Build Strategic Partnership with Fagnum

Shivani Sinha | 23-Jun-2016

Have you ever thought why firms are encouraging partnership deals? Strategic Partnership is an alliance between two business parties or business enterprises, usually bound by a contract, but as such, there is no legal partnership or corporate alliances.

Doing ample research on it, I finally concluded that it’s a kind of mutual partnership between two firms where they may vary in sizes, the larger may assist in marketing, manufacturing or supplies while the smaller may provide technical assistance or expertise. In the book ‘Contemporary Strategic Analysis’ it has been very clearly stated that this kind of mutual partnerships helps firms to have a mutual relationship and to build benefits at the end of both the parties altogether.

Getting into more of it, I came to know that, there might be intellectual partnership ownership and tech transfer deals, more business opportunities created in the due course of partnerships, co-inventor ship, and many mutual business deals. This kind of relationships is made out of extreme negotiations. One of the bigger examples is when a music dealer might form a partnership with record labels or manufacturer may form partnerships with suppliers of raw materials etc.

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So log on to Fagnum.com for better understanding what firms are doing in the strategic partnership. This can also help increase traffic to their websites as Fagnum will write blogs for other firms and in return, firms can write up on Fagnum’s web portal.This way we can help to drive traffic to other firm’s websites and we return you traffic and a higher Search Engine ranking as well. So, encourage this mode of a strategic partnership between firms and see how brilliantly it works!

The strategic partnership is growing between businesses. It enables firms to outsource their marketing and HR activities to other firms, to cut down on costs and encourage better business deals. Well, withFagnum this is a bit different. Any blogger can write blogs and useful content and Fagnum will publish it .They can also write blogs for other publisher’s and if they want they can indeed publish them. In turn, Fagnum helps them to drive traffic to their websites. This is a growing new form of business models which firms are resorting to.

 Here I tried to list down, some advantages of strategic partnerships:

  1. Mutual business deals and collaborations
  2. Growth of business ventures
  3. Mutual benefits in marketing, advertising,and product development and work and business relation collaborations. Also helps in making new business deals better and networking through increasing business contacts and getting into work with like-minded business professionals.
  4. Establishing such a position of the firm that a wide variety of business opportunities come through the way of the firm.

SOME RULES TO BUILD UP GREAT STRATEGIC PARTNERS:

  1. ENHANCE VALUE TO YOUR BUSINESS: Form partnership deals with businesses which enhance or add value to your business.
     
  2. FOCUS ON USER EXPERIENCE: Try to make partnerships which enhance user experiences. One of the leading examples are Roku, a leading streaming company has tied up with another TCL which builds simplified smart TV around ROKU. This has enhanced user experienced with Roku and TCL in collaboration at work.
     
  3. BALANCE BETWEEN THE TWO SIDES OF COIN –SCALE AND CUSTOMIZATION: Netflix a company which evolved from its API experiences to support many other companies and increasing its member base, encouraging 3rd party developers upon its database. Working with small private partners it in a way is reducing the complexity at work, at software development and its API members are increasing in a way with a long term added benefits to the business.
     
  4. TREAT PARTNERS LIKE YOUR OWN BUSINESS PARTNERS: Many times the ill feeling creeps in business when you don’t treat your strategic business partners alike. The company Acxiom has spent and invested with Public Group Starcom Media Vest Group to reach to a number of people .Acxiom has overall trained 400 employees to use AOS with its SMG clients. This partnership is adding value to both the businesses and in turn, will guarantee mutual returns to both the business.

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KEEPING IN MIND THESE SMALL DETAILS IN A WAY BENEFITS ALL OF THE PARTIES INVOLVED IN BUSINESSES. As, the mutual partnership helps in getting like-minded professionals work together on a common platform, greater business growth and higher returns on investments. Businesses need to build up their capabilities around these partnership deals as these help out for larger and greater and better business deals and expansion platform for growth. Businesses are resorting to partnership deals today as this is another way to raise money and cut down on business costs. There are a number of ways to build up company strengths to deliver the best results.

Some great examples are here of Citigroup using Citi Ventures and its relations with Andreessen Horowitz to host for disruptive opportunities in start-ups.Six areas have been focussed on it, banking, financial services, and big data analytics. On similar lines, many companies have come up all the way with business partnerships to host great deals with ROI in businesses. This is how I, came to know quite a lot about this kind of business partnership and I just tried sharing some of my opinions with you.

So, To build a strategic partnership with Fagnum connect at care@fagnum.com and let's help each other in building a better business and reaching out to a wider audience.

The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of Fagnum.com. The writers are solely responsible for any claims arising out of the contents of this article.
About the Author
Shivani Sinha
A Master degree holder is a Content Developer and an SEO specialist. Having more than 6 years of experience into content development and marketing, she has contributed substantially in this arena. She is good at brainstorming and fast in writing crispy content, bold slogans, catchy captions and punchy one liners. Her stories are well researched and provide for an interesting read. She enjoys working in association with entrepreneurs while spearheading business launches providing marketing advice.