In this post, I’m going to share with you tips on Strategic Partnerships and why you should build these for your business. In another post, I’ll teach you exactly how to build them.

First, let’s get on the same page on taking a look at what a Strategic Partnership is.

A Strategic Partnership is a formal alliance between two brands with the goal to generate more business for both brands.

In other words, it’s two companies working together to better both organizations. Typically, the main goal is to generate more leads, sales and revenue for both brands.

Brands are doing this all the time. If you scroll through your Facebook feed for a few minutes, you’ll come across a bunch of partnerships. Here are a few I found in mine …

I also ran into an unlikely pairing the other day of Tesla and Qantas Airlines. They have partnered “to drive innovation for their customers and sustainability in the transport industry.”
Qantas and Tesla

So, why are these brands doing this and should small business owners also form partnerships? Why they are doing this is simple … both companies share a similar target demographic. Put it another way, they’re trying to get to the same audience of customers. Company A shares company B to their audience and vice versa. Both brands generate new business for each other.

Should small business owners also form partnerships? In a word — YES!!!

It is perhaps the easiest way to generate new customers. Find another brand with a similar demographic and then lay out a plan on how you’ll promote each other to one another’s audiences. We’ll cover a lot more about how to do this in a future post.

For now, here are 5 reasons WHY you should go out and form strategic partnerships now …

  1. You can go farther faster – Your partner brands will introduce you to a new audience of customers you previously weren’t reaching
  2. You can recommend products and services your customers need – You can’t solve all of the needs of your customers. So, let partners solve the needs you can’t or won’t
  3. It’s positions you better as an expert – When someone else endorses you, this helps build your credibility
  4. More leads + more sales = more REVENUE – And for FREE! Partnerships generally don’t cost you anything. So, this is a very cost effective way to generate new business.
  5. Less Risk – When you spend money on advertising, there’s always a risk it won’t work. With partnerships, your partner brands are already generating business from their audience. Meaning, you know you are being advertised to buyers.

There are a TON of ways to partner. We’ll cover the how of partnerships in another post. But for now, I want you to be crystal clear on why you should partner with other brands.

What do you think? What are some reasons why you see partnering with another brand is beneficial?

To YOUR Success,

Scott Morrison {ScoMo}