Last Updated on December 6, 2022 by Selina Parker
It’s not enough to have a great product. You need the right strategic partner to help you grow your business. Although you often overlook strategic partnerships, they can be a key to your success.
Many companies are in the same boat as you, so it’s essential to take an outside-the-box approach when looking for your strategic partners.
This article will teach you how setting up business relationships can help you outsmart the competition by strategic partnerships with companies for growth and revenue for your business.
11 WAYS TO OUTSMART THE COMPETITION BY STRATEGIC PARTNERSHIPS OPPORTUNITIES
1. PARTNER WITH OTHER BUSINESSES IN YOUR INDUSTRY
One way of getting more market share is by having a joint venture with another company in your industry. For example, suppose you are a software developer working on an app for kids. It can be beneficial to partner up with educational toy manufacturers so the two products work together seamlessly.
A strategic marketing partnership will help each company gain access to new markets that they would not otherwise have to access.
2. MAKE BUSINESS PARTNERSHIPS THAT ARE MUTUALLY BENEFICIAL FOR BOTH
Benefits for a typical strategic partnership agreement include a percentage of sales, a revenue share, or royalty agreements. Today’s businesses are looking for win-win arrangements that give everyone an equal chance at succeeding in their field.
3. PARTNER TO OFFER DISCOUNTS ON EACH OTHER’S PRODUCTS AND SERVICES
For instance, if you are an online retailer, partner with a local brick and mortar store to provide discounts on their products when customers show proof of purchase from your store. It will help in business success for the two parties involved.
4. PARTNER WITH SOMEONE WHO COMPLEMENTS YOU AND HAS COMPLEMENTARY CAPABILITIES TO YOURS
Look at what is lacking in your business and find one company that can fill in the gaps. It is how you form a successful strategic alliance.
Figure out what you’re good at, and look for a partner who excels in the areas where you are weak. You could have a technology partner to have access to new technologies. You can offer them access to your customer base while they offer their knowledge and skills to help improve your products or services, making it your competitive edge.
5. COLLABORATE ON MARKETING CAMPAIGNS TOGETHER
Collaboration has become very popular in the last few years as more companies realize that working together can drive business.
For instance, you could partner up with a company that sells sustainable products to promote each other’s brands at events and on social media. It will help make your brand more visible while also creating an opportunity for new customers interested in learning about their product.
6. WORK TOGETHER TO CREATE NEW PRODUCTS OR SERVICES
If you have an excellent idea for a product or service but don’t have the resources to bring it to market, partner with another company that does. A business relationship is a great way to get your feet in the door and test out your new product without investing too much money up front because you have a partner. You can also share the risk if something goes wrong.
7. PARTNER WITH A LOCAL BUSINESS THAT YOU HAVE SOMETHING IN COMMON WITH
Local businesses are the most open to partnerships, so look to partner with a local company similar to yours. For example, if you are a yoga studio, look for a nearby company that runs community events and see if you can partner up with them to offer discounts or promote each other’s brands.
8. CREATE CONTESTS WHERE THE PRIZE IS A PRODUCT FROM THE TWO COMPANIES
A contest collaboration is a fun and easy way to get your brands in front of new customers. Have the award be a product from both companies, so people have an incentive to enter. It is also a great way to generate buzz on social media.
9. OFFER TO TRADE SERVICES WITH OTHER BUSINESSES IN THE AREA
It could be in the form of barter in which each company provides services to the other in exchange for goods, or it could be a simple trade of services. Doing so will help you get the word out about your business and help you build relationships with other companies in your area.
10. CROSS-PROMOTE EACH OTHER ON SOCIAL MEDIA
Most social media platforms have features that allow easy cross-promotion of content between accounts. Take advantage of this by sharing each other’s content regularly. It will generate more exposure to each other’s brands and help introduce new potential customers.
11. BECOME EACH OTHER’S AFFILIATES AND PROMOTE THEM TO YOUR CUSTOMERS
Affiliate programs don’t just work on influencers alone but also in business-to-business settings. It is helpful when you have a good customer base and would like to introduce them to a complementary business. Affiliates can also be beneficial when your company offers products or services that the other company doesn’t provide but could still be interested in the products.
Any strategic partnership or alliance type is mutually beneficial for both companies. Try one or more of the tips listed above to help get your business in front of new customers.
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“What began as a life and career coaching services company to aide entrepreneurs through the early-stage challenges and tough transformations of starting a social venture has evolved over the years to include mergers and acquisitions, organizational consulting, and business growth advisory services to mission-driven organizations that strive to improve access to basic physiological, safety, and security needs while increasing their profit margin. Clients include founders and organizations with the purpose of addressing deficiencies in delivering quality healthcare and mental health services, sufficient employment, access to clean water and air, safe shelter, adequate food, and more.”