One piece of log creates a small fire, adequate to warm you up, add just a few more pieces to blast an immense bonfire, large enough to warm up your entire circle of friends; needless to say that individuality counts but teamwork dynamites.

Jin Kwon, Vice President of Corporate Development at Tendermint

Many brands have with time realized they can get more from working together to achieve a common goal. Partnerships are advantageous because:

1. They reduce the burden of managing everything on your own.

The partners can split up the workload, meaning you do not need to do everything alone. This not only means no one partner is unduly overwhelmed doing everything, but also means that the tasks to be done will get completed faster.

2. They help with creation of a larger customer base.

If managed intelligently, partnerships can open the door to gaining a new customer base, as well as increasing exposure to the right ones. Partner with an individual or brand that already has the customer you want. Let the advantage of your partnership be obvious to both your customers and potential ones too.

3. They strengthen weak areas of your brand and business.

Make sure the partnership complements the DNA of your business. For example, if you provide Employee Brand Internalization programs (like we do at Brand Integrated), partnering with teams providing Team building services, and having them develop activities in line with the brand strategy, makes the Internalization and Team building more meaningful and effective. This strengthens both teams by having them work towards achieving the same goal – and therefore also their offering to the client.

4. They make business more competitive by offering more than what it did previously.

You need partners that are just as invested in selling your product or service as you are. You want to be involved in a symbiotic relationship like those found in nature, where one entity can survive, but it takes two entities work together to thrive. Make sure you are in agreement on what the whole offering will be, and what the selling process will be like.

5. The brand has access to more knowledge, expertise, resources and reach for better product offering and audience reach.

To get the most out of this, make sure your partner is as vested in the partnership as you are. Focus on providing value from the beginning and all parties need to manage the partnership proactively. Ensure the partnership reflects well on you and on your partner(s).

6. It helps stabilize revenue generation.

It goes without saying, any business wants to increase revenue generation, and also stabilize it. Many businesses have gone through periods of unsureness influenced by political instability (for example during elections or strife), and coming together in partnership should help in strengthening the offering, to buffer any difficult times that may come up. Also, when one partners’ product or service is affected, the other one may still be on demand to tide the business over the harsh time. For example, a fuel station with a garage attached to it, when there is a fuel crisis, vehicle owners still need their vehicles serviced, so the garage will in this case help the fuel station make money by selling lubricants to their customers.

If you’re unsure about whether your brand could benefit from a strategic partnership, the best way to find out is by engaging in a small-scale alliance with another brand. Explore together what objectives might be achieved through collaboration, and decide whether a long-term deal makes sense. You may be surprised by how far it could take you.

We at Brand Integrated Consulting (BI) are available to guide you as you develop your 2023 / 2024 CSR strategy. You can reach us on info@brandintegrated.com.

The author is a Partner Consultant in the Strategy Division at BI. You can reach her on joyce.waithira@brandintegrated.com