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Covid Business Partnerships

Banding Together: How Businesses are Joining Forces in the Age of COVID-19

September 10, 2020/in Uncategorized /by E. Napoletano

While some businesses have re-imagined their revenue models due to shelter-in-place orders and unpredictable reopening rules, other businesses are joining forces to revamp their revenue streams by pursuing partnerships.

Sometimes, the boost your business needs is right in your backyard. It just takes some creative thinking to identify, explore, and establish partnerships that can benefit both sides of the relationship.

Opening a Window

Filip Duz’s company, Giraffe Window Cleaners, services roughly 1900 square miles in the Dallas-Fort Worth metroplex. When mandatory closures and COVID-related business restrictions set in, he knew he’d have to find revenue sources beyond his regular income stream. 

Instead of working directly with homeowners as he typically has, Duz formed an alliance with several real estate agents.

“From my past dealings with real estate agents and home stagers, I knew that real estate agents place a big focus on making a home look great before selling,” he says. “Naturally, clean windows are a part of making a home look presentable for selling, so a partnership made sense to me.”

To get his partnerships started, Duz located a list of the top 1000 realtors in his metro area. From there, he sent text messages and made cold calls, introducing himself, and asking if the agents needed help cleaning the windows on homes their brokerages had listed for sale. 

The plan worked gangbusters for Duz and his partner agents. 

“When a realtor needs to prepare a home for a showing, they reach out to us to schedule a window cleaning,” he says. “This benefits us because it provides a steady flow of work for our crews. The real estate agency benefits from having a reliable partner that provides consistent, high-quality window cleaning at a moment’s notice.”

Doubling Down on a One-Stop-Shop

As a gutter and window cleaning service in Austin, Texas, Full Color Cleaners owner Benjamin Nguyen knew his team always had an eye for identifying their customers’ needs.

“When we perform any one of our exterior cleaning services, we’d usually discover things that are broken or damaged and needs a specialist to come fix it,” says Nguyen. “We’d only ever pointed it out to the customer, and they would go out and search for a specialist themselves unless we had family or friends specializing in those services.”

But this year was unexpected with the pandemic and many businesses in the Austin area struggling. Instead of just pointing out things that might need to be fixed, Nguyen and his team started to call service providers they had relationships with to help their clients fix what needed fixing.

Nguyen started his outreach for potential partners with business owners he’d networked with in the past. Knowing they needed to add multiple services to their partnerships, Nguyen reached out to fellow local Austin-area businesses, including those offering roofing, pest control, landscaping, and plumbing.

“The outreach process is quite fun because small business owners are always thrilled and happy to talk about their business,” he says. “That really helped us build a good relationship with them from the start.”

Now, Nguyen’s business – and those he partners with – all get a referral fee when they refer customers. His customers get the satisfaction of knowing Nguyen’s team is bringing solutions to their problems. Full Color Cleaners has built up a robust set of local business alliances that will continue to power a new revenue stream even through reopening and beyond.

“It comes full circle, everyone helping out each other,” says Nguyen.

Planting Seeds for Growth

Farmers have been hit particularly hard, first during the trade war of 2019, and now the pandemic of 2020. Farm Lease Pro, an online marketplace where farmers and landowners connect to lease farmland, recognized the need their customers had to find ways to bring in revenue when COVID caused slowdowns in the supply chain. 

“Each day, many older farmers are retiring, and trying to figure out how to monetize the equity they have built up in their land over decades,” says Madison Woodward, founder of Farm Lease Pro. “The property taxes are high, and the maintenance bills keep coming while income is down.”

Woodward was actively looking for ways Farm Lease Pro could add value to their cash-strapped clients during these difficult times. He reached out to a similar marketplace, HLRBO (Hunting Lease Rental By Owner), to explore a partnership idea. Both farm and hunting leases are an avenue for landowners to generate income off their land while providing hunters and farmers the ability to use land that they might not be able to purchase outright.

“Farm Lease Pro has a large user base of landowners making money off of farm leases, while HLRBO has many landowners who are earning revenue from hunting leases,” says Woodward. “We joined together to provide landowners with another opportunity to monetize their land without selling it, while also helping farmers and hunters find the land they are looking for.”

Now, both Farm Lease Pro and HLRBO have an uptick in business, and both farmers and landowners are enjoying revenue from previously untapped revenue streams.

Whatever your line of work, there’s always a creative partnership waiting to help you and a potential partner grow your business. It doesn’t take a challenging economy to see that a strategic plan for businesses joining together can help every member of an alliance reap new rewards.

https://kapitus.com/wp-content/uploads/Banding-together-how-businesses-are-partnering-in-the-age-of-covid.jpg 1324 2200 E. Napoletano /wp-content/uploads/2020/03/Kapitus_Logo_white-2-300x81.png E. Napoletano2020-09-10 15:41:082020-09-10 15:41:08Banding Together: How Businesses are Joining Forces in the Age of COVID-19
Surviving Covid: Rethinking Revenue Models

Rethinking Revenue Models During Re-Opening and Beyond

September 8, 2020/in Featured Stories, Operations, Sales and Marketing /by E. Napoletano

As businesses look toward the third quarter of the year, many are still looking for ways to overcome the unexpected pains that COVID-19 has inflicted on their revenue models. With states and localities having widely varying re-opening plans, it’s only natural for businesses in every sector to be on the lookout for new ways to generate revenue.

 To help your business find inspiration for its own COVID-coping and re-opening plans, the businesses below share how they’ve reimagined their revenue models over the past two quarters.

 Adding Humanity to Membership Models

Before COVID-19, Scott Beaver, Ph.D. (affectionately known as Dr. Scott) and his company Easy Hard Science operated on a fee-per-course revenue model for its pre-recorded and live-by-chat video classes. With kids out of school for an indefinite time and parents’ needs to keep their kids learning, Beaver switched his business over to a membership model.

Now offering unlimited courses for a simple monthly fee, Beaver can overcome the trend he sees with how other companies are leveraging the internet during the COVID crises.

“Families are still stuck at home, and they are being offered all sorts of digital and mail order products,” says Beaver. “These products are safe, yet perhaps less human.”  Easy Hard Science provides what Beaver refers to as “good old ‘service with a smile’” and believes that his commitment to personal service is why families want to join and then stay in his membership program. He experienced a 300% increase in revenue in just six weeks after launching his membership model.

“We spend hours and hours talking with parents and having learners in live online classes and suggest you do the same,” he says. “Don’t expect robots to keep your customers happy. The world wants and needs more humanity at this moment, even if it’s delivered in a digital format.”

Investing in Micro-Influencers

 

Escape the chaos and embrace the calm one drop at a time. ☀️ Via: @jamesaspey #nuleafnaturals #nuleaf #cbdoil #cbd #organic #fullspectrum #wellness #peace

A post shared by NuLeaf Naturals Est. 2014 (@nuleafnaturals) on Aug 23, 2020 at 2:03pm PDT

NuLeaf Naturals had a healthy revenue stream built up through retailers, which came to a halt once states and cities imposed shutdowns. That forced NuLeaf to rethink its revenue model and focus on one that would help it become more self-reliant in all economies. 

No matter the circumstance, NuLeaf’s Vice President of Operations Ian Kelly knew that people still need to buy things, and eCommerce is the best bet in terms of safety. He helped navigate NuLeaf to a new revenue solution with micro-influencers through Instagram – online personalities with 10,000 followers or less.

“Micro-influencers are great for growth hacking social media without shelling out too much money,” says Kelly. “Investing in five micro-influencers with 10,000 followers is better than targeting one influencer with 100,000 followers. If you can find micro-influencers who are already fans of your products, it’s a great catch.”

Through NuLeaf’s micro-influencer campaigns, they’ve experienced a significant increase in engagement – especially direct messages from potential customers asking questions about their products. NuLeaf can now engage with new customers on a one-on-one level and start meaningful conversations that address a potential customer’s specific concerns. As a result, they’ve seen a rise in sales and plan to carry the micro-influencer marketing strategy alongside retailer re-openings and beyond.

Envisioning New Verticals

Rethinking Revenue Models During Covid

Credit: UCplaces.com

 

When you wanted to create or take a virtual tour – through a city, a haunted house, a historical monument – UCPlaces was the place you went to. Their app took you inside for a look at destinations far and wide, yet when COVID came along, tourism ground to a halt. Tourism was one of the main reasons people tuned into UCPlaces tours, for the self-guided experiences in new cities and countries.

“Since tourism took such a huge downturn, we were forced to adopt a new business model out of necessity,” says Mary Rutt, the company’s Director of Business Development.

As the company started rethinking revenue models, one COVID-related trend stood out.

“With folks moving out of crowded cities and rural real estate markets becoming flooded, we felt that the UCPlaces tour creation platform could be a great tool to help real estate agents stand out,” says Rutt. The only challenge was figuring out a way to create tours that real estate agents and their clients found beneficial. UCPlaces did their version of market research.

“We started by presenting the platform to a few local agents for their feedback. Our goal was to determine if providing tours to potential buyers would be something they’d find exciting,” she says. “The reaction was overwhelmingly enthusiastic, and we knew this was a revenue stream we had to explore.”

Two months after having the idea, UCPlaces now targets real estate agents to create “where to live” tours for their potential buyers to learn about a new location and not have to be in the car with their agent. 

“UCPlaces users can pop in their earbuds or connect to their car’s Bluetooth speakers and take one of our pre-recorded, GPS-led walking, hiking, cycling, or driving tours on their own schedule without needing to gather in groups,” says Rutt. “It’s perfect for social distancing.”

As you move into re-opening, the rethinking revenue models, such as the revamped models mentioned above, can help you identify new opportunities to keep the cash flowing in any market conditions. With a bit of creative thinking, you could discover that your next enduring revenue stream is easy to implement and can provide value for years to come.

https://kapitus.com/wp-content/uploads/Rethinkging-revenue-models.jpg 1466 2200 E. Napoletano /wp-content/uploads/2020/03/Kapitus_Logo_white-2-300x81.png E. Napoletano2020-09-08 10:30:272020-09-08 10:30:27Rethinking Revenue Models During Re-Opening and Beyond

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