Today’s world of business is tough. Networking is crucial for companies that want to get ahead, so it’s essential to make the right connections.
The question many businesses ask is: Which companies should I connect with? And how can we mutually benefit from each other? This article will provide valuable guidelines on how to make strategic synergy work for your organization.
The first step involves finding the best companies to partner with. An organization can define criteria for selecting non-competitor businesses. Here are some factors to consider:
Once you’ve targeted companies to partner with, create a proposal for a mutually beneficial plan. Here are some partnership suggestions:
Cross-industry innovation uses a partner’s innovative ideas to improve on existing solutions. It helps businesses gain a new perspective on solving challenges. It encourages out-of-the-box thinking and opens doors for potential disruptors in the industry.
Companies can network by collaborating on marketing campaigns. A popular example is the Doritos Locos Taco. Doritos and Taco Bell got together to create a product that markets both brands.
Think of how your companies can partner to advertise your products and services so they become more appealing to customers. Use an SEO company to connect with a wider audience.
At the simplest level, supply chain integration is a buyer-seller relationship. It typically involves an integrated computer system that lets the buyer and seller keep track of order status, supplier inventory, and shipment status.
A more advanced type of integration is the two-way supply chain. At this level, systems are automated, so products are sent out as needed.
A more complex system will include distributors, storage facilities, insurance companies, transportation companies, banks, and consumers.
Supply chain integration reduces inventory and transportation costs, minimizes overproduction and underproduction, improves service, and reduces errors.
Technology sharing integration can be internal or external. It involves linking devices so they can talk to each other. They can share important data across systems.
Companies that network can benefit from technology sharing. They will improve communications and increase productivity. They can make better decisions using the data they have available. They can also scale quickly to accelerate growth.
Companies can also partner with businesses that offer third-party services. An SEO company is an excellent example. A company that offers SEO services will help you create valuable content. They will ensure that your website reaches the top of search engine rankings.
Other types of common third-party business services include insurance companies, financial consultants, payroll, IT, etc.
Mergers and acquisitions are the ultimate examples of strategic synergy. A merger occurs when two companies consolidate and continue as a united company. An acquisition involves one company purchasing another company to take advantage of its assets.
An ideal merger or acquisition will benefit both companies financially. It will help them access one another’s resources for optimal growth. It enables them to cater to both companies’ customer bases and increase their clientele.
A collaboration must be mutually beneficial to both companies. Establish KPIs that measure success rates. These can include:
Continue monitoring the success of your partnership. Work together to improve the relationship as needed.
Both businesses can benefit from SEO in the following ways:
Businesses can gain a competitive edge through collaboration. Find the right businesses to partner with. Then work the relationship through marketing, shared technology, idea sharing, or mergers and acquisitions. Your networking activities will help you stand out from the competition.
Asad Kausar has over 12 years’ experience utilizing SEO in Chicago and around the world to enhance partnerships and create synergistic opportunities for businesses of all sizes. From analysis to technical SEO, Kausar is at the forefront of this often-overlooked strategy for mutual growth.
Business of all sizes, particularly those in fiercely competitive industries, can get a lot out of SEO. Chicago-based Kausar strives to understand and build upon the ways in which SEO can create mutually beneficial relationships between businesses across all industries.
