Small Business: Partnering For Success
Partnering For Success.
One key concept we attempt to convey, both to our clients, and to the public: “Small Business Relationships are Key to Success”. Relationships with your consumer base and relationships with the local small business community. Both are intrinsic to business growth and brand development.
Business to Business (B2B) Partnerships
Developing partnerships with local suppliers, retailers and even competitors can be profitable for the small business owner. Relationships help us to overcome hiccups. They create goodwill and understanding. By taking the time to create these relationships, one positions their business and brand more positively in the eyes of the surrounding market.
By developing mutually beneficial relationships with surrounding local businesses, the small business owner creates a community in which he or she can thrive.
Relationships help foster partnerships. Partnerships take your business and brand to the next level. For example, partnering with suppliers can help a business to develop programs for more accurate inventory management (FIFO, reduced inventory, faster turn-around). These programs can reduce costs for both parties, thereby increasing profitability.
Partnerships can take on a myriad of different forms based on your business and your partners. As an example, we recently teamed up with a local web-host to offer a special promotion to our local small business community: A contest with a free customized website awarded as top prize.The contest is based solely on meeting the local business owners and it offers an ideal segway into further conversations, a relational stepping stone.
The website is in itself, a great prize, however we took it one step further. By partnering with this web-host, we were able to also offer free registration, and a year of free hosting. This partnership wins on three levels:
- For any small business on a budget, this is high value prize. A little good will spread into the community.
- This creates a deeper partnership with our web-host. Providing them with the opportunity to grow and promote their business at minimal risk.
- Most importantly (to us) a dialogue is developed with the local business community.
The areas for partnership are there for any small business, they just need to be explored.
Business To Customer (B2C) Relationships.
In many aspects the marketplace is changing. In order to communicate the social necessities for brand success, terms like B2C are making a come back . B2C is all about business to customer communications – relationships essentially. It is the means by which a business supplies goods, services and brand information directly to its consumers.
This term became far more frequent with the advent of online business – during the height of the .com period. It fell into obsolescence when that bubble burst, but has been making a comeback recently – more specifically since the initiation of what we now know as Web 2.0 – which encompasses such phenomena as Social Media. Some have even said that the B2C policy of the .com period is what helped usher in the new era of Web 2.0.
It could be said that business to customer relationships, is the primary purpose of Social Media Marketing. B2C is all about engaging your customers directly, supplying them directly and building your brand association and business with them directly.
Developing relationships with your consumer base is invaluable. Engage a customer, provide them with a memorable experience, create an association between a brand and a quality, and you will have them for life. Apple understands this – in fact their credo states “we are at our best when we deliver enriching experiences”.
Big Brands will spend tens of thousands of dollars attempting to “humanize” their brands – to make them accessible, to provide their consumers with a relational experience. The attempt to humanize a brand, is to do away with “cold corporate” image and create a brand that comes across as understanding to the individual customer. What is ironic is that many of these brands will spend money on advertising and marketing – when the money would be better spent on hiring and training support and after sales staff.
Small businesses however, are already perfectly positioned to take advantage of this brand aspect, to develop relationships one on one and create a brand image that cares about its products, services, people and end users.
Brand Power is built not directly on sales – but on quality products, services and relationships. Relationships create a powerful consumer bases, they create an atmosphere that is conducive to sales, thereby achieving the sale WITHOUT souring the consumers mind. Put another way, by giving the customer a positive experience, they will COME TO YOU to make the sale and they will return for subsequent sales.
To paraphrase “Build relationships and they will come”.