This is one of the most efficient growth hacks for entrepreneurs and business owners. A partnership is simply joining forces to excel. For example, if you have 2,000 followers and another business in a related field has 3,000 followers, partnering up will help increase both businesses' reach to 5,000. Few who know and apply this way, but those who do, easily reach wider reach, multiply their followers, and boost their sales.
“According to Bain & Company, a 5 percent increase in customer retention can mean a 30 percent increase in profitability for a company.” said Ryan Holiday in his famous book “Growth Hacker Marketing”
Partnering with other businesses in a related field is one of the fastest ways to grow. Communicate with another entrepreneur or business owner with a convincing proposal to collaborate to boost both businesses.
- When searching for partners, avoid direct competitors.
- Search for businesses related to your product/service and propose an offer to unite what you both provide to offer bigger value and for a wider audience.
- Contact potential partners professionally with a phone call or an email.
- Partnerships could be by making packages, sharing each other’s posts, or simply tagging one another.
Author By:
Adam Mikati