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Collaboration Marketing-Expanding your Marketing Circles for Increased Profits

by Synertegic

Let's say you have a successful Internet business with a
successful e-marketing platform, and you feel you have good
relationships with existing customers and fair success at gaining
new business but then you hear about Collaboration Marketing and
you wonder why all the hype? Why should you consider changing
anything or expanding in a new direction?

Collaboration Marketing may not be a must for your business, but
it's certainly something worth exploring. You may not need to
collaborate with other companies to grow your business, and you
may be satisfied with the size and scope of your business. But
even if you are not looking to grow, change, or expand, a
collaboration strategy may help you maintain the smooth running
of your current operations, which could mean less day to day work
for you. 
 
There are two distinct types of Collaboration Marketing that are
important to understand. One deals with the actual advertising
and marketing of your products, the other relates to the market
in which you sell and distribute your products. Before making a
decision about whether a collaboration strategy is right for your
business, it is important to understand and explore both aspects
of this type of marketing.

Advertising Collaborations focus on shared industry resources
and word of mouth partnerships. If you have a small business
specializing in making wedding cakes, you will benefit by making
contact with other wedding industry professionals such as
photographers, caterers and consultants. If a photographer has a
client who has not yet decided on a bakery for their special
cake, the advertising collaboration creates a point of contact
and referral to recommend your wedding cake business to the
client.

By the same token, if you have clients who have not yet selected
a photographer for their wedding, you can recommend your
collaboration partner, who is a wedding photographer. The success
of your Advertising Collaboration will depend on your ability to
form and develop successful business relationships.

Market Share Collaboration deals directly with the market in
which your products are bought and sold and may be a large
undertaking, but it's an important process to understand in any
marketplace. This type of collaboration has to do with banding
together with other small businesses in your area, and forming a
small cooperative to maximize cost savings for products you all
use or need to do business.

For example, the Central Minnesota Buckwheat Growers formed a 16
member cooperative in order to market their buckwheat directly to
larger buyers, and they received a substantially higher price for
their product than they could have received individually.

You are probably not growing or selling buckwheat over the
Internet, but this model holds true and translates across the
board for any business. If you are a small business, you may
benefit from partnerships with other small businesses in your
same industry just like the Buckwheat Growers did when they
formed a collective.

Collaboration Marketing is a model I believe you will find
merits exploration. If done properly, it will provide a helpful
way of expanding and solidifying your business for years to come.

Christian Fea is CEO of Synertegic, Inc. A strategic
Collaboration Marketing consulting firm empowering business
owners to discover and implement Integration, Alliance, and Joint
Venture marketing tactics to solve specific business challenges.
christian@synertegic.com
http://christianfea.com

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