the power of partnerships: growing your business & profits...
Post on 25-Jun-2020
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THE POWER OF PARTNERSHIPS:
Growing Your Business & Profits
in New Ways
Why Consider Partnerships ?
TWO HEADS ARE BETTER THAN ONE
WHY PARTNER?• Scale your business and build business• Boost awareness • Tap into new markets• Foster innovation through collaboration
• Solve complex problems• Organic growth usually plateaus• Recipe for longevity• Success of one brand can fuel success of another
One of the First Examples of Partnership
Betty Crocker + Hershey’s = delicious brownies
PARTNERSHIPS CAN CREATE A BIGGER CUSTOMER
EXPERIENCE
GoPro & Red Bull
LIFESTYLE BRANDS FOR PEOPLE WHO LOVE…• Action and adventure• Are fearless • Open to extreme experiences
• GoPro allows us to see the athlete’s perspective
• Red Bull is expert at sponsoring and executing events
RAFTING IN THE SMOKIES HELPS CUSTOMERS ENJOY THE WHOLE VISIT
You’re in the Experience Business
PARTNERSHIPS CAN SOLVE PROBLEMS
ELIMINATE PAIN
• Partners need to first identify the specific problem or challenge they can solve together
• What are customers’ pain points?
IKEA Assembly Sucks!
Washington Wine Country Partnership with Alaska Airlines
• “Taste & Tote”
• Allows visitors to check their case of wine for free on Alaska Airlines
West Elm & Sherwin Williams
The ConnceticutB&B Bike Tour
A perfect balance to an active and relaxing escape. Come bike the trails in Connecticut then finish your day in comfort, at one of the many Bed and Breakfasts along the way.
PARTNERSHIPS CAN INCREASE YOUR VISIBILITY, STIMULATE MORE BUSINESS
WEST ELM & SPRINGHILL SUITES
GREAT PARTNERSHIPS LEVERAGE CUSTOMER SYNERGY
CUSTOMER SYNERGY
MYSTIC SEAPORT & MYSTIC AQUARIUM
WHERE CAN YOU START?
Non‐Competing Brands that
Share Customers
BMW & Louis Vuitton – The Art of Travel
• They are both in the business of travel • Luxury• Craftsmanship• Sleek • Masculine
• BMWi8
• Louis Vuitton 4‐piece luggage set that fit perfectly into the car’s trunk
NIKE & APPLE
Nike brings activity tracking technology built into athletic gear and syncs it with Apple iPhone apps to track and record workout data
BUT THAT’S NOT THE ONLY WAY….
YOUR COMPETITOR IS NOT YOUR
ENEMY
Connecticut Wine Trail
The Woodbury Antique Trail
EVERYONE WINSIF EVERYONE WINS
STRONGER TOGETHERMohegan Sun & Foxwoods Casinos
STRONGER TOGETHER
Joined forces to open a 3rd casino in greater Hartford area to compete with incoming casinos from neighboring states
KEY ASPECTS TO DELIVERING EXCEPTIONAL EXPERIENCES
1. USE CONSUMER INSIGHTS
2. KEEP IT SHORT
3. FOSTER A CULTURE OF EMPATHY
4. FOSTER SHARING
Use Consumer Insights
WORKING WITH WOMEN
VALUE EXPANSIVE CHOICES, SEEING ALL OPTIONS
WORKING WITH MEN• WANT CHOICES SIMPLIFIED• THE MAGIC NUMBER IS 3
MILLENNIALS PREFER PETS OVER PEOPLE
THEY’D RATHER JOIN A CAUSE THAN A CLUB
VOLUNTOURISM
Keep It Short
•Marketing messages•YouTube videos – 3 mins max•Voicemails•Emails
No One Reads Anymore – We Skim…
FOSTER A CULTURE OF EMPATHY• HIRE THE RIGHT PERSON – NOT THE RESUME
• MANY JOBS ARE TEACHABLE JOBS
• DON’T BE AFRAID TO RECRUIT FROM NEW PONDS
• AWESOME PEOPLE ARE AWESOME EVERYWHERE
THEY’RE ATTUNED TO SUBTLETIES
FOSTER SHARING
“HOTELFIES”• Selfies taken by guests at hotels, pools, restaurants while on vacation or at conferences
HELPING BEATS SELLING
WE DON’T NEED INFORMATION WE NEED ADVICE
Your TurnTurn to your neighbor and discuss one thing you learned here today that you can go back
and apply to your role
FIVE THINGS YOU CAN DO RIGHT NOW
5 THINGS TO DO – AND REMEMBER
1. Identify opportunities to make visitors’ experiences bigger
2. Resolve your customers’ pain points
3. Meet with a competing business – discuss ways you can be “stronger together”
4. Shorten all your communications
5. Foster a culture of empathy ‐ hire awesome people
MY BOOKS CAN HELP
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