Any marketing agency has a number of tasks and services to perform and is into multichannel marketing – a comprehensive marketing strategy involving social media, print media, digital media and other types of marketing. At the same time, it is of utmost importance to maintain the quality of work and keep evolving for business growth.
Performing these tasks already takes up a lot of time and effort, not to forget the labour increasing the cost thereby, burdening any business with expenses. There are other behind the scenes services which are of utmost importance but a business can’t provide every service so the option of outsourcing and/or collaborating comes into the picture.
To put collaborations in a nutshell; it involves bringing businesses together and aligning their interests to share resources, in order to increase brand awareness, minimize costs and increase sales. Collaborations can harness the expertise of each party involved to grow the business.
The great benefits of partnerships to businesses have been underlined by a new research by The Forrester study on ‘Invest in partnerships to drive growth and competitive advantage’. The research reveals that 76% of the businesses surveyed agree that partnerships/collaborations are pivotal in delivering revenue goals. The study also reveals that companies with established partnership programs are growing overall company revenue nearly 2X as fast as companies with lesser/no partnerships.
Regardless of what stage your business is at, strategic partnerships can be incredible for bringing your business to the next level, because a well-orchestrated collaboration can be equivalent to, for instance, to adding an entire salesforce to your company at no extra cost.
Another way to approach collaborations is to ask the question “Who else serves the same customer, but is not my competition?” Answering this simple question can open up a whole new world of growth for your business.
Collaborations/partnerships are highly significant in today’s business environment. It can widen a business’ reach, add authenticity to a brand, and create a pool of recommended and trusted businesses.
For a new business, building up trust and long-term advocacy is essential for growth and survival. For established businesses, collaborations is about expanding and developing connections.
Benefits of Collaborations at a Glance:
• Gaining new customers and leads
• Create highly engaging, creative campaigns
• Expanding brand awareness
• Cost effective
• Driving conversions and revenue
• Leverage multiple channels effectively and consolidate analytics