Reciprocrity is defined as ‘behaviour in which two people or groups of people give each other help and advantages’ – According to Cambridge dictionaries online or in simple terms a mutually beneficial partnership or exchange. Click here to read more about partnerships.
It’s not a new concept and the Latin phrase ‘quid pro quo’ essentially conveys the same arrangement. So if it’s not new and the Romans knew about it why I am writing about it many thousands of years later?
Reciprocity has so much relevance in the new media age. While it would be wonderful to think that your company or brands will rise from anonymity in one relentless surge to a position of leadership and then market dominance all by itself the truth is that when you do reach that position you will have done so with the help and co-operation of your own network of partners and advocates.
Furthermore those companies that are not co-operative in this sense or are only ‘out for themselves’ are easily identifiable with just a little online research – shrewd business people steer clear from such businesses. Convinced? Below are five ways you can use reciprocity to help your business to grow.
5 ways to use reciprocity to grow your Business
1. Referral link exchange – You include a link to your new partners website on your site and they do the same.
2. Database share – If you and your partner share the same target audience you allow them to speak to your audience and they allow you to the same.
3. Joint exhibition stand – Exhibition stands are generally not cheap and if you can share stand and costs with a partner it will be easier to get a return on your investment.
4. Combined product packages – It’s essential that these can deliver more value to your customers than you can do on your own, for example – a massage therapist partners with a beauty therapist to deliver ‘wellness & beauty days’ for an all in price.
5. Content inclusions – You and your partner can appear on each others You Tube Channel and feature in each others blog posts and this will broaden the marketing footprint for both partners.
If you are not doing so already put reciprocity to work in your business today and remember that the basis of any partnership can change. When Run DMC initially approached Adidas in the 1980s they basically wanted free products – fast forward to years later when Adidas was engaged in a marketing war with Nike and Reebok – the credibility of their long association with Run DMC held them in good stead. The track, ‘My Adidas’ by Run DMC certainly helped Adidas reach a key demographic but then along came Michael Jordan and literally changed the game.
Food for thought? If you would like our help building reciprocity into your business model or with any other aspect of your marketing requirements please give us a call on+44 845 2264247 or drop us an email via mail@marketingfundamentals.com. We are a leading Content Marketing agency in London .
We hope you find this information useful.
Kind regards,
Marketing Fundamentals Team
Follow us on Social Media
