Teaming up with another business to form a partnership could be a great decision for your company. Partnerships allow you to leverage another business’s knowledge and resources, solve problems, strengthen weaknesses and reach new clients.
Here are our favourite benefits of partnerships:
Additional expertise and knowledge
New partners bring with them new skills – this is often what many new partnerships are founded on. When you can bring new skills and strengths to your company, you become more competitive and broaden your opportunities.
With the addition of new skills and strengths come new perspectives. Getting a fresh perspective on the challenges that your business is facing is invaluable. We can become so close to daily operations at times, that it can be hard to see the solutions. With new leaders come new viewpoints and new problem-solving ideas.
Larger client base
Imagine doubling your customer list. When businesses decide to join forces, they bring their networks of clients with them. Essentially, new partnerships introduce you to a new customer base just by association!
What if you could instantly heighten your businesses credibility and extend your marketing reach? Really, what business doesn’t want these things? Partnering with a well-established brand builds awareness and trust rapidly and improves your reputation.
Partnering with businesses that bring complementary skills and services creates new opportunities for growth. Moreover, you can expand your offering, gain new market share and do more for your clients. Partnerships also allow you to expand your professional network and introduce you to new key contacts and further opportunities.
Considerations for starting a partnership
When deciding on a strategic partnership think about your goals and how you want your business to grow. Weaknesses can be overcome by bringing in a partner who offers complementary strengths. For instance, Salesforce and Microsoft recently announced they are expanding their partnership to improve customer experience.
Also, think about your ideal consumers and their other interests. When Nike partnered with Apple, they targeted tech enthusiasts and everyday athletes. Red Bull’s partnership with Go Pro connected the adrenaline junkies and the caffeine addicts. Both of these partnerships brought complementary goods to a similar audience.
Aim to create long-term partnerships and not just quick, one-off promos. Obviously, planning for the long-term will help ensure your new partnership has time to achieve its goals. Over time, you may even surpass your original goals. Do not limit your partnership potential.
Exposure is important but finding a partner that is aligned with your values is critical. Likewise, a partner that can help amplify your brand messages to the right people is vital to getting the right type of exposure.
Partnerships can be a very effective way to grow your business. However, the most important decision is choosing the right partner.
Partner with AIR MILES®, Canada’s favourite reward program
If growing your customer base and increasing revenue are some of your goals, our team can help. The AIR MILES Reward Program can be the perfect partner for your business.
To learn more, download our free ebook Loyalty Programs, The New Business Imperative. In addition, check out our recent blog post on how to motivate customers.
Contact us today to find out you can partner with a brand recognized by 99% of Canadians!