Think about some of the most successful businesses out there. Odds are, they’ve got a great team of strategic partners in their corner.
Statistics show that 57% of companies leverage strategic partnerships to acquire new customers. Another 44% use partnerships to get innovative ideas.
Strategic partnerships are key to your event planning business’s success and growth. The partnerships will be a surefire way of growing your company without investing in new resources.
Are you still wondering why you should form strategic partnerships with other event planning professionals? Read on to learn how partnerships will benefit you and how to form them.
An Opportunity to Improve Profits
The first and most obvious reason for forming strategic partnerships is to improve your profits. When two businesses come together, they can share resources and knowledge to improve their bottom lines.
For example, let’s say you’re a small business specializing in planning weddings. You might partner with a large event planning business that can help you get your services in front of a larger audience. The large company will benefit by offering their customers new services, and you’ll benefit by increasing your sales.
Increased Brand Reach
Another reason for forming strategic partnerships is to improve your brand reach. When you partner with another business, you have the opportunity to tap into their customer base. This means you’ll have a double client base, making you better positioned to grow your event planning business.
For example, suppose you’re a small event wedding planner. You might partner with a well-known brand with a huge online presence. You’ll benefit by taking advantage of the already established brand name and using it to make your brand more known.
Co-Branding Opportunities
A strategic partnership will allow your business to benefit from co-branding. This strategy involves utilizing two or more brand names on a service or product. You and your partner’s brands will contribute their own identities to form a melded brand that has unique logos, color schemes, and brand identifiers.
The main advantage of co-branding is that it will convince clients to pay a higher premium for the new melded brand. It’ll also minimize the risk that your private label competitors will copy your products.
If you align yourself with the right partner, co-branding will increase your brand’s reputation and credibility. Consequently, you’ll have more loyal customers.
Improved Customer Service
When you have a partner, you can pool your resources and knowledge to provide a better service to their customers. You can improve your customer service without hiring new employees or investing in new technology.
Suppose your small event planning company forms an alliance with a large company renowned for corporate planning. The two companies can work together to create a seamless customer experience.
For example, you might benefit from having access to all the venue amenities that make an event successful. The result is a more efficient and effective operation that provides better value to customers.
More Innovation
When you and another business form a partnership, you’ll bring a diversity of perspectives, knowledge, and ideas. Such diversity can lead to a more creative approach to problem-solving.
You can also use your diverse skills to improve your services without investing in research and development. The ultimate result is more innovative solutions. For example, you’ll learn the latest techniques and strategies when planning a conference.
How to Form Strategic Partnerships
Now that we’ve gone over some of the benefits of strategic partnerships, let’s look at how you can form them. It’s vital to follow the following steps:
Define Your Goals
The first step is to sit down and define your business’s goals. What are you hoping to achieve by forming a strategic partnership? Once you know your goals, you’ll be better positioned to find the right event planning partner.
Do Your Research
After you know your goals, it’s time to start researching. You’ll want to find a company that shares your values and that you can see yourself working with long-term. It’s also important to ensure that the company is a good fit for your business.
Explore Your Options
If you want to leverage the benefits of a partnership, you’ll have to find the right partner. You can consider these options:
One is partnering with a company within your industry. Even if your event planning firm is one of the best performers in your industry, it’s unlikely that you’re the best in every aspect. You should consider forming partnerships with other companies that complement your services.
For example, if you’re a reputable meeting planner, you can partner with a company that has a reputation for specializing in corporate meeting planning. Such companies will fill the gaps in your current offerings.
You can also form an alliance with a big business. Forming alliances with established partners will inject cash into your business if you’re a startup. You’ll also gain access to a new market while giving your partner more innovative ideas.
Another option is to collaborate with partners outside your industry. In this case, you should identify businesses with goals and interests similar to yours. Partners outside your industry will make it easier for you to develop new products and venture into new markets.
Be Prepared To Compromise
In any relationship, there will be times when you need to compromise. The same is true for business partnerships. You’ll need to be prepared to make some concessions to make the partnership work.
Communicate Openly
It’s important to be open and honest with your partner about your expectations. You should also ensure that you’re keeping lines of communication open to resolve any problems that come up. The best thing is to treat your partner as you would treat your customers so that they feel confident about working with you.
Leverage Strategic Partnerships to Grow Your Business
Strategic partnerships can be a great way to improve profits, reach new markets, and spur innovation. If you’re looking to form a strategic partnership, it’s important to follow the steps outlined above.
If you’re really committed to finding strategic partners, ensure you attend a conference such as The Event Planner Expo 2022 this October. The Expo will bring together all the best event planners from New York and beyond. You’ll have all the potential strategic partners under one roof, which will increase your networking options.
Get your tickets today and start preparing for a breathtaking event planning experience.
