The definition of a strategic partnership is "a formal
alliance between two commercial enterprises, usually
formalized by one or more business contracts, but falls
short of forming a legal partnership or, agency, or
corporate affiliate relationship."
Whew! Does it really have to be that hard? Absolutely
not. You form strategic partnerships all the time without
even realizing it. A strategic partnership simply takes
the resources that a person or company has to offer and
combines them with the equally valuable, but differing
resources of another person or company in order to save
time, money or energy - or all of the above.
The easy analogy of strategic partnerships
Have you ever borrowed something from someone? A power
tool, a ladder, something you didn't have, that you didn't
necessarily want to spend your time and resources to
acquire because you weren't sure that you would need to use
the item often? Well, that's a simplified form of a
strategic alliance. Your neighbor provided you with a
resource that you didn't have and didn't necessarily want
to acquire. Chances are you'll reciprocate in some fashion
at some point in time.
Typically, when two companies form a strategic partnership,
each business has a particular asset that the other company
doesn't want to spend the time and energy to develop for
themselves. For instance, manufacturing companies form
strategic alliances with inventors. The manufacturer
provides the product materials, production, and
distribution. The inventor provides the creative or
technical expertise. Normally, it's a win-win situation
for both parties because it saves them time and money,
while allowing each party to focus on what they do best.
Finding a strategic partnership balance
Strategic partnerships are often seen in between companies
who are in the same industry, but who are not in direct
competition. A small car dealer may develop a strategic
alliance or partnership with bank who can offer financing
to the dealer's customers. The dealer wins because he
doesn't need to be licensed for loans, but he can service
his customers and sell cars. The bank wins because they
are being sent customers that they didn't have to solicit.
Think about service and product providers in your industry
who are not in direct competition with your business. Who
offers a product or service that could be beneficial to
your business that you do not have the time or resources to
develop? What would be an area of your business that could
be beneficial to them?
In one example, a marketing company that specializes in
strategy developed a strategic alliance with a graphic
design firm because they included collateral development as
part of their strategy. However, the marketing company did
not want to develop a design department. They felt it
wouldn't be cost-effective given their strategic niche.
The design firm often had people looking for a more
comprehensive marketing plan than what they chose to offer.
Obviously, this was a strategic partnership that worked
well for both companies.
Take a look at your business and begin to think about areas
that are not your focus, but for which you continually hear
requests. Now, take a look and find a company that
services that area. You may need to "try out" a company or
two before you find the right fit, but when you do, it will
have been worth the time and effort.
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Christian Fea is a Collaboration Marketing Strategist. He
empowers business owners to discover how to implement
Integration, Alliance, and Joint Ventures marketing tactics
to solve their specific business challenges. He
demonstrates how you can create your own Collaboration
Marketing Strategy to increase your new sales, conversation
rates, and repeat business. He can be reached at:
http://www.christianfea.com
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