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Strategic alliances are more critical than ever before, according to research released in September 2014 by the CMO Council and BPI Network. The report noted that such partnerships help companies expand their reach globally, generate revenues and target new customers, and because of this, 56% of senior marketing executives worldwide called out such efforts as extremely important to their businesses. An additional 29% of respondents said strategic alliances were important, while 15% said they were growing in importance.
While the majority of respondents said their companies were doing extremely or quite well at leveraging business partnerships and strategic alliances, a decent percentage—42%—weren’t doing so hot.
CMO Council and BPI Network found many hurdles that were holding execs and their companies back from being successful at handling alliances. The most-cited challenge/complexity in developing and managing strategic partnerships was actually keeping the partnership alive and rewarding for both parties, noted by 45% of respondents, while a close 42% had a similar issue: building an ongoing win-win relationship.
Execs voiced several plans for improving their networking, partnership and sourcing of growth opportunities in order to see more success. Developing a strategy and targeted approach was the most critical by a long shot, cited by 60%. Meanwhile, over one-third planned to improve their business partnering function, while around three in 10 intended to leverage networks more through online channels and industry events.
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