Having partners is vital to the growth of any company. Merchants have made use of the principle of strategic partnership to conduct their business for a long time; this strategy still exists, and works as of today; yet, having business partnerships is now more important than ever. In the globalizing economy, business partnerships are assisting e-commerce companies in having shared-knowledge, expanding market reach, and most importantly; reaching new customers. Thus, e-commerces cannot overlook the importance of partnerships if they like to grow.
The importance of partnerships in business can be demonstrated with the famous saying “two heads are better than one”. In today’s fast-paced environment, a “do-it-alone” approach is harder than before, and frankly, not the best strategy for growth. Companies that initially grew organically need to look for new ways to drive collaborative innovation that delivers on what their customers need today, and in the future.
Business partnerships can be beneficial in many ways, below we will demonstrate some of them.
Acquire New Customers
One of the main reasons that companies look for new partnerships is to grow their customer base. By partnering with another company serving similar customers, it is easier to access a pool of new potentials who are already being serviced by the partner. Some partners also collaborate to ensure that they deliver messages and offers of the other partner to their customers; a co-marketing plan between partners may involve email, direct mailing, social media posts, webinars, and more.
For instance, we are partnered up with Custobar, since our services complement each other. You can easily create your mobile app with us, and integrate Custobar into your new native mobile app for marketing automation.
Building Brand Awareness
The Importance of partnerships for e-commerces also manifests itself in brand awareness. Building brand awareness and enhancing recognition are overly crucial to all companies, whether they are giant or small. Even if you are a newly-established hence small company, customers will love having the confidence that they know who your partner is. Moreover, by partnering, you are immediately improving your brand awareness by accessing different routes to market and benefiting from the marketing strategies of the other partner.
Expanding New Markets, both on a geographical, and sectoral basis.
Due to digitization and the ability to transact business remotely, a direct presence in a particular place is becoming less and less important which allows companies to have partners globally. Choosing to work with partners in different locations will give you an opportunity to expand your presence into new markets with your partner’s knowledge. When this is performed at high capacity, both parties can enjoy boosting each other’s customers, and sales.
As for the sectoral basis, Google and luxury eyewear company Luxottica partnered to create attractive Google Glasses that were both functional and fashionable. Google’s original glasses targeted the tech market alone. And, Luxottica’s eyewear attracted style-conscious shoppers looking for chic glasses. By working together, Google was able to reach the fashion market, and Luxottica the tech market.
New resources are highly important in ensuring the success and growth of a company. These resources may include access to some software or programs, a huge social media presence, or a strong network. Business partnerships give the opportunity for companies to share their secrets for success with one another in a way that benefits all parties involved. Leveraging the additional resources is hard to pitch if the benefits are one-sided. Entering into the agreement needs to make sense business-wise for both parties. Not only do the benefits have to go two ways, but they should be proportionate.
Creating a mobile app is one of the additional resources that a company would need assistance with. We know how long, tiring, sometimes overpriced and frustrating mobile application projects can be. This is why our experience and expertise are geared towards mobilizing businesses as easily and effectively as possible for you to leverage.
Even though acquiring customers and partners is both crucial to the success of any company, many pursue the two groups differently. While customer acquisition often commands extensive strategy, the importance of partnerships for e-commerces is often overlooked. Just as acquiring more customers, working within a partnership with a genuine win-win intention can also give your company the edge it needs to surpass the competitors.
The responsibility of running a business can sometimes be difficult for even the most experienced merchants. A business partnership should ease this difficulty; it should be useful for all of the parties; companies, employees, and customers. Companies can expand their presence, and reach out to the new markets; customers can benefit from the strengths and offerings each company will bring to the table; and, employees can benefit from the other party’s resources. Having a business partner on board will ease your workload in terms of both materially and spiritually; just like not thinking of if your mobile app is crashing in the middle of the night since you would know there is someone who has already taken care of it.