Strategic Partnerships Grow Businesses
African markets are increasingly being emphasized in the marketing strategies of the world’s largest corporations. In 54 distinct countries, managers and executives at global corporations have the task of establishing strategic business partnerships capable of delivering constant, predictable, and incremental development for all parties involved.
A strategic business partnership is a long-term business collaboration that focuses on producing shared value for two or more firms. The more weight the blocks create, the more strategic it becomes, according to John Oamen, a co-founder and CEO of construction technology, “That with the traditional broom, right. If you took one piece of a traditional broom, it’s easy to break. But what if you held the whole broom together and try to break it. It’s almost difficult”. This example depicts the power of collaboration.
To access a specific target market, a small firm, for example, may collaborate with an
industry-specific group or association. With access to that member base, the small company may market its goods or services and demonstrate relevance to that audience.
Another example is collaborating with an organization or association so that your company may provide high-value thought leadership material to its audience or network to increase your authority and knowledge in your market segment. In a recent Spark Coaching Session (see below), John Oamen speaks about collaboration in a strategic business partnership. When done appropriately, collaboration provides advantages to both businesses involved and the possibility for both to expand and become more efficient.
Your firm would expand its sales channels via partnerships, relying on indirect sales from a local partner that delivers the local experience that your team needs. The benefit here is that it is faster to market and access the knowledge and insights of a local partner who initially understands how to manage the business ecosystem better than your firm.
Whatever company model you pick, you will need to depend on “on-the-ground” support teams and competent individuals to consistently execute your business objectives and marketing plan.
Here are five advantages of collaboration in strategic business partnerships:
- Overcome commercial apprehensions
- Extend your knowledge and resources
- Reduce acquisition costs
- Develop predictable income sources
- Increase sales and income in a non-trivial way
Many key disciplines consistently collaborate to guarantee that strategic business partnerships function well. Collaboration in strategic business partnerships comes in different types, including:
- Big data and research and development
- Content creators and subject matter experts
- Co-promoters and market involvement
- Integrators of solutions and co-sellers
- Communities for peer groups
To succeed in the African market, it’s crucial to prioritize the development of strong and meaningful strategic business partnerships as part of your marketing plan. By fostering collaboration at every stage of your company’s growth objectives, you can harness the power of partnerships and thrive in Africa’s economy.
