Although the concept of partnering with other businesses is nothing new, there are still companies out there that don’t yet understand just what the advantages of doing so could mean for them. Sometimes referred to as “strategic partnerships” or “strategic partnering,” it’s a concept that is easy to understand. 

However, some businesses are reluctant to share sensitive information, some of which took them years to gather. If you are on the fence about forming a partnership with a company in a related industry, perhaps taking a look at the advantages of a partnership could benefit your business would seal the deal. 

Momentum in Brand Awareness

If you stop to think about it for just a moment, it will become clear how partnering with another business could help build momentum in brand awareness. The key is in learning how to set up those partnerships and what kind of marketing would best suit the introduction of two businesses joining forces. An article on this page explains how and when to form partnerships which will, in turn, help you understand how both businesses will see a momentum in brand awareness: https://www.workspan.com/guide-to-partner-relationship-management-prm/.

Increased Brand Trust

One of the things which you will probably notice almost immediately is an increase in brand trust within your market. This is usually because loyal customers of your partner will, by extension, become trusting of your brand as well. If a company they love and do business with trusts you and what your business stands for, then they begin to find you as a trustworthy brand. 

Think of the other company as being a brand ambassador for your business and vice versa. It is one of the foundation principles of ambassador marketing and in this respect, it’s not something you even need to pay for! The marketing is the result of working with that company while pulling from their audience, which leads us to the next key advantage of partnering.

Greater Exposure to New Audiences

Most businesses spend a small fortune each year on marketing and actually, that is as it should be if they are seeking to expand their market share. However, many businesses have found that when partnering with another business in a related industry or niche, they can ‘piggyback’ off each other’s success. If you look at how this has worked for some of the largest companies in the nation, you will see how advantageous partnerships can be. Take the partnership between McDonald’s and Coca Cola, for example.Every time a customer pulls up to a drive thru or orders inside, they immediately see Coke products listed on the beverage menu. While not exactly a paid marketing strategy, it is a form of legal subliminal marketing, nonetheless. McDonald’s customers see Coca Cola and it registers somewhere in their subconscious mind. The next time they are thirsty at a competitor they might ask for a Coke only to be told Pepsi is sold there. Therefore, when it comes to a choice between the clown and the crown, sometimes all it takes to decide on a fast-food restaurant is the preference for Coke over Pepsi. That’s marketing at its finest – and free as well!