You probably know there is no free lunch in this world then how we can have a free customer acquisition channel. Well there is a Japanese proverb "Toka Koka" which means equivalent exchange or give and take policy. So our free customer acquisition channel is based on Toka Koka a.k.a Strategic business partnerships between businesses.
What are strategic business partnerships?
A strategic business partnership is a long-term business relationship focused on creating joint value for two or more businesses. In small businesses, businesses can come together to form a partner network, and through this network they can tap on customers of their partner network through physical coupons or digital coupons. Most of the businesses have recently shifted toward the digital coupons route as it is easy to create, manage & track compared to physical coupons.
How do strategic business partnerships work?
Earlier, businesses used to print physical coupons, which they used to keep at their partner business desk with expectation that their partner business customers would pick their coupons, so they would get to know about their business and service and one day they will become their paid customers too. With digitalisation, it has become more easy and effective. Now both the businesses will be sharing their partner business deals to their customers directly on WhatsApp (any messenger which business prefers). Let's say you are running a high end Spa and your partner runs a GYM around your location. Now you will be creating one irresistible offer for first time customers that your partner business will share it with their customers, similarly you will be sharing your partner business offer with your customers that's how you both will be helping each other to acquire new customers.
Challenges in creating a partner network?
Finding a business partner is the most challenging aspect of any partnership, as it requires thorough research. We have already spoken about in detail on our blog challenges in partnerships.
The only cost anyone has to bear is time they have to spend on finding a right partner and second one time spent on technology, but once everything is placed then the cost of operation and execution is almost zero i.e. you will have a highly effective Free of Cost customer acquisition channel. There are certain aspects of partnership that need to be taken care of for its success, for more understanding on it, we will recommend you to read3X Business Growth.