Good partnerships arise because they create short cuts for both companies to achieve their goals. It’s close to the classic “win-win”, except that product partnerships need a third win for the customers.FREE CONSULTATION
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Partnerships have long been used in just about every industry and so they are certainly not a new thing. The best partnerships offer a number of benefits for each party:
The first big opportunity is that it allows both companies to talk to each other’s audiences. Product partnerships only usually fit when the products are complimentary. This means that access to this new audience is usually highly qualified.
When two products enter a partnership, it usually means that the customer will be gaining added value. For example, if you bundle two products or significantly reduce the price of buying both products because it is sold as a package, the customer will obviously gain value because of the lower cost. There is also the opportunity that the partnership will significantly increase the buyer value by creating a better overall experience for the customer.
When a new and unestablished company joins into a partnership with an established and influential company, the smaller company’s product will be given the seal of approval. If the customer respects the decision making of the bigger company, that will have a rub-off effect on the smaller company even if the customer has not used the new product.