8 ways to collaborate for success

By Chris Haycock | 29 May 2022

Collaborations can be the magic key to unlocking potential revenue. Here are eight brilliant ways that you can collaborate with others.

I've found the most successful business growth strategy that gives the biggest (and quickest) returns is...

COLLABORATION 🤝

Maybe with one exception... SEO, but that's for another post.

If you're in business, always be on the lookout for potential partnerships, co-sponsorships and collaborations with other businesses who operate in the same market.

Take wedding organisers, for example. The most successful organisers collaborate with dress designers, cake suppliers, florists, venues, etc, who either get commission from referrals, have struck up deals to reduce their own costs, or reach new prospective clients.

Just one strategic partnership can deliver MASSIVE growth.

Collaboration ideas

1. offer a white-label version of your product at a reduced cost
2. share leads (with users permission)
3. offer your products as an upsell/bonus
4. offer their products to your customers with a commission
5. cross-promote your brands on social media
6. co-brand your products
7. share the costs of marketing
8. learn new skills from each other

Collaborations sometimes mean cutting into your profit margins, but the extra sales will often outweigh this, especially if you have a high customer lifetime value (CLTV). Sometimes, it's even worth a small loss (called a loss-leader).

Always be looking for potential businesses that overlap with your own target audience which you can partner with for a quick-and-easy win/win scenario.

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