How to Approach Companies for Partnerships
By: Lauren Marsicano
Insta: @networkingmaverick
How to Approach Companies for Partnerships
Want to start a company that would benefit from the support of an already established business? Or are you looking to grow your business by partnering up with another company? Whatever the case may be, you can approach companies, businesses, or individuals for mutually beneficial partnerships or collaborations. But it’s important that you do it the right way.
I will be giving examples of when I started my non-profit, but these tips can be used in business as well.
When launching my non-profit, I reached out to people in my network for support and collaboration, and I’ve also contacted entirely new-to-me brands and other large companies for sponsorship. Approaching a business or individual you already know is much easier than reaching out to a whole new entity, but it is totally possible to approach companies that you have little to no connection with and develop a fruitful partnership.
One example of such a partnership that I created with very little connection to the company was my non-profit’s collaboration with Run the World - “[a] one-stop-shop for experts, creators, community leaders and organizations to host and monetize from interactive online events such as workshops, meetups, summits or shows.” I was able to host our first Women for Success Virtual Conference on their platform, and help women level up their businesses amidst a pandemic and social unrest, while lending exposure to the Run the World platform. Two women-owned and founded organizations collaborated to help each other grow, while helping others succeed as well.
Now that you know it’s possible to form these partnerships, let’s talk about how it’s done. Here are some techniques that I’ve used to approach companies for collaborations and partnerships:
1. Know what you want.
Think carefully about what you want from the partnership. What is your end goal?
When reaching out to Run the World, I knew I needed a platform that could host all the programming for an online conference, and I knew that they could do it. As a woman-owned company, Run the World is passionate about helping amplify women’s voices, and that’s a shared passion, so it was logical that our collaboration would benefit both parties.
So, before reaching out to a company for a partnership, be sure that they can satisfy the requirements needed to achieve your end goal.
2. Know what you have to offer.
Beyond knowing what you have to offer, make sure the partnership will be mutually beneficial. Like every relationship in life, business relationships are a two-way street. When you first reach out, make sure that one of the first things you do is let them know how you can help them. Then, explain your ideas on how you can help each other.
Run the World is an amazing and growing platform, but I was lucky enough to reach out to them when they were looking to spread the word about their services. And I knew I had access to a whole network of women and business people to offer them. Our partnership just made sense.
3. Make a connection with someone in the company.
Tap into your network and see if anyone has a connection with the company or business owner you want to collaborate with, and ask if they will introduce you. If you don’t have any connection with anyone at the company, search Google or LinkedIn - include the company’s name and the position of someone who will be able to help you. For example, if you have a fashion company and want to carry a brand of shoe in your store, search the shoe company’s name and “director of sales” - if you can get their email or LinkedIn profile, you’re all set.
When I wanted to connect with Run the World, I tapped into my network of business Queens, and one of them was able to make an introduction that got me in touch with the CEO. Which led to a successful partnership.
4. Be professional.
Be mindful of the language you use when you make contact. Most importantly, communicate your ideas in a polite and professional manner.
The important thing about making first contact is to personalize your message. Templates or one-size-fits-all messages rarely succeed at making the connection and impression that you want.
Here is an example of how my emails read when reaching out to a potential partner:
“Hi [their first name],
I have been watching your business for while now, and I love how you [mention something they do that you love]. I particularly like your [mention a shared passion that fuels your business too].
I’m [your name], and I [summarize who you are and what you do].
We can work together to grow our businesses. And I have some ideas... [briefly explain the idea you have for how you can work together.]
Would you have some time for a quick call or video chat this week [or whenever you’re available]?
[Provide the best way to contact you, your web address, and all of your social media handles to help make it easier for them to connect with you.]”
Remember to customize your message, and correct any spelling or grammatical errors to make the best impression.
Try to focus on the relationship you could build, rather than the profits. If you focus too much on profits, it may seem like you are only interested in the money instead of building a lasting and profitable relationship for both parties.
5. Don’t worry too much.
If after you’ve sent out your well-written and thought-out message, you don’t get an answer. Be patient. Or if you get a “No”. Don’t be discouraged. Try again with a different business that will align better with you and your business.
And if you’ve reached out to a big company, remember that there are many people involved in making decisions, and responses or decisions may take a lot longer than desired. But if you are in a rush, it is alright to provide a deadline for an answer without being too pushy.
If you’re wondering, “Why should I collaborate, or seek to partner with a business when the business world is so competitive?” Here’s a post all about choosing collaboration and community over competition.
Take Away Tips to Approach Companies for Partnerships
Know what you want.
Know what you have to offer.
Make a connection with someone in the company.
Be professional.
Don’t worry too much.
Now that you know how to approach companies for partnerships, go and do as Ciara sings, “level up, level up, level up,” your business.