Partnering your tour business with another company
Partnering your tour business with another company is one of the most successful ways to market your services and activities.
Many of us tend to be so individualistic that sometimes it’s hard to consider relying on someone else. Don’t think of alliances as handing over part of your business, though. Rather, alliances are just like networking and result in a win-win situation for both parties.
This isn’t rocket science. It’s simply a way of thinking about your current relationships in a different way and looking to the outside to form new relationships.
Partnering your tour business with another company has a host of advantages including: saving money on shared expenses, expanding your customer base and capitalising on another company’s size or prestige.
Some of the most popular alliances are demographic or geographic relationships. The key here is to ask, “Is there a company with a product or service that overlaps with my target audience and that I can partner with for a win/win scenario?”
Another good example of a geographic alliance is the local coffee shop that displays an impressive arrangement of fresh flowers on its front counter, provided by a florist located just a few doors down. The coffee shop receives a beautiful addition to their décor, while the florist gets to reach out to potential customers in the area that may not have otherwise been aware of its services.
Some partnerships are both demographic and geographic, but go beyond those factors, as well.
Other benefits of partnering your tour business with another company include:
Advertising together, sharing marketing efforts and integrating with other parts of the supply chain that are non-competing.
Some of the most well-known competitive partnerships are joint ventures, which simply means when two or more businesses form a strategic alliance to share markets, intellectual property, assets, knowledge, and profits. This form of partnership is not the same thing as a merger, as there is no transfer of ownership in the deal.
Joint ventures can happen between businesses with similar products and services to join forces and penetrate new markets. Or they can be based on a larger business acquiring resources from a smaller business to quickly obtain what they need to leverage a particular opportunity. Like with any type of partnership, a legal agreement is absolutely necessary that carefully lists which party brings which assets (both tangible and intangible) to the venture as well as the objective of the strategic alliance.
What are the chances of success after partnering your tour business with another company? Most experts agree that the key to success is the human factor. How human resources are integrated and knowledge is shared can make or break a partnership far more often than geographical or financial factors.