Creating good relationships can result in loyalty of business. This can be true for both clients and other companies and is one of the most effective ways to expand your customer base. In the agency world, the average length of a client-agency relationship is just 3.2 years. At Octagon our average surpasses this. The key to achieving a successful partnership is having trust, communication, understanding and always striving for new heights! Building partnerships with other businesses is also an incredible way to expand your customer base, strategic partnerships allow you to provide more value to your existing customers.
For instance, with the launch of the new Disney+ we also saw the announcement of Netflix and Nickelodeon combining forces to bring their customers new content. Now, this may be because they were a little shook by the hit they were about to take with Disney+ but it was a smart and strategic move by them, because it allowed them to give more value, i.e. more shows and new fan favorites to their existing clientele while also bringing in new business.
Such collaborations and openness to your customers are crucial to cultivating successful partnerships for years to come. Here are four ways to make sure you set your partnerships up for success:
1. Set clear expectations.
If you are clear about what you are providing and what you will achieve for your clients and what it will take to do so, this will eliminate confusion for both companies’ leaders, employees and customers.
2. Consider your partner a part of your team.
At Octagon Media, we always say we are an extension of your team. So, whether you’re our client and we are an extension of your marketing department we are partnering with you, we are looking for you to succeed and we will help you do it!
3. Give back.
It shouldn’t be hard to give back. It can come in many forms, like through client fundraisers or charity events or even getting involved in something important to one of our business partners. Invest in your relationships and you will build a sustainable partnership.
4. Make honesty and transparency the basis of everything you do.
The key to building a long-term successful partnership includes being honest and transparent for everything you do. A great way to do that is to maintain open and frequent communication and make sure they always feel like a priority.