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Collaboration 2018-05-18

4 Benefits of Building Partnership with Renowned Brands

Both Ambani siblings are going to get married to giant companies, which is also an indication that three companies are going to get collaborated together indirectly.

By Senior Sub-editor
4 Benefits of Building Partnership with Renowned Brands

 

Recently the business world witnessed India’s homegrown first startup giant Flipkart selling its 77 percent shares to the retail giant of the world, Walmart.

Both Ambani siblings are going to get married to giant companies, which is also an indication that three companies are going to get collaborated together indirectly. This is the next generation way of doing business together.

Here are some of the points to suggest the importance of collaborating with big companies:

Brand Recognition:

Both the brands can enjoy the benefits of each other’s brand reach. It gives recognition to the smaller brand and it excites the market on knowing why the big brand would collaborate with small brands.

The recognition that each brand gets from the market is different because people put their interest in knowing the value of the smaller brand and the big brand would be looked upon as an opportunity by other small brands and they would work harder to join the big brand in future. It creates a stir in the market, and it gives a good enough boost to the small company to work harder in order to keep the reputation the big brand intact.

Customer Value:

The big brand has a certain number of customers and so does the smaller brand have. When they collaborate, the customers shift their focus to know more about the companies and they expect to get a better experience from the collaboration.

The small company gets the attention and it gives the initial push in bringing out better than the best on the table for the customers. It helps in building the customer base because of the collaboration. People start trusting the brands more upon other brands in the league.

Customer Retention:

It is a chance for the small brand to make an impression on a new set of customer that they get from the collaboration. It opens a gate to the clients and investors who would have denied earlier but are likely to get associated with you since you are part of a big name now.

It adds value and power to the existent brand name. Moreover, being associated with a renowned brand will help the small brand to learn new ways of doing business be it traditional ways or the way people do business outside. It opens a doorway to opportunities in learning, identifying and then growing as a big brand.

Collective Strength:

It is not always the small company that gets benefited it is a two-way thing. The big brand had also chosen and joined the small company or has thought of investing in it only because it has seen the spark or the idea has really convinced it to join hand with.

There are small companies who have better reach among customers and almost equals with the big brand, which the big brand can use in its favor. Also, the customers’ choice is ever-changing, the fresh or brand new startup that has grown and taken shape as per the customers’ need is likely to help the big brand in making the necessary changes to align them as per the customer.

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