The insight industry is simultaneously one of the most competitive and most collaborative fields out there. One second we’ll be competing tooth-and-nail over a new account or project, and the next we’ll be working hand-in-hand to develop or market new products together. These longstanding partnerships are driven by a solid strategic and economic rationale.
At the most basic level, we enter into partnerships – often with ostensible competitors – because working together will either improve performance (raise quality, boost sales, strengthen profitability, accelerate delivery, etc.), decrease risk (remove a potential competitor, decrease needed investment, lock in supply, etc.), or almost always: do both.
I believe partnerships create these benefits by delivering value to your back-office (helping your profitability, accelerating time-to-market, raising the quality of your products, etc.) and your front-office (which ultimately improves sales). Taken together, these benefits deliver strategic value in the form of reducing risk factors, boosting profitability, and strengthening competitive position.