How Strategic Partnerships Can Benefit Businesses

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Based in St. Louis, Missouri, James Giacin draws upon over two decades of experience in corporate and structured finance. Named to the St. Louis Hockey Hall of Fame in 2019, James Giacin is the managing director of a financial firm where his duties include creating strategic partnerships.

Strategic business partnerships involve a formal agreement between two organizations to work together toward achieving a common goal. Organizations involved in a strategic partnership must understand the association's purpose to achieve success. Strategic partnerships are associated with numerous benefits, including access to additional resources and building brand awareness and trust.

Businesses may need to access more resources such as software applications, a wide network of industry experts, and social media reach to achieve growth. Strategic partnerships allow companies to tap into these resources, boosting customer reach and providing opportunities to facilitate business growth. Collaboration is mutually rewarding when organizations assist each other in formulating an effective roadmap to success.

Brand awareness is an important component for any business, regardless of its size. Strategic partnerships allow companies to increase brand awareness by leveraging multiple platforms to improve market access. For instance, smaller businesses can discover marketing strategies their larger strategic partners utilize. By collaborating with other companies, strategic partners can add more products and services to their portfolios, which can improve customer trust as clients view their service providers as industry experts.