What is a business partnership?
The definition of business partnership is the union between two or more companies or professionals towards a common goal. Something that would be more difficult to achieve with an organization acting alone.
Most of the time, these partnerships focus on exchanging knowledge, improving processes or expanding geographically.
But business partnerships are not always signed solely for operational purposes, but they can have only one: marketing.
Therefore, one brand joins another in order to achieve greater visibility, market recognition and, of course, acquire new consumers.
In this sense, for a business partnership to work, both with the objective of improving processes and gaining visibility, it is essential that the goals and expectations of the two companies are aligned.
An example of a very current business partnership is the one between the streaming recently arrived in Brazil, Disney+, with companies like Vivo, Mercado Livre, Bradesco and Globo Play, in which clients of these services or companies can subscribe to the streaming platform for values more into account.
Thus, streaming manages to reach the public of large companies that are already consolidated in Brazil and also helps consumers to acquire two entertainment platforms without having to pay the full amount for each of them.
What are the advantages of a business partnership?
So far, you’ve already noticed that, in a world heavily impacted by technology, many times, in order for a company to stay in the market, it needs to join its competitors.
Now, we’ll introduce you in more detail about the main benefits of a business partnership. Check out!
1-Decrease in bureaucracy
In a business partnership, bureaucracy tends to decrease because the two sides will work together towards their ultimate goals and objectives.
That’s because a company can facilitate access to products or services in the development of another and also add a better shopping experience for the final consumer.
In this sense, a virtual store that has a partnership with a carrier, for example, facilitates the negotiation of a better freight cost and saves the customer‘s time having to hire a company to transport the purchased goods.
In addition, to reduce bureaucracy and facilitate the implementation of processes in the company, a great alternative is to partner with a White Label platform .
This concept refers to buying a product or service from a brand and reselling or using it as your own.
A success case of a White Label partnership with a company is mainly exempting the organization from implementing, for example, a management software or an application from scratch, using another company’s technology, with the buyer only having to customize it .
2-More strategic action
The exchange of knowledge from both brands, in addition to analyzing data and metrics makes internal processes become more strategic and, as a result, profits increase.
In addition, each company has its persona, that is, potential customers and brand advocates.
Therefore, with the joining of the target audience of the two companies, it is possible to develop actions and strategies that reach both audiences and establish a type of relationship with them — as in the case of Disney+, already mentioned.
Thus, the audience of both companies will increase.
3-Increased competitive capacity
Another important point to be mentioned about the main benefits of seeking a business partnership is that it increases market competitiveness. Remember when we said that “unity is strength”?
So, in an increasingly competitive market, those who believe that a company will go far alone are mistaken.
When we talk about business partnerships, relying on the help of a people management consultancy , for example, can be a fundamental resource to help the company manage its human capital, obtain better results with competency management and, as a result, increase the operational efficiency of its employees.
This will lead to an increase in its capacity to offer quality products and services to the final consumer.
How to find partnerships for your business?
Even bringing several benefits to the business, it is not always easy to find a partner that matches your company’s profile and culture .
Therefore, we have separated some topics that will help you to find a partnership that bears good results for both involved.
1-study the market
Just as there must be a market study before choosing which type of business to invest in and in which places you should look for your audience, to find a business partnership, it is necessary to see more broadly and strategically what other desires and needs are of your persona , that is, those that go beyond the niche of your business.
In this sense, if you have a beauty salon, your audience is probably interested in cosmetic and makeup products.
So, a good idea would be to partner with cosmetic companies or professionals who offer courses in makeup and other procedures related to beauty.
2-Know your competitors
Knowing and analyzing the companies that compete with your business is essential to stand out in the market.
That’s because, by identifying the profile of potential competitors, you can be aware of flaws in your business and, thus, select which partnerships can help in the search for improvements in marketing and sales processes and strategies.
Thus, your company achieves a competitive advantage over competitors, bringing greater benefits and amenities to its customers.
3-network
This is perhaps the best way to find a promising business partnership. This is because networking is essential for any company to expand its contacts, gaining visibility and recognition in the market.
But to know the right partners, it is necessary to participate in events in the area of your business and in niches that tend to add value to it.
At events such as lectures, workshops and courses, for example, it is possible to meet many other professionals who are engaged in the same business as you and are also looking for promising partnerships.
Also, nurturing your LinkedIn and company’s LinkedIn has proven to be an effective way to network and find business partners.
As LinkedIn is a social network fully focused on the corporate world, where you can find curricular information and detailed profiles of companies and their activities, it also means that it is a great place to look for new partnerships.
