Co-Branding During The Economic Downturn Article

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Co-Branding During the Economic Downturn

As the economic climate remains grim, have you noticed that more people are jumping onto the ‘relationship’ bandwagon? This recently came to my attention while meeting with a new company to discuss how our businesses could help each other. All they talked about was their business, and after about an hour they finally asked; “Well what do you do?” That was the wakeup call for me.

Author: Jill Lazar

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It’s great to know that many people are reaching out to work with you, and connecting and networking with other businesses are essential for building a successful business. However, I wonder if the economy was in a better state, would people still be willing to work together? Once we are out of the recession, will those same businesses still see the value in forming relationships and networking with other companies?

It seems that everyone is using the word relationship, (the “R” word) these days, but I don’t think many businesses really get it. Building a relationship with other businesses isn’t simply about saying it, but about putting a genuine effort behind it. Relationships that are built on mutual agreements, understanding and an honest connection that benefits both parties involved are the ones that survive through both bad and good economic times. Nurturing a relationship takes time, and it doesn’t happen with just one phone call or one meeting.

Another situation where I witnessed the “R” word phenomenon was during a gathering to showcase businesses in the event industry. One of the vendors there was clearly upset and after about 15 minutes of ranting and complaining, she said, “We need to work together and build a strong relationship.” It left me wondering if she really meant it, or was just saying it for the sake of ‘relationship building.’

The reason my business has been so successful so far is because of the sold business relationships and connections I’ve made with other vendors and business owners. While I do agree that we should be working together, pooling our resources and collaborating on projects and ideas, it’s also important to team up with companies that aren’t just looking for a quick fix. Companies that are looking for a partnership through the long haul will be the ones that truly are the best fit for your business.

To Partner or Not to Partner?

Here are some more tips when considering if you should or shouldn’t build a relationship with another company:

1. Do some research. Learn as much as possible about the company you are interested in working with, or any companies that are pursuing you for a partnership. Find out what their goals are, how they have cultivated leads so far, and what type of track record they have with customers and clients. Remember that any business that has a poor track record will reflect negatively on your own business if you chose to partner with them.

2. Prioritize your goals. Define exactly what you hope to accomplish by working with this other business, and what they may want from you. Make sure they truly are the right fit for your company, because you will need to work on aligning your goals and objectives with theirs in order for the partnership to be a successful one.

3. Develop co branded events. Joining forces with another business to organize events and initiate event marketing strategies is an excellent way to promote both companies and expand. There’s definitely strength in numbers, so consider ways in which you can develop a strategy for event promotions.

4. Make sure the other business is ready to actively promote your business. Both businesses must have a clear understanding about expectations of the relationship or you won’t be able to reap the benefits of the partnership. Map out the details in writing if you need to as an informal agreement so you are both clear on what you both need and want.

Partnerships can be very beneficial during an economic downturn, and you’ll need a strategy to initiate and maintain the relationship for the long-term. Take the initiative to seek out business relationship that are built with solid goals and are truly genuine. Doing so will increase your chances of business success and provide you with much more leverage and resources in this competitive marketplace. Sales expert Jeff Gitomer sums it all up with his quotes: "If you make a sale, you can earn a commission. If you make a friend, you can earn a fortune."

About Author

Jill is an industry professional with more than five years experience planning both corporate and social events. She holds a bachelors degree in Event Management from Johnson & Wales University. Currently she is completing an MBA in Marketing from Johnson & Wales University and a Certificate in Event Planning from US Event Guide. Jill is a member of the International Special Events Society (ISES). She is also a member of Sigma Delta Tau Sorority and is the local advisor for the University of Rhode Island. She prides herself on building relationships with local vendors and providing the ultimate event experiences to her clients. Jill enjoys traveling, out-of-the-box ideas, and never likes to say the word "no".

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Co-Branding During the Economic Downturn