FEATURE ARTICLE By Becca Tebon
CREATING ADDITIONAL INCOME THROUGH PARTNERSHIPS Snowball your brand utilizing the bandwidth of other companies By Becca Tebon
hen two (or occasionally more) brands put their heads together and work on a project, something beautiful can happen. Strategic marketing and product partnerships is about two businesses combining skill sets, audiences and, normally, budgets while working to their respective goals. Cultivating partnerships can snowball your brand utilizing the bandwidth of other companies. WANT TO GROW FASTER AND STRONGER? Before discussing what makes a great partnership, it’s important to have a concrete brand for yourself. Start by defining your brand using
these three steps, enabling you to clearly showcase who you are and how you help others when pitching your product or service. STEP 1: Define your target audience: First, understand your ideal customers. Create buyer personas, called avatars, by listing what you know or envision about them, such as their age, occupation and interests. Understand what problem you answer for them. Knowing your customers will make it easier for your brand to address their needs, speak their language, and hence, identify and share it with potential brand partners. Remember, the riches are in the niches. An inch-wide meaning,
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be a very highly targeted subsection within a category. A mile-deep meaning, there are a lot of people looking for a solution to a specific problem. Dominate one niche at a time. Author Simon Sinek said, “People don’t buy what you do, they buy why you do it.” Sinek’s famous “Golden Circle” encourages brands to focus on the why, before tackling questions of how or what. Focus on your brand’s core values and purpose, and the rest will easily and organically fall into place. Ask yourself the following three questions: Why does your business exist? How does it do business? What does your business do?