For small businesses, partnering with a large, established company means a significant boost to brand recognition and reputation. The challenge is convincing potential partners that the relationship is mutually beneficial. To do that, you must be ready to demonstrate your company’s unique values and capabilities.
Here are some strategies can help small businesses showcase their strengths and make a compelling case for collaboration. Follow these tips to learn how small businesses can increase their appeal and secure valuable partnerships with larger companies to fuel their growth.
1. Show that you match their needs and requirements
You have to prove to corporate executives that you can be trusted and that you provide what they need at the right price. You also need to show that you have the right company culture and ethics and can meet any other needs they have. In some cases, you may need to agree to certain terms that benefit the customer in order to secure the first sale, but carefully analyze the impact of this step.
2. Leverage your unique appeal
Let’s assume your company has a unique product (especially intellectual property), is entering a new or developing market, or has a passionate following. In this case, you have an advantage and can appeal to larger companies who would find it difficult to copy your footprint. This means both parties benefit from the shared dynamics of a strategic partnership.
3. Leverage your expertise
Small businesses can demonstrate unique value by specializing. This specialization can be related to products, services or geography. It is important for small businesses not to try to be everything to everyone. Rather, you should offer a level of product or expertise that is not generally available.
4. Revolve your story around your unique selling points.
The concept of “quality over quantity” can be used by small businesses when they are trying to partner with larger companies, which may not be as focused on providing great customer service or meeting their customers’ attention needs. However, a smaller company may have an advantage in prioritizing customer satisfaction. Build a story to support this position.
5. Focus on how this partnership will benefit the larger company and its customers
The larger partner wants to know “what’s in it for me,” so you need to figure that out. Even if you have the coolest product or service in the world, if it doesn’t help the larger company increase revenue, save money, gain a competitive advantage, etc., they don’t care. They “sell” him how the partnership will benefit him and his customers. When they see that, move on to why they should choose you.
6. Emphasize agility
Working with a larger company will accelerate your success. But it’s important to offer a unique value proposition or demonstrate your ability to navigate quickly, leveraging your scale and agility to benefit consumers.
7. Look for multiple ways to add value
Fully understand your potential partner’s business beyond the product or service relationship. This allows you to find additional opportunities to add value, such as providing the primary source data incumbents need for supply chain reporting. Proactively tailoring your own services to help potential partners achieve their goals creates a competitive advantage and a resilient partnership.