If you’re speaking about math, then the equation above is correct. If you’re using that same equation as a metaphor for agency partnerships, you might be incorrect to think that the sum of one plus one is two.
When two agencies decide to partner together on a project, they’re opening themselves up to dozens of complementary skill-sets as well as serious untapped business potential. So, when one agency partners with another agency, the result isn’t just two. Instead, the result is many individuals, each with unique knowledge and experience, collaborating together to come up with thoughtful solutions for their client.
Since our founding in 2008, Zivtech has valued strategic partnerships for their ability to bridge the gap between expertise and opportunity. Over the years, we’ve partnered with many agencies, most of whom we still have long-standing relationships with. The relationships that we’ve built with these agency partners has resulted in business growth as well as some of our longest client engagements.
Entering into strategic partnerships has been essential for Zivtech’s business growth over the last eleven years. Read more about the benefits of strategic partnerships below to determine whether a partnership makes sense for you and your business.
One of the most obvious reasons to partner with another agency is the possibility to work with new clients. Partnering with another agency on a project can expose your company to new business opportunities that you might not have had otherwise. This is especially true if the project you’re working on has a smooth launch and garners positive results. Positive brand awareness is valuable and will increase as more clients hear from your partner about the excellent services you provided.
Another benefit of a strategic partnership is the ability to expand your geographic footprint, without moving or opening another location. For example, if you’re an agency based on the East Coast it could be difficult to find client work outside of your region. However, if you end up partnering with an agency in the midwest, west coast, or even overseas, you have the potential for a larger geographic reach. Over the years, our partnerships have taken the Zivtech name everywhere from Seattle to Canada to Switzerland.
Access to New Resources
Partnerships are also a great way to augment your staff without having to hire full-time employees. For instance, if your agency specializes in web development but you have a client who needs web development and content strategy, partnering with an agency that focuses on content would be more beneficial and more cost-efficient than hiring a full-time employee for one project. Of course, hiring a contractor is always an option, but sometimes the quality of work contractors produce can be hit or miss. When you partner with a reputable agency you can ensure that your client is receiving a high-quality product.
If tapping into new resources and opportunity isn’t enough to get you to start considering strategic partnerships, maybe increased revenue will. When the shared objectives between agencies align, both businesses can benefit from new revenue streams. Let’s say your partnership with the content strategy agency goes really well. So well, in fact, that they want to use you as their go-to development shop. Now your partnership has evolved into a new revenue stream as well as a long-term business relationship. Strategic partnerships allow you to diversify your revenue without diversifying your core offerings.
Of course, not all strategic partnerships are fruitful, but the potential benefits far outweigh the drawbacks. To avoid conflict, it's important to establish your business objectives from the beginning. Be clear, honest, and transparent with your partners and both the project and relationship will be more successful.
Forming strategic partnerships is an effective way to achieve new business goals, reach a wider market, and expand your revenue streams.