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Strategic partnerships are a great way for organizations to quickly amplify their value proposition and drive incremental revenues. Here are some of the many benefits stemming from successful strategic partnerships.
1. New customers
Tap into an entirely new customer base by mutually agreeing to market to one another’s customers. This creates a win-win situation for both companies and provides immediate access to a new pool of prospects. Consider collaborating on offers that would be mutually beneficial to both companies and your respective customers. Leverage existing marketing channels to cross sell each other’s products and services.
2. New capabilities
Expand your capabilities (product or service offerings) in a low-cost way. If you have been considering investing in a new offer, look to partner with a company that already has the functionality and infrastructure in place. Push for exclusivity as part of the partnership which will ultimately create more “stickiness” with your customers.
3. New regions
One of the easiest, most cost effective, and fastest ways to expand into new markets is through a strategic partnership. Eliminate the heavy start-up costs by finding a partner who already has a strong foothold in the market. By offering a complimentary product or service to their core offering, you can quickly establish yourself as a reputable player in the market where they are already established.
4. New ways to compete
Stop losing business to competitors who have a more robust offering. Partner with an organization that will allow you to remain competitive by rounding out the portfolio of products or services you offer to your customers and prospects. Promote your partner’s offerings to your customers and prospects and encourage them to do the same.
Don’t underestimate the value a strategic partnership can bring to your organization and your customers. It is one of easiest ways to adjust to a change in the competitive environment as well as a fast way to drive incremental revenue. Find a partner you know and trust and push for exclusivity to further differentiate yourself in the market.
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