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.
“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.