Today, more and more companies start including the partnership in their business development plan to significantly improve the sales revenue, increase brand awareness, and enlarge the target audience of their products. Owing to the vast number of business growth opportunities that come along, a partner program is a new but perspective “must-have” for different industries. If applied properly, it will help the company stay competitive in any area and easily take a business to the next level of growth.
Before we start talking about how to make the best of any partnership, let’s talk about the real cases. According to Forbes, one of the most powerful cooperation illustrations is the innovative partner program between Starbucks and Spotify, which allows generating unique music playlists for the coffeeshops and allows the Spotify users to receive points for the coffee purchasing.
This cooperation provides a great example of a strategic partnership and how it can expand brand awareness and boost both corporations’ income.
Whether you already have a partner program and think about bringing it to a new level, or you are just launching one and want to be fully-equipped from the outset, this article will give you a broader perspective on partner programs as a business strategy.
While a partnership program’s primary role is to be a promotion channel, you should consider it to be more than that. Your business partners heavily influence your brand image and your business success. So, what can you do to improve the performance of each partner and the partner program as a whole?