2 Types of Partnerships That Improve Your Business – GEC Business Review

by Kelvin Wong

Let's grow your business by strategic partnering with other companies that can complement your business!

Whether you’re getting a start-up business, or implementing a product extension strategy which may require other companies or strategic partners that can supportive to you success. You’ll need a marketing growth strategy that complements your brand relationships and business objective goals. So, getting the right people through strategic partnering is crucial.

There are three types of partnerships that small and medium business owners can consider: integration, (1) referral partnership, and (2) service-based. One may serve as the edge you’ll need to take your business to the next level.

Referral Partnership

Referrals are an invaluable asset. The referral partner is any individual, usually a professional consultant, existing customer, or sales professional, who can refer new customers to your business in any number of ways. It’s about having affiliate-based selling while building a valuable network of advocates and supporters. This is the case where a client-centered company will rely greatly on word-of-mouth referrals.

Service-Based Partnership

Imagine if you're a lawyer, you’re considering teaming up with a chartered accountant to provide advice on new business formation. It’s about the two serviced-based companies that partnered to expand their offerings to a client. Having such business positioning, such collaboration as a “new” service to offer to a client, will be a “new” way seek out opportunities on immediate term.