Are you looking into how to use strategic partnerships to grow your business?
Strategic partnerships can be a fantastic way to grow your business. What are some of the ways you can implement these strategies in your business to strengthen it, scale it, and increase results more profitability and with less risk?
Strategic partnerships can be short or long term. They can be specific to one thing or more general alliances. Used well they could be the secret to breaking through to your goals and bigger vision.
Exclusive deals with strategic partners can both be used as an in with organizations you may not otherwise be given a chance at working with, as well as to block the competition out of certain opportunities.
For example, you may want to do a product launch or roll out new features only available through a certain partner. In exchange, that partner may agree to only promote your product for six to twelve months. Such as mobile phones, financial products, etc. Or you may agree to only refer business to each other for a period of time.
Accessing & Exchanging Resources
When you are wondering how to use strategic partnerships to grow your business, keep in mind that your business has many needs that cost money. You may also have underutilized resources that you can make available to others in exchange for something of value.
This can be equipment, office, retail or warehouse space, team members. For example, you may need space to meet clients and can create a partnership to use another company’s conference facilities.
Or it could be office space for remote employees, in exchange for having an onsite presence to add more value to another company’s customers. Like you may have seen tax prep companies set up kiosks inside of Walmart.
Reducing Marketing Costs
When looking into how to use strategic partnerships to grow your business one of the key considerations should be minimizing marketing costs. It can also greatly reduce the time it takes to get to sales and to scale marketing.
There are others who already have vast databases of your ideal customers. They have put in the work and investment to build up these audiences and segment them for years.
By partnering you can save all of this time and much of the cost. You can at least eliminate upfront marketing costs and pay for performance instead of a referral or affiliate marketing program.
If you can find something of value to offer, then you may barter and exchange. Or gain access to new lists and contacts.
When you are fundraising for example the investor will want to see that you have been able to create organic distribution channels that are sustainable.
Keep in mind that in fundraising storytelling is everything. In this regard for a winning pitch deck to help you here, take a look at the template created by Silicon Valley legend, Peter Thiel (see it here) that I recently covered. Thiel was the first angel investor in Facebook with a $500K check that turned into more than $1 billion in cash.
Remember to unlock the pitch deck template that is being used by founders around the world to raise millions below.
Hack Growth With New Channels
Addressing how to use strategic partnerships to grow your business can give you access to new channels and distribution methods for promoting products and services.
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