Remember the saying ‘two heads are better than one’? Turns out, this concept applies not only to elementary school group work, but also to large-scale corporate strategies. While the corporate sector traditionally has emphasized a culture of competition, a partnership can, at times, deliver a far greater return on investment. Read on to discover the power of partnership — and how to cultivate strategic alliances to improve client experiences and boost business outcomes.
Why Partnerships Can Be So Effective
Depending on partnered organizations and their unique goals, strategic partnerships can lead to a variety of benefits, as highlighted below:
Making the Most of Individual Strengths
Every organization brings unique strengths and challenges to the table. Some companies, for example, continuously develop revolutionary products, services, or concepts. Others are effective at branding and marketing existing concepts. Still others boast exceptional productivity. Organizations that partner with one another can gain valuable insight into these and other qualities that make businesses thrive.
Generating Energy And Enthusiasm
Sometimes, it’s necessary to ditch the status quo and shake things up. A new partner can deliver new ideas, which, in turn, can improve enthusiasm and general morale. This infectious energy could prompt much-needed breakthroughs for both organizations.
Building Credibility And Momentum
Start-ups and small businesses can benefit greatly from the expertise and reputation of established organizations. Momentum garnered from an initial partnership can lead not only to new clients or customers, but also to additional partnerships.
Creating New Customer and Employee Experiences
Companies that pair up to leverage their unique strengths may emerge with revolutionary customer experiences or marketing efforts that were not otherwise possible. This is particularly important in light of recent technological developments, which may require input from multiple companies. Ford, for example, has partnered with Lyft and Argo AI to develop a fleet of self-driving vehicles intended to provide delivery and shuttle services. Partnership-driven experiences can also benefit employees, as evidenced by Walmart’s financial wellness partnership with PayActiv.
Keys to Partnership Success
Merely embracing the idea of partnership isn’t good enough; success alongside another organization relies on strategic selection, shared values, and long-term commitment.
Select the Right Partners
Not just any partner will improve brand awareness or client satisfaction. Direct competitors, for example, almost never make ideal partners. In many cases, partners will occupy separate industries so as to avoid conflicts of interest. Despite this, they often share target markets.
Ideal partners possess similar values. Similarities in company culture are also essential. Ultimately, both sides should have complementary ideas of what success looks like — and which strategies are appropriate for reaching identified end goals.
Establish a Shared Goal
The most effective partnerships involve some sort of shared purpose. For example, partners may promote a charitable cause with which they both identify. Others hope to improve employee wellness or to implement new technologies. These and other common goals make it easier for both employees and clients to relate to partnered campaigns.
Allocate Sufficient Resources
For partnerships to work, both sides must demonstrate commitment to their shared cause. This begins with allocating essential resources, such as staff, capital, and leadership. Both sides are responsible for fulfilling identified obligations.
Strategic partnerships can be transformative. While companies can accomplish great things on their own, most prove more effective when they work together. Embrace the power of partnership and you’ll see rapid improvements in outreach, consumer engagement, and even workplace culture.
ON ITS AXIS emphasizes the power of partnership. We believe that companies can thrive when they work together. Check out our Certified Partners or schedule a free discovery call to learn more.