A strategic partnership can come in many forms from influencer marketing/endorsements to joint ventures and formal alliances between two companies that have complementary products, services, or technologies. By aligning with a well-positioned influencer/business or even a competitor, each company can leverage the other’s strengths to reach new markets and expand its customer base. And when done correctly, a strategic partnership can be an extremely powerful tool for growing your brand.
Why engage in strategic partnerships?
Here are three reasons why:
1) You Can Reach New Markets
One of the biggest advantages of a strategic partnership is that it gives you access to new markets that you might not have been able to reach on your own. This is especially beneficial if you’re looking to enter a new country or region.
By partnering with a local company, you can piggyback off their existing relationships and knowledge of the market to quickly establish a presence in the area. Not to mention, they can also help with things like translations and logistics (think Coca-Cola outsourcing its packaging to local businesses in international markets), or even share their thoughts on culturally appropriate ads in their local area.
2) You Can Tap Into New Customer Segments
In addition to reaching new markets, strategic partnerships also give you the opportunity to tap into new customer segments. If you sell products or services that complement those of your partner, then you’ll be able to reach their customers as well.
For example, let’s say you sell skincare products and partner with a makeup company. Not only will you be able to reach the makeup company’s customers, but you’ll also be able to cross-promote your products on their channels and vice versa. This type of exposure can help accelerate your growth by getting your products in front of an entirely new group of people.
3) You Can Position Your Brand Alongside Other Trusted Brands
When done correctly, a strategic partnership can also help position your brand alongside other trusted brands in your industry. This can be especially beneficial for startups and newcomers, as they can leverage their partner’s credibility to promote their own brand. f you partner with a well-established company that has a good reputation, then some of that goodwill will rub off on you as well.
This association can help increase consumer confidence in your brand and make it more likely for people to do business with you. After all, people are more likely to trust a brand that they know and respect than one they’ve never heard of before.
How do I find strategic partners?
There are a number of ways to find strategic partners for your business. One option is to attend industry trade shows and events. This can be a great way to meet potential partners face-to-face and get a sense of their business. Another option is to search online directories, such as those offered by the Chamber of Commerce, B2B/B2C Databases, such as the 15M+ strong database provided by SalezShark, or simply search across the numerous social media channels online. These directories can help you identify businesses that might be a good fit for your company. Finally, you can also reach out to professional organizations or networking groups in your industry. These groups can provide you with valuable information and introductions to potential partners. By taking the time to explore all of your options, you can find the best strategic partners for your business.
How do I convince businesses to partner with me?
One of the best ways to convince businesses to partner with your company is to showcase your brand’s values. Make sure you have a clearly defined mission and set of values that align with the businesses you want to partner with. Do your research and target businesses that would be a good fit for your brand. When you approach them, be sure to emphasize how your companies can work together to achieve mutual goals. Be clear about what you can offer and what you expect in return. If you can make a strong case for why partnering with your company would be beneficial, you’re more likely to convince businesses to take the leap.
By aligning with another business, each company can leverage the other’s strengths to reach new markets and expand its customer base—ultimately helping it grow its brand. When done correctly, a strategic partnership can be extremely beneficial for growing your business.