The Three Types of Collaboration and How they Can Elevate your Business
No two collaborations will ever look exactly the same.
That’s because they’re always a flexible arrangement, custom designed to provide both partners with the greatest possible benefit.
However, we still wanted to give a quick rundown of the three main types of collaborations – and of the benefits they can bring to your business.
Value Exchange Collaborations
The classic win/win scenario: two businesses work together, without any money changing hands, to mutually boost each other’s offering.
This takes two main forms:
The latter are based on an exchange of expertise, which enables one (or both) parties to provide their clients with a better, more holistic service.
For example, an IFA hosts a CPD session for a merry band of accountants, a setup which provides both groups with a range of opportunities:
✔️ By helping the accountants hit their ICAEW-mandated CPD goals, the IFA is front of mind when it comes to referrals
✔️The IFA is positioned as an accessible and personable expert in their field, meaning that they can easily be approached when the accountants have a problem
✔️ The accountants can offer a more far-reaching service to their clients
In the end, both parties leave happy, paving the way to more collaborations in the future.
Sometimes, you have to pay to play – especially with the big boys…
In these kinds of collaborations, one company pays to leverage the assets of another (typically larger and more established) business.
By pairing their name with the more well-known brand, FOMO were able to build a trusting relationship with their audience from the start.
This meant that the fledgling brand could generate 10,000 subscribers only a month after its launch.
With these collaborations you don’t pay upfront, but as commission once a lead has been converted.
For example, we helped Maxim Financial Services set up formal introducer partnerships with a number of complementary businesses.
Now, their top two partners pass Maxim over 30 leads a month apiece – in only one month, generating £18,000 in written business between them.
If you would like to learn more about how collaborations can elevate your business, please contact firstname.lastname@example.org.