Acquire New Customers
- 68% of executives stated that acquiring new customers is the main benefit of developing alliances to increase market share, and to gain access to new markets.
- 66% view increased revenue as a primary advantage of successful partnerships, and when their strategic objectives align and resources complement each other, business partners can pursue new markets to increase revenue streams.
Expand Geographic Reach
-About one third named expanding geographic reach as a primary goal of their partnerships as a first step toward new growth.
Extend Product Lines
- 27% list product diversification as a primary goal of strategic partnerships, as executives collaborate to gain access to a market, or engage in strategic planning.
Access New Technologies and IP-
Partnerships offer access to new technologies without expanding resources. Over a quarter of business leaders list gaining access to new technology or intellectual property as a benefit of strategic partnerships.
Add Sharing Resources
- Businesses also enter into strategic partnerships to pool resources, as 23% of executives cite this as a primary objective of forming partnerships.