Coronavirus restrictions have had a dramatic impact on both large and small businesses in Australia.

For example, recent data shows 70 per cent of businesses in the hospitality sector have reduced hours and 43 per cent let workers go or had to place them on unpaid leave. In order to drive and achieve economic recovery, it is clear we are all going to have to work together and support each other.

According to the World Economic Forum, strategic partnerships play a significant role in driving innovation and growth in today’s economy. Harnessing the strengths and abilities of others through partnerships is one way to develop ideas, products, and shift modes of delivery, such as moving resources online or meeting the quickly changing customer needs and expectations. Businesses that work in partnerships can ensure sustainability of operation, awareness for new opportunities and avoid any unnecessary roadblocks.

By capturing the creative collaborative spirit, you will have the opportunity to bring a new combination of skills, knowledge, and expertise to the table, and minimise the risk involved in developing a new capability in-house. Here are three partnerships opportunities that may be useful in growing your business.

Customer or Vendor Partnership

By working with your customer or vendor (supplier) you can form a partnership to develop a new product or service that is part of a broader strategic plan to engage with your audience, provide a different perspective, and even disrupt the market. Consider if the partnership will address a customer need, and assist you in winning new customers, or explore a broader market.

A webinar in your marketing strategy for example will allow for endless opportunities to increase brand awareness and engagement, not just for you but for your customer or vendor that joins you as a special guest for the discussion. This webinar could be part of a wider series, and allow you to invite a new guest every session to demonstrate expertise, and relevance, and be seen as a thought leader. These can be hosted on your social channels, or through a registered virtual event.

Cross-sector Partnership

A cross-sector partnership focuses on the development of cross-sector engagement. It is important here we consider if the brands have similar values, compare company visions, and the purpose of the business. If there are similar beliefs, there will be the opportunity to promise a better customer experience.

In looking at the role of technology has played in this pandemic; it has stood apart in driving meaningful change across sectors. For example, The Australian Government’s National Health Plan for COVID-19 outlines the introduction of electronic prescriptions, which will see a collaboration between a technology company and healthcare provider to ensure efficient health options for consumers during these times.

These partnerships can be amplified through platforms such as Facebook marketing as it is competitive and fast moving, and can ensure ROI. It is important first to understand who your target audience is, and whether this medium is the right option for your ads.

Expert Partnerships

In times of crisis, it is often riskier than usual to attempt a new business strategy. However, it is essential that your business is able to adapt to the situation and this often means trying new things. In this situation, an expert partnership may be useful. Partnering with experts in the field you’re looking to try can ensure your first steps are taken with confidence and lead to success.

For example, branching out into the digital marketing space has proven to be important during COVID-19. But if it is your first time running an online business or trialling online marketing – you might find it hard to succeed straight away. Partnering with an experienced digital agency can help you to avoid the common brand pitfalls and make the most of the opportunities available to you.

The takeaways

Through any of these creative partnerships we will be able to achieve synergy, and shift from surviving the pandemic, to thriving as a business and nation for years to come. Keeping a flexible partnership mindset will add value to your business, and in return improve overall customer experience.

Preparing your business for online success

With the restrictions in Australia easing slowly but surely, a return to some form of regular business operations is on the horizon. Whether your business is ready to return, or you’re wondering what the best path forward is, Netregistry are here to help. With expert teams in SEO, PPC, Social and Websites – we have all the experience you need for a successful online business. To get started, call us on 1300 638 734 or submit a message online.