Running a startup does not have to be a lonely struggle? Find out how calculated collaborations can help your budding business flourish.
Strategic Partnerships: Building Beneficial B2B Relationships
The 'it' approach to business is utilizing strategic partnerships via a refreshing tactic called co-selling. Here's how they can help grow your business.
Small businesses and startups are unapologetically taking up more and more space in the marketplace these days. With this rapid saturation comes the inevitable business battle that is synonymous with corporate competition. However, what if we looked at the competition as a vehicle, instead, for collaboration. With so many points of entry to consumers, there are nearly endless opportunities for corporate collaboration. The new "it" approach to business is utilizing strategic partnerships via a refreshing tactic called co-selling. Keep reading to find out how strategic partnerships can help grow your budding business.
What are Strategic Partnerships?
Dust off your middle school biology book and think back to the concept of symbiotic relationships. This term defines a simple relationship between two parties that is mutually exclusive. In the business world, strategic partnerships illustrate a real-world application of a symbiotic relationship.
When two companies come together to form a strategic partnership, they have found a way to work together to achieve mutual success and growth. Strategic partnerships are a form of business to business (aka "B2B") collaboration. This relationship can manifest in multiple ways.
Types of Strategic Partnerships
There are four main types of strategic partnerships: marketing, supply, financial, and technological. Depending on the needs of your business, you may benefit from exercise one or more of the following partnerships.
1. Strategic Marketing Partners
You cannot open a web page or drive down a street without seeing an advertisement or two (or ten). Advertising is a costly, but necessary, way to grow your business. Proper marketing is necessary to get your business in front of viable clients and customers. However, sometimes advertising costs outweigh the financial payoff of potential business.
Enter strategic marketing partners. By partnering with a business with a similar clientele, you can maximize your profitability with little to no advertising cost.
2. Strategic Suppliers
Everyone loves a good referral. When companies share vendors and suppliers both parties will benefit from bulk discounts and/or referral bonus. Whether you need to order more office supplies or raw materials for your product, consider making supply partnerships.
3. Strategic Financial Partners
Money is quite literally the lifeblood of any successful company. Therefore, it is vital to make strong financial partnerships with investors, accountants, and banks to ensure a healthy and profitable flow of finances.
4. Strategic Technology Partnerships
Here at CoSell we love working with businesses of all kinds, but we have a particular affinity for software startups. Technology partnerships are quickly becoming one of the most powerful collaborations between companies today. From sharing IT guys to creating a coding community, technology partnerships are sure to help your business boom.
Strategic Partnerships: In Summary
The power of community fuels the methodology behind strategic partnerships. By tactfully selecting collaborators, businesses can flourish alongside one another. What are you waiting for? Find your future partner at CoSell today!
If you’d like to explore how partnership co-selling can help you and your team boost sales and win major clients fast - check out our selection of free eBooks.