Curating Profitable Packages with Multiple Vendors
Establishing partnerships with fellow industry professionals can be an advantageous move for everyone involved. Whether you’re teaming up to sell a service or creating a product together, working with like-minded vendors is an easy way to increase profits without taking on more than you can handle. Plus, you get the chance to explore new perspectives and touch new corners of the market. Talk about a win-win!
But, as with any business endeavor, it can become more trouble than its worth if not appropriately planned. And when there are more cooks in the kitchen, it’s essential to lay out a cohesive strategy that brings everyone on the same page.
If you’re considering collaborating with other wedding professionals, follow these best practices to make sure it’s a smooth and profitable experience for all parties involved.
Keep it simple and clear.
Clients want packages that make their lives easier, so don’t overcomplicate it with too many choices or inclusions. This is a good rule of thumb for any packages in your business, but it’s especially vital when bringing other brands into the mix. Make sure your packages make sense and address the clients’ problems without offering them more than they really need.
Ensure it’s a win for everyone.
A one-sided collaboration is hardly a collaboration at all. All parties involved must participate, but they must also benefit from it as well. Present your needs, expectations, and ideas, but do so in a way that demonstrates how they will benefit from the arrangement. Otherwise, you’ll be hard-pressed to find others who want to sign an agreement that only serves your business.
Align compensation with participation.
It’s worth noting that benefitting everyone doesn’t necessarily mean it’s equal across the board. Each partner should receive compensation for the scale of their contributions. For instance, if you handle the entire sales and marketing of your shared package, you might gain more from the agreement. However, since your collaborator doesn’t have to do as much heavy lifting, they can get great brand exposure and new leads.
Welcome feedback about the collaboration.
It’s wise to ask for input and accept feedback from fellow partners, even if the concept is your brilliant idea. The beauty of collaboration is that it brings together multiple perspectives — and when you welcome their insight, your initial idea will only get better. A great offering will serve you all in the long run, so don’t be afraid to open up the floor and ask for suggestions to improve the product.
Step outside of your network.
If you’ve done business with a vendor in the past, it tends to be easier to start the conversation about collaborating. However, that doesn’t mean you must stick with your inner circle! If a partnership is mutually beneficial, it may make sense to reach out to new businesses and people to gauge their interest. If anything, it could serve as a great way to “test the waters” with a new vendor.
Pool your resources for promotional success.
You know how they say two heads are better than one? The same goes for mailing lists! Work together to create a strategy that touches everyone’s audience so that you can market your offering to as many people as possible. The promotional plan should outline roles and expectations, so you can ensure everyone is putting in equal effort. It’s generally best practice to do a big kickoff together, as it ensures all potential customers see the same information on multiple channels.
Collaborations allow you to maximize your network and combine your brainpower to see double the results while splitting the workload. As long as it benefits everyone involved (including your ideal clients!), it’s genuinely one of the best things a wedding professional can do to add new revenue streams to their business.
