Building strategic partnerships is a great way to gain traction for your business, expand your audience reach, and even gain access to new resources and opportunities. Whether you’re curious about temporary partnerships, outsourcing partnerships, or looking for longer-term partnerships (joint-ventures), you should always be prepared when these types of opportunities arise, and strategically take advantage of those that are a good fit.

Here are a few reasons why you should build strategic partnerships:

Reason 1: Strategic partnerships add mutual value.

When you partner with another brand, both parties come to the table with their own unique, but complementary values. Together they can create a powerhouse combination of products or services for both brand’s audiences.

Reason 2: Strategic partnerships can expand each brand’s reach.

When two businesses with their own established customer base partner together on a product or service, each brand receive exposure to the other’s customer base. Therefore, it’s important for both brands to have similarities among their target demographics. When creating a strategic partnership, you want to work with brands that grant you access to your potential customer.

Reason 3: Strategic partnerships can foster an environment of new ideas & innovation.

Partnerships allow you to increase your capacity for creativity and collaboration. In healthy partnerships, this can create a culture of creativity as both brand’s (and their respective teams) work together to brainstorm and develop the product or service they plan to take to market. With everyone on the same page with the same ultimate goal, there are more intelligent minds and additional manpower to make it happen.

Needless to say, the best strategic partnerships are those that are a benefit to both parties involved. For example, The partnership between Spotify and Uber allows riders to be able to get into a car they’ve hired to drive them and have complete control over the music that’s played for the duration of their trip. For Uber, this gives them a competitive advantage over other rideshare companies and enhances the consumer experience. For Spotify, this creates an incentive for users to upgrade to a premium plan and also creates a competitive advantage that other music streaming services aren’t able to offer.

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