Social Partnerships for Business Growth

Social Partnerships

Social Partnerships have become a fairly common practice in the business sector. Evidence of such type of mergers ranges from individual entrepreneurs to large Fortune 500 companies. Social media has contributed immensely in promoting and increasing the practice of such alliances. For companies, partnerships mean growth opportunity, especially for business to consumer relationships.

The main reasons a company will decide to partner with another are that the profits will be considerably higher. During the recession period, several companies merged in order to cut costs. Still other companies form partnerships to reduce or remove competition in the market. While others will do it to tap into a different market altogether.

Some of the recent major partnerships that have taken place are:

1. The gaming company Zynga has also taken two separate initiatives to collaborate with brands for their games on Facebook.

2. Social media companies themselves are partnering with companies to advance their businesses. Recently, Facebook announced that their Facebook Credit payment. Now be far easier for consumers to make payment through various major mobile carriers. This step has been taken to simplify the payment process for Facebook apps through mobiles.

3. While some companies are deliberating upon this trend, there are those that can lose out unless they continue their alliance, such as Vevo, the music website, in which they will share advertisement revenue. They are expected to sign a contract with Facebook in the near future, which will require accounts to be connected with Facebook before they can utilize their service.

4. SaviCorp, the automotive technology company has partnered with MIH marketing, a social media company to help promote their offer on gas savings, called ‘TheDynoValve.’ MIH will campaign on various social media such as Facebook and Twitter to send the message across to consumers.

5. Klout and Simply Measured have formed a partnership to provide more clarified analysis of measuring influence in social media. The specific and detailed information will help companies understand the kind of conversations that exert influence and compare their standing against competition with others.

The challenge to find the right sort of partnership is, however, as great as it was before the era of social networking. A company needs reliability and trust when they take on a joint venture. Social networking has widened the options, but poses greater risk because of the geographical distances. That is why references and reputation are so important when searching partner ventures through social media.

Social Partnerships : Conclusion

Connecting with groups such as Founder – Dating that match makes entrepreneurs together is one example of how networking can be productive. Facebook has resolved the issue because of the kind of user information they possess. Not just for individuals, but also company information. In turn, companies seeking partnerships can assess the suitability of a partner company that they can work with. One reviewer suggests that while most social networks are great to discover people. Facebook is one medium that allows fostering the professional relationship. The success will depend on the amount of experience and when clear boundaries are set by both partners so they have a clear understanding of their roles. Most importantly, companies must bear in mind that as with mutual profits, financial loss must be borne mutually as well.