A strategic partnership (also referred to more formally as a strategic alliance) occurs when two businesses combine the skills they each possess, by means of agreements or contracts, to benefit the other and potentially gain clients together. What separates a strategic partnership from a traditional business partnership is that there is no transfer or sharing of business ownership – each entity remains structurally separate, but gets the benefit of having service offerings they don’t need to develop in-house.
It differs from outsourcing, hiring, or buying product from other businesses in that there is a mutual exchange of service that benefits a different end client, as well as shared prospecting for those experiences.
For example, if you’re a voice talent, you may be hired by a flash developer to voice a web video they’re creating. This makes him or her a client, not a strategic partner.
But if you were to form a strategic partnership with that flash developer, you would each be able to seek projects that included the other, knowing you could call upon that relationship to fulfill the greater service your client needed. You would be their “go-to” for flash projects requiring voice, and they would be your “go-to” for clients requiring the flash development you will be voicing for them.
Neither company would need to formally change, but together, you would be offering one end user something greater.
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