Forbes / Jun 25, 2020
Strategic business partnerships are long-term relationships focused on creating joint value for two or more organizations. The more value created by the partnership, the more strategic it is. When executed effectively, these partnerships offer benefits to both parties involved, as well as offer the potential to increase growth and efficiency for both.
Developing and nurturing strategic partnerships can and will have a tremendous impact on the growth of an enterprise’s success. From the Thirstie perspective, we feel we’re a better business, and have been able to grow / adapt faster and more efficiently, thanks in part to the role and impact our strategic partnerships have had.
While it’s a bit of an over-simplification, there are three main reasons why our brand has focused on strategic industry-focused partnerships: The growth of strategic industry-focused partnerships has been a natural progression. This evolution of “traditional” business practices has been influenced by a litany of different factors, including the overall growth of the ‘Gig Economy,’ as well as the impact of the millennial generation as they take on more senior business roles. It is also an extremely positive one: we live in a fully connected world, making it easier to fulfill maximum reach with strategic partnerships.
In other words, if you’re not partnering, you’re going to be left behind. Strategic partnerships have become increasingly critical for business growth in today’s highly competitive marketplace. For a start-up, they can make the difference between success and failure.
Increase Expertise/Resources — Access to subject matter experts that add value to your organization.
Decrease Costs of Acquisition — Leverage partner capabilities without added full-time expense/overhead.
Create Incremental Revenue — Opens new market sectors, target audiences and incremental businesses not available with current resources.
Respond to Change Quickly — By partnering with specialized experts, your brand reduces risk while handling inevitable changes and shifts in-market.
We at Thirstie deliver our innovative e-commerce solutions through strategic partnerships with multiple organizations:
- Selected liquor retailers across the country. We have partners in over 50 major cities to fulfil online orders via same-day delivery or shipment where allowed.
- We have also established referral partnerships with major distributors in the beverage alcohol industry. These partnerships enable Thirstie to extend our offering and help our clients with distribution as well as logistics support.
- Finally, we have partnered with several data science companies. These partnerships enable us to augment our first party behavioral and attribution data with AI-enabled customer persona data to provide predictive customer profiles for all our clients. These are a few examples of how strategic partnerships can be valuable tools for any business; in our case enabling Thirstie to provide our beverage alcohol clients with considerable added value.
Devaraj CEO/ Co-Founder, Thirstie, Inc.
About Thirstie, @areyouthirstie
Thirstie, a New York based e-commerce company, is the leading technology and logistics solution provider for beverage alcohol brands, founded by Devaraj Southworth and Maxim Razmakhin in 2014. Thirstie helps brands to power consumer on-line transactions within an industry three-tier system complaint platform through a robust API and expansive retail network. The Thirstie platform also provides brands with transparency into all data, consumer insights analytics and ROI to improve performance marketing.
For more information about Thirstie, please visit thirstie.com.