In good times and in bad, strategic partnerships are formed to tap into new markets, create new revenue streams, boost business and increase brand awareness. It’s a strategy proven successful by brands large and small. The concept is that two brands working together are stronger than if they work independently. Remodelers are embracing this concept and having success. For example:
• A remodeler/builder in the Northeast partners with an art gallery to host events in his show room. His creative thinking and goodwill in the art community is rewarded with large crowds, solid leads, a larger and stronger pro fessional network and even a few jobs.
• An outdoor-living contractor in California has partnered with a garden center and gourmet food provider to offer his clients a total out door entertainment package. The approach is to call attention to the bigger remodeling picture while customers are shopping for outdoor products.
• A remodeling firm in Missouri has part nered with a home-performance com pany in a referral exchange arrangement. Each firm had interest in, but neither was in a position to, expand into each other’s niche. So, they decided to leverage their strengths to capture a wider audience while creating new revenue and growth.
Are you wondering how these partnerships were formed, and how they work? Find out by reading the California and Missouri contractors’ stories, plus one more, in the article on page 20 by Editor Christina Koch, which examines each partnership in detail.
Small-brand partnerships like these, as successful as they are, are dwarfed by the mega-brand partnerships seen in many segments of society. There are plenty of success stories to emulate and be inspired by, like these:
• Fast-food chains and movie studios that leverage each other’s product to sell more of them.
• Apple and Nike have developed the Nike+ program that uses iPods and a chip attached to a shoe to track and document a person’s physical training program.
• LG Electronics and Prada have developed the
Prada Phone by LG, which is marketed to high- end consumers focused on being associated with high-end brands.
Qualified Remodeler is in on the partnering action by joining forces with MarketSharp to produce the Business Growth series of business-development webinars. By the way, to sign up for the remaining five webinars in 2012, visit Marketsharp.com/businessgrowth today.
Even manufacturers are reaching out to remodelers who are interested in growing to multistate or national levels. Manufacturers have begun tailoring their business to develop stronger remodeling communities through training, IT support, and marketing and business-development assistance, according to research released in February by Harvard’s Joint Center for Housing Studies Remodeling Futures Program.
If you haven’t done so already, it’s time to think differently by identifying local or national brands that, by partnering with them, can make your brand stronger. Be careful, however, when selecting a partner to determine whether the partner will treat your clients as well as you do. If you can form the right partnerships, success will follow.