Working with a large retail store can create advantages that complement your small business core competencies. Teaming up with a big retailer that aligns with your business can provide new opportunities that help your business scale and grow.
Forming a partnership with a large well-regarded retail store can build your reputation with consumers as they may associate your business with the retailer. Consider partnering with a store that’s known for its excellent customer service, product innovation, and value. If you want to develop a reputation for giving back to the community, think about organizing a co-sponsored event with a retailer that is recognized for its philanthropic activities. You could jointly hold a 5K walk/run for breast cancer research. Observe how your large retail partner manages and protects its reputation. You may find several of its tactics useful to safeguard your business image, such as how it responds to negative publicity.
Advice From Industry Leaders
You could partner with an industry-leading retail store to get a firsthand look at the way it does business. If you are working with a large retailer to distribute your new product range, it could provide insight into how to market your items or what pricing strategy to use. Your large business partner may have its processes streamlined to maximize efficiency. It could be using financial software that tracks inventory, invoices customers, and pays suppliers. You want to look for efficiencies that you can transfer to your small business.
Exposure to New Markets
Your business could extend its reach by forming an alliance with a large retail partner that has an extensive distribution network. If your partner has an established presence in the markets it is helping you sell in, it may have existing customers who are ready to purchase your items. Large retail stores usually have sufficient resources to research new markets before they enter them; your small business can find out information about what products sell well, who the key competitors are, and legal and compliance issues to consider. For example, your large retail partner could advise that you need a licence to sell your products in a particular market.
Increased Networking Opportunities
Large stores often have many connections in the retail industry due to their need to work with customers, suppliers, distributors, professional buyers, lawyers, and accountants. When you form a strategic partnership with a prominent retailer, you want to network and forge professional relationships with its contacts who could add value to your small business. If your partners accountant has extensive experience implementing cloud accounting software, you might ask if it could assist your business in launching a suitable cloud solution. Networking with your retailer partners contacts may also help you discover talented individuals who could work for your business. Partnering with a large retail store that fits your small business brings numerous advantages that can help your business grow. Key benefits include an enhanced reputation, learning from industry leaders, gaining exposure to new markets, and increased networking opportunities.