstorm to outline how you will join your services and products.
- Identify your target market and craft your promotions.
- Create a contractual agreement outlining expectations, systems, schedule, goals, etc. Be clear and detailed.
- Throughout the process, work to proactively address conflicts and issues.
Types of collaborative ventures:
Host a teleconference or webinar
Create an ebook together
Cross-promote services/products through mailed letters, email and social media
Provide reciprocal guest blogging
Share a booth at a trade show
Work together on a social media contest
The possibilities are endless and so are the benefits. Remember, some collaborative ventures will be long-term, and some will be temporary. Whatever the goals and lifespan of the venture, always keep the lines of communication open. Expect to revise your agreement regularly as situations arise that you may not have anticipated. And finally, be creative and bold - and enjoy the exciting new marketing options, visibility and business that will come your way!
Of course, this is just the beginning. In the future, we'll cover even more detailed information on networking, list building, effective marketing strategies and general business productivity geared specifically for equine business owners and managers. If you're not currently subscribed to our email list, SIGN-UP HERE to assure you don't miss out on any of our upcoming articles. Thank you for reading!
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Equine Office Solutions provides online administrative & marketing support services for busy equine business professionals. Clients enjoy partnering with an experienced professional who takes an interest in their business, providing consistent, quality results. Contact Carol Aldridge for a complimentary consultation and learn how Equine Office Solutions can help streamline your business, increase efficiency and free up more time so you can get out of the office and back in the saddle!