Today’s most valuable partnerships are built around creating great user experiences, not just exchanging value between companies. Partnerships have always been a critical strategy for businesses looking to grow in unfamiliar markets, tap new customer segments, or sell additional products or services. They have also always been notoriously tricky to make work. Too bad, because in today’s hypercompetitive, hyper-connected marketplace, partnerships have taken on even greater strategic importance and complexity.
Both business-to-consumer and business-to-business companies are in an arms race to develop innovative user experiences, expand distribution, and capture new sources of monetization. Digital leaders are discovering that their future depends not just on what their own companies can do, but on the capabilities, functions, channels, and insights they can tap by partnering with others.
Through our work with leading companies, and in thoughtful discussions with more than 300 senior leaders who gather regularly in forums conducted by IMG, we’ve developed five key rules for successful partnerships in today’s digital world.