Often times as a business owner, you mostly hear about your competitors and how to be a better business owner than them. This article relates to being the best business owner you can be, but with a different light being shed.
A complementary business can be thought of as the opposite of a competitor; they’re here to help build your brand and margin, while also building up their business. They are someone who offers a product or service that is relatable to your business. For example, if there’s a gym nearby, it would be beneficial to get into a complementary business selling protein shakes, exercise equipment, or a supplements.
Complementary businesses can bring a unique opportunity to the customers, as well as you and your complementary business partner. Besides it being fun for you and everyone else involved in a complementary business, it can help grow your business quickly and thoroughly.
The most direct way this can help your business is through word-of-mouth marketing. A gym owner can let clients know about the protein shake store, and vice versa.
If you own a business and notice a lot of your customers are interested in a product/service that you don’t offer, find a business who offers that and start a relationship. Think of how you can help their business, and if they’ll be interested. Figure out how you can work together to send each other more customers and both your businesses will grow.
Through complementary businesses, you can increase your business as well as your customers’ experiences. Complementary businesses can be a success story for you and the other business through shared word-of-mouth marketing and increased sales through customer interest. It makes sense to take advantage of complementary businesses, so why not give it a shot?