Utilizing strategic partnerships is one of the most effective strategies a successful business can have. So what is a strategic partner? They are another business or individual with whom you enter into a symbiotic, or mutually beneficial relationship with. I have strategic partnerships within both business to consumer and business to business channels. This helps grow our business at a low cost. Business who do not leverage these working relationships are making more work for themselves. Below are a few examples of the different kinds of partnership you can develop to help elevate your business to the next level:
1. Promotional Partners- Work with a partner to host a joint event. These types of partnerships work well if your companies cater to similar audiences or audiences who build off each other. If you’re an American Express customer, you’ve see this type of partnership in action all the time. Partners host events that create a unique dining experience, entertainment, or sporting event all in the hopes to create a perfect experience to draw new business. This is powerful in reaching a new audience you may otherwise not had access too.
2. Referral Partners- When complementary businesses or individuals refer new customers and perspective leads to each other. Technology partners use this type of referral all the time. A company like Microsoft refers business to a Microsoft certified partner who can implement a particular product or service and vice versa. These referrals are powerful because there is a pre-established feeling of trust towards the company and it makes the sales process much smoother.
3. Data Partners- Two strategic partners exchange databases in order to bolster their sphere of influence. Besides the benefits of growing the size of your company database, you can also run co-branded campaigns via email, print, or online. These partnerships dramatically increase the reach of your brand and boost overall brand awareness.
4. Joint Venture Partners- This type of partnership usually comes as the result of doing years of business together. Both companies share the costs, risks, and rewards of a mutual investment or business venture.
5. Business Partners- These partnerships usually take the longest to form. They’re the final step to solidifying a good strategic partnership. After going through the different “dating” stages of strategic partnerships, you are now ready to formalize the relationship by becoming true business partners working together as actual partners.
Now that you know about the different types of strategic partnerships, what do you plan to do to take your business to the next level? Regardless of your industry, working with a like minded strategic partner will give your company a competitive advantage. Brand Iron can help expand your brand’s reach and diversify your growth initiatives. Call 303-534-1901 or visit brandiron.net to see how we can help.
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