In the language of business, a partnership refers to the collaborative relationship between two or more companies for the realization of common projects. The most common type of partnership is the client-supplier one, but there are many other types of collaboration, either contractual or corporate, among companies or relations between competitors.
Partnerships are divided into:
- Vertical Partnership: it is a mode of partnership between enterprises that are not on the same level of the value chain and consequently have different decision-making power.
- Horizontal Partnership: a partnership between companies at the same level that, operating in different sectors, share competencies and customer segments. Horizontal partnerships are also known as networks.
The two modes can also be combined, in this case, it is referred to as a mixed partnership.
If several companies establish a strategic partnership and create a relationship in which all involved parties benefit.
When the partnership between companies develops with marketing mix actions, it is referred to as co-marketing operations.
Co-marketing is a form of collaboration aimed at achieving common or compatible marketing objectives.
The characteristics present in a partnership relationship are easy to identify and include:
- A common desire, which in business is the goal that motivates the creation of the partnership;
- The ability to listen, to pay attention, to focus on the needs of the other, to truly understand what creates value for the partner;
- Initiative and adherence to defined and shared rules. In business, talking about partnerships means being able to identify new or different solutions for the other partner and investing to help create greater value;
To sustain a long-term partnership, one must be willing to dare and to be brave and confident in the other's ability to return value for the value received. It's not easy but it can be done, having these particular advantages:
- Earning commissions
- Having access to dedicated customer care
- Acquiring new associates, reactivating old ones, and maintaining regulars
- Receiving support, resources, training for marketing
- Having the power to exercise rights
- Developing business in areas not yet covered
- Reducing costs
- Improving results
- Sharing risks
How to create a good partnership for acquiring customers?
To create a good partnership, it is first necessary to relate to one's suppliers in a transparent manner. Finding a strategic partner for your business that shares common goals: similar targets, penetration into new markets, acquisition of new customers, increased visibility, increase in turnover.
A strategic partner can allow you to use their brand to give more visibility to your company; essentially, a strategic partnership can accelerate the growth of your business.
Once you have identified your partner, try to build a project that can benefit both parties.
To achieve this goal, focus on your core competencies, promoting your company and that of your partner effectively. Once you have identified the partner and the strategy, aim for the most favorable agreement with your partner and start the partnership. Once underway, constant communication with your colleague must never be lacking.
Case Studies:
WORKING IN PARTNERSHIP: BARILLA
This is a case study of a partnership that has been very successful as a group; in fact, today it is the world leader in the pasta market and ready-made sauces in continental Europe, bakery products in Italy, and crispbreads in Scandinavian countries.
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