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“Partnering is the air we need to breathe. A large network of strategic alliances built from customers, suppliers, research partners and even competitors contributes more than revenues. Alliances also help a company access and assimilate complex knowledge from disparate sources.”
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Andrea Cuomo, Executive Vice President, Chief Strategic Officer; STMicroelectronics
Strategic Alliances By Lynnelle Bianco
Global corporations form strategic alliances to improve their competitive advantage. Apple & Nike; Apple wants to continue to add features to the iPod as well as expand it's marketplace. This alliance presents these opportunities to both Apple and Nike.
Alliances merge the talents and assets of two or more businesses to advance the objectives of each. Consider Volvo and National Geographic; American Heart Association and Key Bank; you get the idea.
Now consider ways a strategic alliance can improve your competitive advantage. Are you an accountant? Would co-sponsoring a workshop for small business owners with an HR Staffing company (Legal firm, expert in family-owned businesses, etc.) make sense? Share the expenses, the organization and ...best yet, the client lists.
Not sure where to start or how to figure out what kind of alliance would work well in your business? Think about your product or service and what would make it even better.
- A chiropractor knows his clients would get more benefit from his treatments if they would take on a healthier diet. Look for dietitians.
- A web designer knows multi-level marketing is more effective than web alone. How about offering a package that not only includes web design services, but also a post card mailing to announce and then direct their target market to the new & improved site? Align yourself with a graphic designer or other marketing professional. A win-win-win.
- Look at how your clients use your product or service. Do they tend to "add-on" themselves?
- Brainstorm. Get a few trusted friends, associates, networking partners in a room and brainstorm. Ask their ideas and opinions.
A strategic alliance is not a quick-fix for bigger business problems but it can open new doors if done well. Make sure you put disciplined record-keeping and management policies in place before striking a deal. Also, remain focused on your ultimate objectives and vision to make sure any potential alliance is a good fit. Positive results will lead to increased competitiveness, shortened learning curves and greater success
Lynnelle Bianco, President of Bold Vision Consulting brings over 20 years of professional and corporate working experience to clients. Having held senior positions in marketing, new business development and client service for global institutions — as well as owning and operating her own small businesses — Lynnelle brings real-world experience and thought leadership to helping today’s professionals and business owners achieve breakthrough success. …and remember; Be Bold! It all starts with a vision.