Marketing Buzz 01/05
Partnering with the big guys, Yellow Page searches and more
Why fight big competitors when you can partner with them? Satnam
Gambhir, president of Envision Financial Systems Inc., approached
Hewlett-Packard, Intel and Microsoft with an idea: Create an
alliance to target the narrow segment of the mutual fund and
financial services market that Envision serves.
"By creating a combined solution, we could help
Hewlett-Packard, Intel and Microsoft penetrate a specialized
market," says Gambhir, 45. Soon, the Tustin, California,
software development company received $200,000 in funds for
marketing activities and $70,000 in support services (including
access to research capabilities and consulting) from Hewlett-
Packard, Intel and Microsoft.
Drew Neisser, president and CEO of Renegade
Marketing Group in New York City, helps companies set up these
partnerships. He offers these cautionary tips:
- Look for the
win/win. Growing businesses must bring something to the
table for the partnership to work.
- Guard your
innovation. Avoid exclusivity deals, and take precautions to
ensure your product or service isn't ripped off.
- Be prepared to walk
away. Have provisions for ending the relationship if the
partnership doesn't work out.
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Advertisers will spend an estimated
$5.5
billion
on paid search in 2009, up from
$2.6
billion
in 2004.
Statistic Source:
Jupitermedia
Gwen Moran is a
consultant and writer specializing in marketing.