Businesses are forming collaborations online everyday to reach new followings. But like any business partnership, it's important to make sure it meets the objectives and is mutually beneficial for all parties.
A digital following is an asset that can be turned into dollars, and should be used as a bartering tool - but there are a few key components you should consider before putting on your negotiation game face:
1) Weigh up the numbers - Social media, databases and walk-in clients. How many do you have vs them?
2) Engagement – Big followings are impressive, but what’s the engagement like?
3) Don’t take things on face value – With Facebook, people don’t always openly comment, like or share. Ask to see the background analytics. What you see as an outsider doesn’t necessarily reflect the engagement value.
4) Does their audience align with you, and will you be able you to retain them post campaign?
5) From here, both parties can make an informed decision and clear plan around content creation, number of social media posts you’re each required to do, and e-newsletter inclusions.
6) Lastly, implement a post-campaign review to determine any improvements for next time.
Also - don’t be afraid to ask the tough questions at the start of any collaboration or new business partnership. In business it’s all about expectations and when they’re met - and it leaves the door open for other exciting opportunities in the near future.