Many of the most successful marketing campaigns in recent years are born out of successful strategic partnerships. Think Apple and IBM, the World Cup and Adidas, or Aussie music streaming company Guvera and Accor Hotels. And in today’s social media-obsessed consumer market, the savviest brand marketers form alliances with online influencers to generate a buzz around their products and services.
Strategic partnership is one of the most time and cost-effective ways to enhance a brand, expand your market, generate new leads, increase revenue, and grow your business. In a symbiotic fashion, it allows you and your partner to tap on resources that you would not generally have at your own disposal, resulting in a win-win collaborative experience. Small and medium size companies like yours can also reap the benefits of partnering with other businesses, but it is not as easy as it may sound. No doubt strategic partnership is one of the keys to scaling up your business, saving you time and money. But before you jump onto the partnership bandwagon, be aware of potential pitfalls. Although many joint ventures are often successful, sometimes this is not the case. It pays to get to know your prospective partners well.
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