How to Reach New Customers With Strategic Partnerships

February 24, 2019 2:00 pm Published by Leave your thoughts

There will come a time where you’ll hit a brick wall while looking for ways to acquire new customers and scale up your webstore.

Marketing costs money and, for most online stores, there’s only so much that you can spend every month on ads, content, and influencers. You’ll find that spending more money doesn’t always bring in more new customers.

Instead, you can approach it in another way. And that is through strategic partnerships. You might assume that usually partnerships are done on bigger scale between established brands and companies. Though that’s true, partnerships also works on a smaller scale for a independent webstores.

The size of your online retail business matters less. What’s more important is how well can you identify partnerships that can be beneficial to both parties.

Here are a few times on how to find and strike a strategic partnership to get more customers:

 

  1. It’s okay to approach competitors

 

The word “competitor” usually brings a negative connotation to most entrepreneurs. More than half of a business’s battles is to do better than their competitor or find ways to carve a bigger market share than them.

There’s another way to look at competitors. And that is as a partner. If both you and your competitor can bring value to each other, there’s no reason why you shouldn’t work together.

The trick is to not collaborate with a bigger competitor, but find a brand that’s around the same level playing field as yours. That will avoid your competitor from cannibalizing you and taking away your customers.

 

  1. Find collaborators with a complementary product to yours

 

Collaborations can work really well for different brands if their offering can complement each other well.

For example, if you’re running a online fashion retail store that sells women’s clothes, you can many different types of collaborators. They can be independent or up-and-coming fashion designers, sellers that carry bags or shoes as their primary products, or jewellery and accessory brands.

By only tapping into the sub-sectors of your brand, you’ll be able to leverage off each other’s strength without directly competing with each other’s similar products.

 

  1. Get involved in a CSR project

 

Partnering with an NGO or charitable body may not bring you direct sales, but it definitely helps to enhance your brand and bring it to a new audience that you may not have tapped into yet.

It’s a great opportunity to do genuine good while marketing your brand and webstore to a whole new consumer segment. Whether it’s through product giveaways or other types of services rendered, you’ll be able to create a brand presence among the NGO or charitable body’s followers.

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This post was written by Nina