Why Strategic Partnerships are Essential to Good Business in 2021
There are times when you find yourselves pitching for new business only to discover that you don’t tick all of the boxes internally and are unable to recruit for such a position or skillset at that point in time, and as a result the prospect is lost to a competitor. So what is the solution?
Business partnerships are among the most effective and efficient ways of improving your overall offering, without necessarily increasing your overall staffing levels or investing heavily in a particular service. Instead of expanding the company, a strategic business partnership between two companies can provide a wealth of benefits for each business, enabling them both to grow and improve performance to a point where you can start to look to hire new members of staff or branch out into another product or service.
At Meet Hugo we recently launched our own Partner programme – Partner With Meet Hugo – which provides companies with exclusive content and an additional revenue stream, while also ensuring that they can capitalise on our own business contacts and networking opportunities to help our partners grow.
In this particular blog post we’ll provide you with some top tips and recommendations to help you grow, and explain just why strategic business partnerships such as Partner With Meet Hugo make such good business sense both now and as we move into 2021.
Work together towards a common goal
There are a number of reasons why you might start a strategic business partnership, many of which we have outlined already, but it may be that both parties are working together to achieve a specific common goal.
For example, you might be on the lookout to increase your networking opportunities so by coming together and working on a particular event or campaign you can share your contacts and marketing strategies to ensure that you are both as visible as possible to your target audience.
Join forces to offer turnkey solutions
In many industries that are companies that offer a range of products and services within the sector, but not all of them in one package.
For instance, a lot of digital marketing companies will offer content and SEO services, but they may not offer paid search or social media services. In this particular example it may be that two companies – who work in the same industry but are not direct competitors – work together on a new product offering that combines all of their skillsets and results in one ready-to-go service that customers can invest in and benefit from without having to employ the services of two different companies.
Leverage marketing and PR opportunities
On a similar note, having the ability to piggyback off your partner’s marketing strategies and PR connections can make a monumental difference to your ability to grow. It goes without saying that in order to increase brand awareness these days you need to have some kind of marketing strategy in place, whether that’s an organic or paid search campaign or utilising social media to spread the word, or even hiring a PR agency to promote your brand; but for some it’s just not possible financially to do any of that effectively enough.
Instead of simply scrapping your plans and battling through, leveraging your new strategic business partner’s capabilities and contacts can help you to grow at your own pace and in a way that enables you to stay in control.
You can use their PR agency or in-house team if they’re lucky enough to have one to promote a new product or campaign, providing them with everything they need or benefitting from their advice and connections to run the campaign yourself while your partner provides you with templates and the name of the right person to speak to regarding your upcoming promotional campaign.
Open doors with increased networking and business opportunities
Finally, you have the potential to attend conferences and events alongside your new partners, perhaps working on the same exhibition stand or working on the same presentation that will enable you to get your name ‘out there’ and meet new business contacts.
If your strategic partner has a great reputation in the industry then being seen alongside them personally, and having your brand alongside their name on marketing materials and presentations, is great for your own reputation as you have the chance to promote yourselves alongside them and to build up a new network of contacts.
Successful business partnerships are hard to find, but when you find them it’s almost immediately obvious that there are so many business benefits to the new relationship. That’s just one reason why we started Partner With Meet Hugo, so if you’d like to find out more about our new partnership programme please get in touch – we’d love to have a conversation!