>>>Making a collaboration a true win/win
Hi there
Collaboration. Partnership. Joint Venture. Strategic Alliance. Call it what you will, but a
collaboration project with a like-minded business colleague can be a game changing marketing move for your business.
No doubt you’ve seen the community over competition hashtag. Nowhere is this concept more obvious than in collaborations. I had a fascinating conversation recently during a coaching session with a client off the back of a collaboration project she’d undertaken where we explored the process and outcome. This prompted me to share some of my thoughts about collaborations as a business building tool.
When you are a solopreneur with limited resources, a collab can seem like a great idea, a true win/win. It absolutely can be this, but only with a few key considerations.
When you’re considering a collaboration, you’re basically planning to align yourself to another brand, and in the world of solopreneurship, another person. Therefore it’s critical to be aligned in purpose and values. To illustrate, as a foodie who believes that good, simple nutrition is key to performance, you’ll never see me working with a tobacco company.
Audience fit:
For a collaboration to be truly win/win, the audience needs to be a fit for both brands. I recently heard of a mortgage broker and a real estate specialist coming together to deliver an educational webinar for first home buyers - this is a great example of aligned audiences.
Clear communication of expectations:
Regardless of the collaboration approach (for example webinar as above, social media giveaway, group program, event, email campaign), it is important to set some clear boundaries and expectations around things like ownership of intellectual property, roles (who is doing what and when) and outcomes. How will this collaboration actually be implemented? How will you be sure that one person isn’t doing all the heavy lifting? Are you sharing lists with each other? How can you do this without breaching any spam or privacy acts? If there is a financial outcome (ie sales), how will these be distributed in a way that is equitable to both parties?
Clarity around outcomes:
Related to above is a clear understanding of what you both want from the collaboration. Is it growth? What kind? Sales, followers, email list, engagement, all of the above?
As you work through these considerations you may decide that a particular collaboration makes sense to you - to this point, I say go for it! There are some wonderful collaboration models out there. One thing I really love about collaborating is it is a way of maximising your connections beyond the transactional for you both to grow your business. I’ve also found that the very experience of working with someone else, particularly as a solopreneur, is that it gives you a chance to learn and be challenged, as well as grow your network.
There’s no doubt that there are times in business when the professional isolation and sense of loneliness can feel overwhelming, so the opportunity to bring something to life alongside a colleague is something that can be enormously fulfilling, personally and professionally. As long as it’s a win-win!
What projects do you have on your radar? If you’d like someone to bounce around ideas to grow your business such as collaboration opportunities, or streamline your processes so you’re doing work you love, I’d love to help you turn your ideas into a plan. Just hit the contact button.
To your success…
