What Chocolates and Peanut Butter Can Teach You about Growing
“Growth is never coincidental: This is the result of the forces that work together.” James Cash Penney Remember the ads for the Peanut Reese Peanut Cake in which someone will shout, “Hey, did you get your chocolate in my peanut butter?”?
By the time the accident happened, the two men were confused. But then the magic. They feel the result – and bam, it is a marriage made in heaven. One of the great ad campaigns of all time. What Chocolates and Peanut Butter Can Teach You about Growing
Some of the best things in life come when two seemingly unrelated items come together. Right in life and really in business. It goes by many names: partnering, co-branding or co-ops. No matter what you call it, it can be a life saver and a smart way for both businesses to come forward and support each other in the process.
There are so many benefits – this can save you money, improve perceptions about your brand and, of course, grow your business.
If you are thinking of diving into co-branding waters, here are a few things to keep in mind:
1. Understand your market. Who are you selling goods or services? Are you a business-to-business, or business-to-consumer company? Dig a lot to focus on your precise customers. Once you feel good for this, start exploring other local businesses that can complement your efforts to reach and serve that customer.
2. Partner prospective research thoroughly. Evaluate carefully and understand the vision and mission of potential partners to find win-win. Identify all businesses that will be earned from return on their investment.
3. Develop a plan. Create specific goals and actions and set responsibilities with deadlines. Stock expectations Identify strengths and identify the best way to apply them to the business. Put metrics in place to measure progress. Create an agreed exit strategy. Keep the lines of communication open and flowing.
4. Reduce risk. Of course, whenever you partner, there are risks. To reduce it, choose a partner with deep synergy, who has the same value, and who best complement your business. Also, pick a partner who is already a leader in their niche. And maintain full consent and the right of rejection, and protect the trademark logo and trademark integrity.
5. Review the results regularly. Take the time to assess whether the partnership is achieved – or at least move toward – the goal. Results and achievements rarely happen soon. If your expectations are not met after the right time, look for alternatives.
6. Complete an early argument. Yes, disagreements will happen, but handling early and quickly will help keep the ship running. Never let a bad feeling fester by clarifying that both partners can approach the other at any time. You should consider regular sit-down scheduling to clean the air. Once a week is a good place to start.
Let me hear from you What co-branding partnership impress you? Is short-term partnership a good choice for small businesses? Do you have potential co-branding partners in mind for your business? Do you have a clear purpose for a potential joint-brand campaign? What Chocolates and Peanut Butter Can Teach You about Growing