Articles Creating a Competitive Advantage: Collaboration and Strategic Alliances
The word collaboration has become a key strategy and essential for smaller business that want to grow. Whether you’re a gal like myself that always looks at the glass “half full” instead of “half empty”, one thing is for certain, smaller businesses do have a few great competitive advantages. Because they are small, they have the ability to remain nimble and adapt to change easier than medium to large size businesses. We are seeing powerful effects and growth opportunities for small businesses that collaborate and form strategic alliances which added value for visibility, additional resources, marketing budgets, employee pools and sales teams. As our world becomes smaller with the World Wide Web, our ability to increase our visibility and grow businesses outside our local communities becomes reality.
The magic happens when you take the time to build relationships with potential partners Click To Tweet
I’ve learned when you seek to collaborate with partners, an understanding of marketing objectives and shared values is essential. The magic happens when you take the time to build relationships with potential partners, learn about the business, engage in strategic conversations with stakeholders and become a part of the solution.
8 Advantages to Strategic Alliances:
1) Build your circle of influence;
2) Offer a larger variety of products or services with opportunities to generate additional sales with bundling services or products;
3) Enhanced credibility through endorsements from partners;
4) Attract other strategic alliances and partnership;
4) Generate a broader understanding on how you may best be able to offer more value and serve your customers through insights from your partners;
5) Increased marketing visibility on all marketing channels and platforms;
6) Help you expand your business faster, by way of new product or service development and customer acquisition;
7) Expand your creative talent pool with diversity and strategic thinking and access to shared resources which allow both businesses the opportunity form profitable business ideas;
As always I welcome your comments suggestions and feedback. I would love to hear from you…. How has collaboration fueled your business? Email me monica@canadianbusinesschicks.com
Let’s move those mountains!
