Originally published in March /April 2013 issue of MBE magazine.
Branding Through Partnerships
I did some digging around regarding the concept of partnerships recently, wondering whether or not I could add to the understanding of the concept. Why? Because partnerships have always been important to me as a small business owner, and because the small business owners I meet are often looking for partnership opportunities as well.
From a branding perspective, traditional partnerships are relatively easy to come by; even cobranding is possible when there are true synergies. Traditional partnerships happen when two or more entities come together to pursue new opportunities to do greater business than either entity can do or is willing to do alone.
According to the Internal Revenue Service, a partnership is “a relationship that exists between two or more persons who join forces to carry on a trade or business. According to this definition, each person contributes money, property, labor or skill, and expects to share in the profits and losses of the business.”
The parties joining the partnership determine what they will put forth in the relationship, and also how much they expect to receive in return for the time and resources invested. Normally, the members of the partnership make ongoing assessments of the relationship to determine its health and strength. Even though all partnerships will ultimately have a story of success or failure to tell, each partner must also determine if the partnership works to their immediate and long-term benefit, too. When partnerships create successes, companies tend to maintain mutually beneficial ties, and their joint branding can present a unified front to the world. See the full entry.