Gone are the days that business owners brainstorm how to "beat the competition." If you want a formula for long term business success and seamless scalability, collaboration is the new wave.
On the surface, it may seem counterintuitive to invest time and, in some cases, money to promote someone else's business, yet collaboration is the best way to expand your reach and elevate your status in your niche.
Having built a 6+ figure business in 4 months at the age of 23 by collaborating with another industry leader, I can tell you, it works. That's because by aligning yourself with other industry leaders, you are able to leverage their resources, including exposing yourself to their mailing list and social media communities, people you would not have been able to reach otherwise.
Here are five mutually beneficial ways you can collaborate with other industry leaders, even if you're brand new in business, to catapult your business success:
- Giveaways. This is typically a virtual event where 30-40 businesses offer free gifts or raffles to registrants who enter their name and email address. There is one main host who puts the event together and finds the businesses who will participate. The host and all 30-40 participating businesses must promote the giveaway, thereby exposing you to everyone else's followers. The Rock Your Revenue Giveaway, hosted by Monica Shah, is an example of a giveaway for entrepreneurs who want to make more money and find more clients (so they can have more fun)!
- Write a Book Together. Many people dream of getting that "Best Selling Author" credential next to their name. While you can go about this on your own, it is easier and faster to accomplish when you write, publish, and promote the book with other authors. When you have less pages to write, because 19 other co-authors are also writing pages too, you are able to finish the project much faster. Plus, you have more people promoting the book, which increases your chances of hitting the Best Seller's list.
- Telesummits. This is typically a virtual event where one main host interviews 15-20 other businesses and shares the interviews to registrants who offer their name and email address. Similar to the giveaway, all participating businesses must promote the event, thereby exposing you to thousands of new prospects. In honor of National Women's Small Business Month, another writer for The Huffington Post, Sherry Mirshahi-Totten, is hosting The Make Your Brand In Demand Workshop Series for authors, coaches, and speakers.
- Q+As. In another article, I mentioned that Facebook Groups are In (and Fan Pages are Out). As Facebook Groups take off, Q+As are rising in popularity as well. The strategy here is to invite other experts into your Facebook Group for your group members to ask them questions. The expert has to promote the Q+A which grows your Facebook Group. It's beneficial for them because they are able to offer something free to your members to grow their list. In my Facebook Group, I have even hosted a creative spin-off of the Telesummit and Q+A ideas to bring together 10 experts for a one-day Q+A in my Group.
- Promotional Swaps. This strategy is simple. For this to work, you identify and create a relationship with a potential collaborative partner who is not a competitor but does have a list of your ideal clients. Once you have established a relationship, you then offer to swap promotions. It's the "I'll scratch your back if you scratch mine" mentality. For example, you can send out a promotional email to your mailing list about their business, and they can do the same for you.
Now it's your turn. In the comments below, share with us how you love to collaborate with other businesses. Have a link to a collaborative event you're working on or participating in? Tell us in the comments below!