5 benefits of collaborating as a small business 🤝
Collaboration comes with many benefits but surprisingly, not many small businesses collaborate with each other in Nigeria. My guess is that they are scared of losing customers to the other business which can only happen if you collaborate with your competitor. Also, remember that your competitor won’t want to collaborate with you.
When you want to go into a collaboration, your direct competitors are out of the picture, that is; businesses selling the same products as you. Here is a list of those you should be collaborating with;
- Businesses that sell products that compliment yours
- Businesses that sell different products but serve the same audience as you
- Businesses with a similar or slightly higher number of followers
Before you approach a business for collaboration, ensure it is a business you’ve been interacting with for a while. Like, comment, and share their posts. This way, you don’t look like a stranger to them because they must have noticed your engagement.
Let’s talk about 5 benefits of collaboration;
- More eyes on your business: Collaborating with a business with a similar or higher number of followers introduces your business to their followers and as long as you have great value to offer, they will stick around. This is why it is important to ensure that your business is ready for collaboration so you don’t end up losing the people you get within a short period of time.
- More sales: Going into a collaboration with a business that sells a product that compliments yours will bring you more sales because you are both able to offer more value to your customers by combining your products as a bundle. Your customers buy and their customers buy as well which brings in double what you would have made individually. Win, win for both parties.
- Network expansion: You can build your network through collaboration. The saying that “Your network is your net worth” comes to mind here, having people you can rely on and share ideas with is a priceless gift. You can always learn strategies that you can implement into your own business to grow it.
- Save money: With collaboration, you get to save money on marketing. Instead of bearing the full cost of sponsoring a post, you get to share it with the business you are collaborating with.
- Resolve business problems: There are some problems you face in business that just needs someone else’s perspective. And who is better to help you come up with a solution if not a fellow business owner who understands the problem and has probably experienced it before?
These 5 benefits listed are some of the many benefits of collaborating as a small business. You can’t always figure it all out on your own so it’s important that you take advantage of the opportunities available to you.
If you have a Catlog store, join our community and be a part of the sellers’ collaboration we are currently working on. To join the community;
- Log in to your account
- Click “Quick actions” at the top right corner
- Click “Join community”
You will be redirected to WhatsApp, we can’t wait to have you.
Have you collaborated with a small business before? Let us know in the comment section.