By DSI/Dynamatic, Inc.
Have you ever considered a partnership with another business? Strategic commitments, such as this, could boost revenue and expand customer reach exponentially.
As a manufacturer, DSI/Dynamatic, Inc. relies on business partnerships to not only get our jobs done, but also to expand our customer base, build brand awareness, and to provide added value to our products and services.
Partnerships, at least according to Business.com, can lead to long-term profitability. When two or more businesses combine forces, their customer reach and brand trust are expanded.
“Companies have been working together for mutual benefits for a long time for a profitable future,” the article said. Consider the partnership between Spotify and Uber, which began in 2014. Separately, these two companies didn’t have much in common, but together, they created a better experience for anyone looking to get a ride. Now, Uber customers can play their own Spotify playlist right through the vehicle’s sound system. This provides a unique and individual experience each time. Do you think more people have chosen Uber for this partnership? You bet they have! Riders now have a more personalized experience when they choose Uber.
Unique experiences are only one of the benefits of business partnerships. Where there is a collaboration, there is the diversification of ideas and talents and shared work responsibilities, plus mutual support and motivation. The gap of expertise and knowledge is bridged when you have a working relationship with a business partner.
At DSI/Dynamatic, our business partnerships are for mutual gain. We rely on our partners for fast, quality service on electric motors and drives. One partner, A&C Electric, is an authorized repair station for a wide range of manufacturing companies, established in Michigan. In fact, they service nearly every size, make and model of electric motor and press drive. They are a valuable resource for all industrial motor repairs, including eddy current drives. What makes them such great partners? Longevity in the field and shared core values, according to DSI/Dynamatic CEO Gary Steinhart.
“They have a long-tenured history servicing and jointly selling Dynamatic eddy current drive technology,” he said.
Steinhart said DSI/Dynamatic also partners with multiple manufacturer’s reps across the U.S. He said they sell a line card of various products in markets that can also use Dynamatic eddy current technology. For the company, it is a win-win to work with representatives.
“They are good representatives for potential business (for us) in the marketplace,” he said.
Scott Hammer, Director of Marketing for Striven ERP Software, an all-in-one business management software company oversees their partnership program.
“Our partners, who are typically business and technology consultants, are vital to our success and growth,” he said. “As a SaaS product with a presence in multiple industry verticals, we rely on partners to help us market to their respective client bases and recommend us when we’re the right fit. In turn, we provide our partners with a truly competitive business management software solution that helps their clients reduce costs, simplify operations, and grow.”
For Striven, the partnerships are a win-win. Hammer said consistent and regular communication has created solid foundations for partnership maintenance, but there are downsides to business partnerships. Time management can be a challenge in partnerships, he said.
“Striven is an extremely powerful software, and it takes time to master,” he said. “We typically overcome that challenge by directing them to our most successful partners and showing how we consistently support them as they learn the product.”
Other challenges include misaligned goals, inadequately defining the business goals and vision for each of the partners, and differing risk tolerance.
According to Carl Robinson of Advanced Leadership Consulting, partnerships fail because “they don’t adequately define their vision and reason for existence beyond simply being a vehicle to make money.” Further, Robinson states that people often join partnerships for financial reasons but leave because of a misalignment of values or business goals.
“Partnerships form with the best intentions,” he wrote. “They fail for a variety of preventable reasons.”
Business partnerships aren’t for everyone, and they should be treated with care and respect. When managed correctly, they can lead to profitability and gain for each of the interested parties.