Strategic partnerships can help a company reinvent itself or cover its weaknesses in several ways. Firstly, they can provide access to new markets, expanding the company's customer base and increasing sales. For example, Kohl's partnership with Amazon led to the addition of 2 million new customers in a year. Secondly, partnerships can help a company cover its weaknesses by leveraging the strengths of the partner. This can lead to innovation in strategies and maximization of competencies. Lastly, successful partnerships can become so integrated into the customers' day-to-day activities that they become a norm, further solidifying the company's position in the market.
How do you select the right partners and pool the best resources? Mutually beneficial relationships...
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