According to recent stats by the Australian Bureau of Statistics, nearly half (46 per cent) of all businesses are struggling with increased operating costs and more than two in five businesses (41 per cent) are facing supply chain disruptions.
With the odds seemingly against small businesses, it almost seems impossible for them to grow amongst these hurdles and a looming recession. Small businesses don’t have large budgets to spend on marketing efforts and are oftentimes strapped with a lack of manpower to even operate her business.
But one most overlooked tactic that can expand a small business is leveraging B2B partnerships. It can be a budget-friendly option that can significantly grow your business.
Here are a few ways small businesses can begin exploring and implementing B2B partnerships no matter their budget or size.
Research adjacent and complementary businesses
By understanding adjacent fields of businesses, it allows brands a better understanding of how two companies can work together. For instance, if you’re a newly established wedding planner it would be advantageous to seek out photographers or caterers to partner with so that you can offer a full-service package and even do customer referral programs.
Another way of researching and interacting with complementary businesses is to attend networking events, industry conferences or showcases. It’s a simple and easy first-step to see what complementary services are out there that could add value to your customers without any commitment or pressure.
Leveraging social media to generate co-branded promotions
Whether it’s LinkedIn, Instagram, Facebook or TikTok, it’s important to have a strong and engaging social media presence. These platforms can offer an easy way to increase exposure and gain customer acquisitions.
While building a social presence does take time and lots of effort, it doesn’t mean a co-branded promotion or giveaway needs to be the same. Small businesses can connect with other businesses and create digital promotions, discounts, or giveaways that include services and products of adjacent brands.
This tactic can help a small business grow their social following, increase general awareness, and even potentially get more clicks to their website which could potentially mean an increase in sales.
Creating a referral partnership
One of the oldest yet most powerful strategies is having a reliable referral network. People will always trust word-of-mouth over anything. There are a few different types of referral programs that a small business can leverage such as digital customer referrals, influencer support or a more rewards based program.
Look for opportunities to partner with businesses that offer referral programs to help each other generate new leads. It’s likely that businesses already have referrals within their network, but just haven’t formalised it. An easy first step is to look at your pre-existing network and see what you can leverage and create.
Remember, B2B partnerships don’t have to be expensive or time-consuming. By focusing on complementary businesses, networking, social media, co-branded promotions, content creation, and referral programs, SMEs can build strategic partnerships that can help them grow and succeed.
