Accelerate Your Business Growth Through Partnering Well aligned companies can accomplish far more combined than either can hope for separately.
By Israel Idonije Edited by Dan Bova
Opinions expressed by Entrepreneur contributors are their own.
This column is one of a series formed from a partnership between Entrepreneur and NFL Players Inc. Click here to see the other columns.
To have long-term success, a business must continue to look for ways to grow in sales, reach and new products or services. Strategic partnerships can play a significant role in boosting growth for your company. No matter your company's size, a collaborative partnership can help increase revenue.
Effective corporate partnership collaboration is built on a shared vision and strong purpose that will create more worth together than what either entity could produce on its own. When partnerships bolster brand equity for each other, consumers take notice of the added value.
Partnerships are a great way for businesses to increase competitive advantage and can be leveraged to share resources, invent, and increase profitability. The NFL Players Inc. has done an excellent job working with NFL players and their brands, trailblazing and exploring new product categories and environments to engage existing fans and endear themselves to new fans.
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The NFL Players Association (NFLPA) introduced our company, Athlitacomics, an NFLPA licensee that develops comic content and properties in the niche market of comics and sports, to Trophy Brands, also an NFLPA licensee with 20 years experience in the candy industry, that wanted to bring NFL players into the gummie candy space. This unique and innovative collaborative partnership has resulted in a new candy product, Quarterback Gummies – the first-of-its-kind-consumable NFLPA licensed product.
Playing in the NFL for 11 years, I come from a world of "team." I bring my strengths and you bring your strengths. That is what this partnership between Athlitacomics, Trophy Brands and the NFLPA means to me. Trophy Brands has created a great-tasting candy product with Athlitacomics' licensed player art featured as Sports Heroes on the packaging. Together we are aligned and focused as a team on the same goal of retail growth and connecting with fans while helping to add value to player brands.
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After all of our hard work it is exciting and rewarding to see the response from retailers and consumers. Quarterback Gummies is a new treat that everyone can enjoy and, starting now, it is available in grocery and convenience stores, as well as a variety of candy shops.
Things to keep in mind when looking for partnerships:
- Do your brand identities have synergy?
- Does the opportunity give visibility to each brand?
- Is the opportunity innovative and relevant?
- Have you identified the crossover in your target audiences?
- Is added value being delivered to your customers?
Establishing the right strategic collaborative partnerships can take time but great partnerships can lead to tremendous growth that vastly improves the bottom line of both businesses.
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