How Building Strategic Partnerships Can Boost Your Bottom Line
We see it all over the news: this giant partnered with this smaller startup to bring customers added benefits. While it may seem like relatively uninteresting news in comparison to everything else that floods the newswire, these partnerships are an incredibly valuable business strategy that shouldn’t be ignored.
For organizations large and small, the idea of corporate partners can be both scary and exciting. Partnerships with the right companies can lead to all kinds of organizational benefits that can ultimately help bring in additional revenue. Whether it’s through marketing alliances, distribution agreements, or employee benefits marketplaces, corporate partners are a great way that businesses can expand their reach in today’s market.
Here are three key ways building strategic partnerships can help your business grow:
As businesses fight for their place in the market, brand perception can be a strong contributor to either success, or failure. Especially true for smaller businesses, the backing of larger, notable organizations can do wonders for your brand strength, and thus, your bottom line. Not only will it show potential customers that you are a legitimate brand, but it also shows competitors that you are a force to be reckoned with.
For larger brands who have that credibility already established, partnerships with up-and-coming startups can be a great way to attract new demographics to your organization. For example, a variety of larger brands are now partnering with hot organizations, such as Uber and Spotify, giving them credibility they may have been lacking with a younger audience.
For organizations who are looking to expand their product sales, partnering with like-minded companies can be a great way to expand their distribution channels. Partner organizations provide a quick, easy way to double the visibility of your products to their already existing client-base.
Another great way to increase distribution through these partnerships are with employee discount programs that utilize the relationships with partners. Especially with employee verification in place to ensure that only the employees of accepted brands can participate, you can increase revenue by creating exclusive offers for your partners’ employees.
Even though it often is seen as the less important business entity, marketing is actually a crucial element of business success. However, especially now in the midst of social media and a continually crowded market, it can be difficult for both large and small organizations to get the reach and success needed to truly grow.
Corporate partnerships can be a simple solution to taking on this challenge with success. Through these partners, you have double the assets and resources to create marketing campaigns, and can get the support needed to reach a variety of customers in a variety of different ways. Perhaps the organization you partner with has an influencer program, while you focus on direct marketing campaigns. The two combined can create a recipe for marketing success.
While gaining corporate partners can be a challenge, the resulting benefits are often worth the effort. With the right partners and right support, your organization will be on its way to growth you never thought possible.