Marketing is often thought of as a relationship with customers, a way to build brand awareness, retain a more robust customer base, and target new markets for expansion and sales conversion. However, businesses devote significant resources, including whole marketing teams and top-level managers, to crucial, non-customer-facing functions like business-to-business (B2B) marketing and partnership marketing.
This is far from the only way business leaders use traditional marketing expertise to improve collaboration and synergy. In fact, businesses are increasingly using strategic partnerships, creating channel partner ecosystems and generating revenue while streamlining operations through relationships with other vendors. This practice occurs even between competitors, partly because such business partnerships can be mutually beneficial in optimizing operations and building revenue.
Aspiring marketing managers can keep their skills current in this evolving and dynamic area with the online Master of Business Administration (MBA) in Marketing program from Pittsburg State University (Pitt State). This degree program helps students focus on B2B marketing strategy and other innovative approaches to business collaboration. It is the perfect choice for professionals who want to advance their careers, gain a broad understanding of business principles and deepen their specific marketing expertise.
The Growing Role of Strategic Partnerships in Modern Marketing Management
No company in today’s modern economy can afford to operate in isolation, disconnected from other firms. According to Business Fitness, “Strategic partnerships offer a powerful pathway to new markets, enhanced resources, and shared risk,” especially for small and medium-sized companies interested in scalability. “Imagine the impact of combining your business’s unique strengths with those of another company — creating a synergy that neither of you could achieve alone,” Business Fitness states.
Important to note is the fact that a strategic partnership is about finding the right partner. Businesses differ in many ways, from their strategic goals to their values, and Business Fitness recommends identifying partnerships that align with your priorities in ways that will add value. It is also essential to perform due diligence when evaluating a potential strategic alliance. As a business leader, you are responsible for not only the company’s financial health but also your obligation to stakeholders in your success, like employees and investors. You should ensure that any strategic partner is financially stable and has a good track record in their field.
The Benefits of Strategic Partnerships for Marketing Success and the Bottom Line
When businesses form a strategic partnership to market more effectively, their combined efforts can be a powerful force multiplier. This approach is sometimes known as partner marketing or partnership marketing, a popular strategy across multiple industries, according to Adobe. “The purpose of partner marketing is to reach mutually beneficial marketing goals such as growing an audience on a new platform, growing brand awareness in a specific demographic, attracting new customers, or strengthening existing customer loyalty,” Adobe explains.
There are diverse approaches to implementing partnership marketing, such as partnerships between two businesses or between a company and a public figure for mutual benefit. For example, affiliate marketing and brand ambassador programs are powerful tools for reaching online audiences. These programs are “offered to content creators for free, but affiliates don’t get paid until they make a sale,” according to Adobe. “This arrangement provides a cost-effective way for a company to branch out on social media.”
Build Strategic Partnerships With Pittsburg State University’s Online MBA in Marketing
Traditional customer-facing marketing strategies are still essential, but savvy marketing professionals know that building strategic partnerships is critical to succeeding in the contemporary business world. According to Partnership Leaders, “Strategic partnerships represent a powerful mechanism for businesses to accelerate growth, innovate, and expand their market reach.”
Graduates of Pitt State’s online MBA in Marketing program are among those who understand the power of such new and innovative methods. Courses such as Business-to-Business Marketing lay an ideal foundation for forward-thinking marketing experts who aspire to be leaders in their field.
Learn more about Pittsburg State University’s online MBA in Marketing program.