Here at Novella Brandhouse, strategic partnerships help us elevate our business. The right partnerships are mutually beneficial by extending the audience reach.
A strategic partnership is defined by Indeed as “the sharing of resources between two or more individuals or companies to help all involved succeed.” Here are 3 reasons why we value partnerships.
1. Access to new markets and customers.
When you partner with another business, you are able to get in front of more people that ideally are your target audience. Because you are working with someone that the audience already trusts, the sales cycle can be considerably shorter. Collaborating with a brand that works in a different market than your company puts your services/products in front of a new audience. The opportunity to explore a new market can bring publicity that benefits both you and your partner.
2. Increased brand awareness.
Partnerships can also result in establishing and increasing brand awareness. Align with a business that has a large customer base in an untapped market but is a look-a-like audience to your current clients. Building brand awareness is the foundation of constructing an audience that understands and is comfortable with your business. It’s the know-like-trust factor. Keep in mind that it is important to find partners that are on-brand for you. As the old saying goes, you are the company you keep.
3. Shared resources, development costs, services and functionality.
Finding other like-minded companies to collaborate with also makes good business sense. Do you need to compete more like a full-service firm? Find other companies that are a good fit for your clients that bring additional services to your offering. You save resources not creating or building that out and you also bring high level experience to your current customers – adding value all the way around.