How Partnerships Make You Recession-Proof

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The current economic downturn on top of the past few years of economic uncertainty has businesses in all industries worried about their current and long-term standing. While traditional cost-savings measures are implemented, it is also important to rely on your practices already in place, namely, partnerships. Partnerships have the ability to take things from good to great when we are in a boom, and are an excellent safety net during a recession. Now is the time to lean on your partners and the relationships you have with them to weather the storm.

Partnerships Reduce Internal Sales Costs

The resources required to hire, train, and most importantly, pay, in-house technical and sales talent is a daunting cost to absorb during a recession. By leveraging the team that your partners have in place, you can have more salespeople actively promoting your product, without the immediate rising cost of payroll. Lower your CAC by using partners that produce quality, warm leads, instead of chasing cold leads who aren’t ready to buy.

Partnerships Expand Your Market Reach

Partners have the ability to reach a variety of worldwide markets. This means that they may have direct connections with markets or industries that aren’t suffering from a downturn, and that have a need for your product. By creating strategic partnerships with companies that have reach in international markets you aren’t familiar with, you expand your potential reach, with a qualified guide along the way.

Partnerships Give You Credibility

Your partners have created connections with their clients that you aren’t privy to. Because they don’t know you from Adam, they rely on your partner to sing your praises, and help them understand why your product or service is the one that will address their pain point. Your partner’s clients know and trust them, and if they’re recommending your company, you’re automatically given a leg up with the end client.

Partnerships Help Extend Strategy

Clients want easy-to-find solutions to their pain points. During a recession, partnering with a complementary business is a way to bring comprehensive solutions to your clients that address multiple needs at one time. Whether you create exclusive offers, or a discount for buying from both companies, the benefit of engaging with both businesses will need to be decided on by what’s best for both partners.

Partnerships Let You Do What You Do Best

Partnerships let you get down to business. Literally. Whatever business you’re in, partnerships allow you to focus on the core elements of your business, and reduce a lot of the noise around marketing, selling, and closing. Use the feedback gained from your partners based on client evaluations and external perspective to improve your offerings. 

Partnerships are an integral component of business strategy. They pivot from being complementary to being necessary during a recession. Let xAmplify support your partnerships and grow your revenue with a system that enables your partners at every step of the customer experience.  Contact us to learn more.