Partnerships have long been a vital element of a business’s growth strategy. And it’s no different for the cryptocurrencies universe or blockchain universe. The partnership is crucial to the growth of any business venture.
Merchants and traders from time immemorial have made use of the principle of a strategic partnership to conduct their businesses; the trend is still very much applicable today. A partnership manifests itself in different forms, ranging from business owners cooperating to investing in a project to sharing technical knowledge and ideas between firms. Whatever any business does, it is important to look for the right partnership agreement that benefits both parties.
It is great to form partnerships with other businesses! However, what any smart business owner must consider before signing on the dotted lines of a partnership agreement is that not all partnership agreements work out as planned. Some firms have generated massive problems for themselves by working with poorly-aligned partners that fail to bring anything to the table.
- Trust And Reputation
- Brand Alignment
- Similar Value and Goal
- Reaching the Audience
Few Examples of Partnership
Starbucks and Barnes & Nobles – What a match-up this has been. While many brick-and-mortar bookshops continue to close down due to decreasing number of customers, Barnes & Noble continues to buck the trend. But why has the company been so resilient?
Because pretty much every Barnes & Noble shop contains a Starbucks. And Starbucks, love them or hate them, is extremely popular with coffee drinkers. Where other bookstores were only offering one thing – books, Barnes & Noble has given their customers two reasons to shop there. Browse the latest bestsellers and enjoy some reading time with a coffee.
As you can see, strategic partnerships are vital to the success of businesses. And it’s the same in the world of cryptocurrency. For cryptocurrency projects to grow at the rate they need to and convince the world that they’re big enough and strong enough to be adopted, strategic partnerships will be key.
Spotify and Uber – These two relatively young companies (very young in the case of Uber) recently formed a strategic partnership that provides Uber passengers with stereo control.
Spotify offers something with its ‘Premium’ package that other streaming services do not, and likewise, Uber can provide its customers with an opportunity to ‘customize their ride’ and have a more enjoyable customer experience. All the while they’re cross-promoting each other’s products and services – brilliant.
As you can see, all of the above include one or more of the three benefits of proper strategic partnerships that we laid out earlier in the article. Each one will strengthen the offerings of UTRUST and Ethos, giving them access to a huge number of potential users in markets all over the world, and will see them work alongside experts in various sectors, helping them create a better business and a stronger proposition for their customers.
These partnerships are also massively important for the wider blockchain industry as well – the stronger the use cases, and the more people who are aware of crypto, and who use crypto, the faster the rate of adoption will be. Simple. While there is no shortage of partnerships announced in the crypto world, many of them are just announcements made for the sake of a PR boost, and rarely do they have the same substance behind them than those highlighted in this article.
The only way cryptocurrencies and crypto projects will succeed is through the creation of strong products and services that are adopted by people all over the world. To create those products and services – ones that will succeed, at least – crypto projects will need to create the right strategic partnerships.