Benefits of Strategic Partnerships & Joint Ventures
Enhanced Credibility for Your Company:
Consider it "name dropping" of the highest order. An alliance with a larger, better known company dramatically heightens your credibility in the eyes of potential customers. Those who're considering hiring or buying from you are shown compelling evidence that others have endorsed you, so they're more likely to get on your bandwagon.
Opens New Sales Channels:
Most of us have limits on our resources, which hinders growth. By aligning with a solid partner for a joint venture, you expand both your company's sales force and its distribution channels. You're doing it at an attractive low cost, too. Your overhead can remain relatively low.
Flatten the Learning Curve:
While a strategic partnership wonderfully exposes your company to new markets, you needn't invest much time or money batting in that new ball park. Your partner already knows the game and will get you up to speed for free. It's also a smart way to outsource tasks you don't have the time or skill to handle.
Block Out the Competition:
There's more than safety in numbers, it's a sign of leadership that acts as a powerful customer magnet. When several strong players are involved in a strategic alliance, your team can render the competition nearly irrelevant. Doing business with your consortium looks like the only logical choice for most of your target consumers. Your profit margin should benefit nicely, too.
That said, do your homework when considering joining or asking another about a strategic partnership. Interview your intended, so to speak. Do a Google search on them as well. You don't want to potentially drag down your good name and brand by aligning with someone whose reputation is sketchy.
Once you're sure this is a marriage made in heaven, pull out the stops to heavily communicate your joint venture.
- ~ Create a marketing plan and share responsibilities for implementing it. Consider sponsoring promotional offers to stimulate joint sales.
- ~ Develop a white paper or free viral report that shows potential customers why tapping your services is the new best way to go.
- ~ Consider designing a new logo that brands the new alliance.
- ~ Showcase the new capabilities, services or products in brochures, business pitches, on websites, and beyond.
- ~ Mount a publicity campaign and get the word out to relevant media, newsletters, and bloggers through a series of press releases and related communications tools.