In order to get noticed, one of the most effective growth hacking strategies is to form strategic alliances with other businesses. Growth-focused marketing strategies like co-marketing and product partnerships have been recognised by a growing number of brands.
It will generate a lot of interest on social media and drive targeted visitors to your site. It’s a chance for publicity that can help spread the word about your company and its offerings all over the world.
The partnerships that resulted in new products based on a common theme saw some of the best returns on investment. Successful partnerships between small and medium-sized businesses are possible for any company that takes the time to find a reliable collaborator who can add value to both companies’ brands.
Even companies in completely unrelated fields can benefit from forming strategic alliances. Flipboard, a news app, and Airbnb, a room-sharing app, have partnered so that users of each can benefit from the other’s offerings.
In this case, Flipboard provides relevant content to Airbnb guests so they can make well-informed lodging selections. However, they also contribute to the content on Flipboard by leaving comments and writing reviews.