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:
Co-creating content
Skill-swaps
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.
Sponsored Collaborations
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.
For instance, we brokered a deal between FOMO Mortgages and lastminute.com
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.
Incentivised Collaborations
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 info@2112.marketing.
