Often, company owners plan for growth without considering how other businesses can help them. In fact, as an entrepreneur, you might not have thought of partnering with other companies. If you’ve been trying to build your pavement business by going it alone, now might be the time to consider a partnership strategy.
What Is a Power Partner?
A strategic partner, or power partner, is a business adjacent to or within your industry with which you agree to share resources and focus on mutual success and growth. Through your pavement business, you can develop relationships with other companies in the construction industry, pooling together your assets to attract customers.
Why Should I Consider a Power Partnership?
There are other companies in the asphalt industry that share your goals. Some businesses have a customer base similar to yours. On the other side of that coin, your customer base may be attractive to other companies. With a strategic partnership, both of your companies are in a place to reach out to each other’s patrons and expand your consumer bases.
How Can a Power Partner Help My Pavement Business Grow?
There are several ways a strategic partner can help you expand your business. Four of the most significant reasons are:
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Mutual Trust
When you recommend your partner’s company, your customers are inclined to trust it. They are used to working with your pavement business and know you provide a quality product. Therefore, your opinion carries weight with your clients. If they can count on you, they can count on your power partner to provide a product or service on the same level as yours.
The opposite is also true. Your strategic partner’s customers are predisposed to trust your expertise because they know your partner’s work is dependable. It’s a win-win situation for you and your partner, and both companies benefit from the increased customer base built from your power partnership.
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Increased Brand Awareness
A power partnership is an excellent way to give your asphalt company exposure where you may not have previously had it. Other businesses in your industry provide construction services to clients who may also need pavement work done, and your company’s name will be at the top of your partner’s list. Likewise, you increase brand awareness for your strategic partner when you recommend their services to your customers. Your relationship allows both businesses to get your names out there.
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Added Resources
Your power partnership can give you other assets to leverage. Your collaboration may open up networking opportunities you would otherwise miss, allowing you to make new, helpful connections. Seasoned company owners or thought leaders in your industry are a wealth of knowledge for you to tap into.
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Added Customer Value
You can work with your strategic partner to create value packages that benefit your customers. Product discounts, package deals, and rewards programs are just a few ways you and your strategic partner can combine forces. Customers get the products they need while feeling confident about the companies they work with. It amounts to increased business for both of you.
If you’re working to grow your business, a power partnership can give you the edge you’ve been looking for. You can also find support through our resources at The Pavement Network. See how we can help you by applying today.