Partnerships Do Not Only Happen In Romantic 💝 Relationships
Solarwatt will start selling storage batteries this autumn 🍂.
They will be cooperating with carmaker BMW BMWG.DE amid an ongoing convergence of renewable power ⚡️ and electric mobility, the German photovoltaic (PV) firm announced on June 9th.
Under the deal, BMW will supply battery 🔋 components, also used in its electric vehicles for Dresden-based Solarwatt, which will develop and assemble PV storage products under the brand name Battery flex in Germany to complement rooftop solar ☀️ installations.
Strategic partnerships 🤝 are nothing new.
Companies have been working together for mutual benefits for a long time for a profitable 💰 future, with teams such as Starbucks and Google, Spotify and Uber, and McDonald's and Coca-Cola. Strategic partnerships are also referred to as co-branding. Some companies may not even seem to have much in common, but the best strategic partnerships find creative 💡 ways to expand their audience and potentially enter new markets.
Here are 5 🖐 ways a strategic partnership can help you grow your business:
1️⃣ Access to new customers
A strategic 🧠 partnership means access to new customers, and embedded in this is an opportunity for free advertisement. You will be able to reach their clients as well when you pair 🔗 with another business. This is an incredibly effective marketing strategy, stretching your reach into double the clientele.
The most important part of developing a business is widening your reach in the public. The more people see 👁 your product in an area they frequent, the more they will find your product elsewhere.
2️⃣ Opportunity to reach new markets
Your brand is now able to expand its horizons in areas 🗺 previously unexplored, along with an extended reach into a wider variety of customers. For example, Google and Starbucks. You may not have thought of Google if you were to associate a company with coffee. However, the internet and coffee ☕️ make a lot more sense after this partnership.
Similar opportunities to this could arise for both companies with this relationship established. If your business 💼 has the chance to explore a new frontier, coffee shops in this example, you could use this publicity to benefit both you and your partner.
3️⃣ Added value for previous customers
The value it adds for your loyal customers 👥 is another benefit to a strategic partnership. Reaching customers during a growth 🌱 period can help solidify loyalty. You want to show returning customers you care because it encourages one of the most powerful marketing tools, which is word of mouth 👄.
Customers who hear 👂 positive comments about your business are going to tell their friends about it. You want happy 😃 customers who promote your services. You increase the chance that you will pick up some of these free advertisers by establishing roots with other corporations.
4️⃣ Brand awareness
Moreover, a partnership increases brand awareness 👀. The most crucial thing you can do for your business is getting out there and letting people know who you are. There are more chances for people to be exposed to your logo and other branding, which creates organic curiosity 🤨 when you partner with other organisations or influencers.
Brand recognition is an important first step 🪜 in becoming a household name. You can accomplish it by pairing your service with a successful partner that carries a large customer base. Once you have done this, soon other companies will be asking you to partner with them.
5️⃣ Brand trust
Brand trust spawns naturally 🍃 from a good business partnership. People will be more willing to help out and support 💪 your business when they see you work well with others and generate profit from it. It is all part of creating a healthy, stable, and productive network. You are only as good as the people helping you out, so make sure your business is a worthy investment for them.
Create positive ✅ relationships with everyone, and partnerships help you meet and work with new people who could help you grow your business when you need it most. Partnerships work in many ways to spur 📈 growth and attention for your business. The most important aspect is accepting the right partner.
By having strategic partnerships, you will be combining forces in order to build brand awareness. Talk to us to learn more 🤩😎.
References:
Business. 2020, May 1. 5 Reasons Your Business Should Have Strategic Partnerships.
The Star. 2021, June 9. Solarwatt and BMW cooperate on home batteries.
