Joining Forces: Creating Partnerships to Bring Business Forward
The need for exploring partnership opportunities in business is greater than ever. Brands must rely on each other to leverage their core competencies, and they need to create a more prominent role for business partnerships. There is an opportunity for every business to take their organizations to the next level by applying the principles and practices of a mutually beneficial partnership—leveraging on each other’s marketing programs, strengths, and core competencies for both partners to meet their goals and objectives.
Globe Business, for instance, partners with enterprises and provides them with business solutions that make it easier for them to focus on their core businesses. This allows our partners to concentrate on their expertise to grow and expand their business. We, on the other hand, make use of our core competency in providing tailor-fit business solutions for their needs. This mutually beneficial partnership leverages on strengths and minimizes each other’s weaknesses. Apart from business solutions, there are also partnerships in marketing programs such as co-branded events and CSR activities.
The category killers
Google, Microsoft, Expedia, Amazon, eBay, Apple, Starbucks, Dell, Best Buy, Facebook, Better Homes and Gardens, and Walmart, to name a few, are the "category killers" of their respective industries. Why? Because they are brand innovators who have differentiated themselves from their competition so much that it is difficult for other companies to gain market share in the industries that these market leaders dominate. How did these extraordinary companies become the industry stars that they are? What characteristics do they all share?
Each of these companies has exceptional product offerings and a strong business model to support it, coupled with an attractive end-customer value proposition. Furthermore, all of these companies have built a significant part of their business on the principles and practices of partnership marketing, enabling them to offer superior products to the market, create long-term distribution opportunities, extend exceptional reach, and increase brand awareness on a global scale.
You cannot do it all on your own. If you look closely at some of the brands that have transformed the way we live, you will see that they have had significant help from their partners to get to where they are today.
Brands like eBay need their auctioneers (the public) to provide products and services for auction to users or visitors to their site. They also need distribution to get prospective buyers to visit their site, and they need licensing opportunities with cause-related marketing programs to power their online auctions and allow them to leverage their platform in return. That is practicing collaboration and leadership for sustainability.
Apple needs wireless carriers to bundle iPhone. They need electronics retailers and e-commerce sites such as BestBuy.com to sell iPhone, iPad, or Mac. Let’s face it. Most people buy a smartphone and a service plan from a single wireless carrier like Globe here in the Philippines, AT&T in the U.S.A., Rogers in Canada, or Vodafone in the U.K. because they provide both voice and data plans. Apple owns their own stores and e-commerce websites, but they also want to leverage the reach that the telco operators and major big box electronics retailers have.
Globe Telecom, through its Digital Ventures division and subsidiary company AdSpark, joins hands with Incoming Media, a leading mobile video and advertising platform, for its mediaphoneX solution to power video notifications within selected mobile applications. Incoming Media has spent many years developing a unique mobile video notification that puts quality user experience at the center of their solution. Through this strategic partnership, Globe is looking forward to seeing an increase in engagement and additional monetization opportunities for both SEATS, a multi-channel restaurant reservation platform that is available on both web and mobile, and MYNT, a financial services application.
Globe is always on the look-out for new innovations to help businesses flourish and make digital lifestyle possible for consumers. It has partnered with Spotify to provide streaming music to those wanting flexibility in their music options; NBA for the die-hard sports fans; Netflix for those who want to stream shows and movies online; and global brands like Disney, Google, Facebook, Viber, HOOQ, Lazada, and Zalora, among others. These partnerships are mutually beneficial for the companies involved, moving towards a common end goal to provide a wonderful customer experience.
The business environment, both locally and globally, is experiencing unprecedented change. A more interconnected global economy is altering social conditions, and technological innovation is transforming the nature of consumption and production. Moreover, today’s companies are not just looking for growth; they are looking for profitable, sustainable growth. If you are a good business person, you must be willing to take a prudent risk and reach out to partners to gain more of the market.
Overall, partnerships work in many ways to spur growth and attention for your business. Research shows that a growing number of companies are turning to partnerships with suppliers, NGOs, industry alliances, governments, and even competitors to become more sustainable. Case studies found that as sustainability issues become increasingly complex, global in nature, and pivotal to success, companies are realizing that they cannot make the necessary impact acting alone.
So whether you are a budding start-up or a huge enterprise, figure out which area of your businesses you need help in, and look around for partnership opportunities where both parties can leverage on each other’s competencies.
Interested to learn more about our products and solutions? Arrange a consultation with a Globe Business Advisor today.
Clark, Don and Wakabayashi, Daisuke. "Apple, Cisco Unveil Business Partnership: Collaboration is aimed at spurring sales of iPhones, iPads to businesses." The WallStreet Journal online. Last modified August 31, 2015. https://www.wsj.com/articles/apple-cisco-unveil-business-partnership-1441044139.
Greenhalgh, Leonard, Managing Strategic Relationship: The Key To Business Sucess. The Free Press: 2001, https://www.scribd.com/read/224457826/Managing-Strategic-Relationships-The-Key-to-Business-Success.
"The New Corporation: An Ecosystem Of Partnerships With A Flexible Culture." February 15, 2017. https://www.forbes.com/sites/forbesinsights/2017/02/15/the-new-corporation-an-ecosystem-of-partnerships-with-a-flexible-culture.
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