A partnership is the relationship existing between two or more persons who join to carry on a trade or business. Each person contributes money, property, labor or skill, and expects to share in the profits and losses of the business.
Growing up we have always heard sayings like “great minds think alike” and “two heads are better than one”. This is true in most cases especially in business. One of the biggest mistakes business owners and event planners alike make is trying to do everything on their own. At etouches, we have three types of partners: Technology partners, marketing partners and resllers. Each type of partner adds value in various ways. As a technology company ourselves, it is impossible to write software for each and every pain point, this is where our tech partners come in. Their technology focuses on something we may not have, therefore we integrate with them to be able to offer clients a broader solution. We have marketing partners that help promote events and causes we support. Last but not least, we have our reseller partners, who are usually agencies and independent planners that resell our software to their clients. All of our partners share our vision and help make our company a success!
Business partnerships aren’t the only type of partnerships to leverage. Brand partnerships for events, campaigns, or long-term initiatives can produce more desirable results than tackling a project solo. Teaming up can get you more social media impressions, higher attendance and a stronger buzz across events. Sometimes, an event’s social status isn’t quite as established as large events such as Woodstock, the Olympics or the World Cup, so you need to find the right partnerships with stronger reputations.
How can you do this?
1. Find the right partners
Finding the right partners may be easier said than done. The most important thing is to make sure your company and your prospective partner company share the same ultimate goal. Look into companies with similar core values as yours. Sometimes your company may be lacking in an area of expertise and another company can pick up that slack, so look into companies with complementary talents. For instance, if you do not have the largest following and you want to increase attendance at events, partner with a brand with a larger following that can help create buzz and draw a larger audience to your events.
2. Come up with a plan that benefits both parties
In a successful partnership, everyone has to eat. Don’t expect another company to do something for you if you aren’t willing to do something for them. The point of a partnership is to benefit both parties. You can do this by putting their logo on your website, letting them attend your events for free or reduced admission, sharing content, and/or feature their banner ad on your blog or website. Social media is a big player in the partner game as well, mention them on social media and help promote whatever they’ve got going on, and they will do the same for you, again creating more of a buzz around your events.
3. Create a strong communication plan
George Bernard Shaw once said, “the biggest problem in communication is the illusion that it has taken place.”
It’s easy to assume that your partners know whats going on with your company and your events, but that is not always true. Start the relationship with a communication plan. Share newsletters every quarter or every couple of months featuring whats going on with your company. This can include what’s happening on the event road map, big pieces of content, etc. Keep them in the know, more specifically the first to know. This way your partners feel included and can also share any big publications or events with their networks.
Written by: Sara Erdos