A strategic alliance is an arrangement between two companies to gain additional business by combining their resources. Entrepreneurship and the business sphere is a very competitive industry thus one always needs to find innovative ways to enhance their brand identity. Here are several ways that you can collaborate with another person or company to bring added value and expertise to your small business.
Partner with a key customer
Always explore opportunities for a strategic alliance when selling a significant amount of your product to one company. Establishing a long-term alliance will mitigate the risk of losing your biggest customer and market.
Partner with a brand leader
Association with a well-established brand will bring instant credibility to your business. Advertising and marketing for your company will leverage off this partnership.
In business, you must always strive against the norm. Consider joining forces with non-profit organizations, this type of partnership offers extensive opportunities for financing advertising and distribution expenses. In this form of alliance, you would be creating value through business and social sector partnerships.
Partner with a former employee
Often many entrepreneurs generate business ideas based on previous work experience as an employee. There is always a partnership opportunity between you and your former employer that you can capitalize on in order to grow your newly established brand as well.
Partner with a competitor
Collaborating with your competitor over business ventures that are too large for you to handle. This way you can understand their capabilities and capacity, evaluate and use their unique strengths for your advantage.
Partner for Cross-marketing
When two distinct businesses pool their resources to collectively market to a target customer base. This will cut costs for the company and provide additional leverage for their products/services to generate greater marketing impact. Small business owners can benefit from co-operative arrangements with already established business entities. However, if the details of the partnership are not handled/processed correctly this could result in one partner's vision being extremely under-represented. Do you see the value in making partnerships?
Post By: SimplyBiz This article has been repurposed for the purpose of this blog original article can be sourced from Powerhomebiz.com