A partnership is the relationship that exist when two or more persons collaborate to carry on a trade or business. Each person either contributes money, property, labor or skill, and expects to share in the profits and losses of the venture.
There is often this saying that “great minds think alike” and “two heads are better than one”. This is true in most cases especially in business. One of the biggest mistakes business owners and event planners alike make is trying to do everything on their own. At eventindustryng.org, we believe in the power of partnerships: At our just concluded event – The Event Industry NG Fair 2017, We reached out to various partnerships ranging from media to marketing, corporate to individual, etc. Overall, those partnerships helped us during the promotion stage of the event as a result of the combined support. But, we equally had those who utilized the opportunity to sell their own business. Last but not least, it is highly important partners share the same vision to help make any such partnership a success!
Business partnerships aren’t the only type of partnerships to leverage. Brand partnerships for events, campaigns, or long-term initiatives can produce more desirable results than tackling a project solo. Teaming up can get you more social media impressions, higher attendance and a stronger buzz across events. Sometimes, an event’s social status isn’t quite as established as large events such as the Olympics or the World Cup, so you need to find the right partnerships with stronger reputations.
How can you do this?
1. Find the right partners
Finding the right partners may be easier said than done. The most important thing is to make sure your company and your prospective partner company share the same ultimate goal. Look into companies with similar core values as yours. Sometimes your company may be lacking in an area of expertise and another company can pick up that slack, so look into companies with complementary talents. For instance, if you do not have the largest following and you want to increase attendance at events, partner with a brand with a larger following that can help create buzz and draw a larger audience to your events.
2. Come up with a plan that benefits both parties
In a successful partnership, everyone has to eat. Don’t expect another company to do something for you if you aren’t willing to do something for them. The point of a partnership is to benefit both parties. You can do this by putting their logo on your website, letting them attend your events for free or reduced admission, sharing content, and/or feature their banner ad on your blog or website. Social media is a big player in the partner game as well, mention them on social media and help promote whatever they’ve got going on, and they will do the same for you, again creating more of a buzz around your events.
3. Create a strong communication plan
George Bernard Shaw once said, “the biggest problem in communication is the illusion that it has taken place.”
It’s easy to assume that your partners know what’s going on with your company and your events, but that is not always true. Start the relationship with a communication plan. Share newsletters every quarter or every couple of months featuring what’s going on with your company. This can include what’s happening on the event road map, big pieces of content, etc. Keep them in the know, more specifically the first to know. This way your partners feel included and can also share any big publications or events with their networks.