Trust - Why Your Partnerships Matter

​When was the last time you took a call on your phone without knowing who it was? How many ‘cold’ emails do your respond to, that’s if they get through your spam filter. Put up your hand if your using ad blockers on your browser. How’s your enthusiasm for FB ads in your feed? The reality is, traditional sales and marketing channels are stalling, new channels are narrowing. We are simply becoming less trusting of uninvited interruption.

Trust is the new currency in business. ​
​Accenture’s 2018 Consumer Pulse report stated a ‘negative trust event’ can impact a brands bottom line by an average of 14%.
 
Conversely, according to the Harvard Business Review high-trust companies are 2.5 times more likely to be a high performing revenue organisation than low-trust companies. 
 
Putting aside the recent ‘Royal Commissions into everything’ and associated corporate bad behaviour, the party stopper is still growth.
 
Even if you’re a high trust business you still need to grow and that means acquiring new audiences in an environment where access to them can be an impenetrable maze.
 
That’s why your partnerships matter.
 
In short, the right partnership can bring a trusted introduction to a whole new audience that may have been otherwise unattainable.
 
What do the numbers say?
Forrester Consulting Research surveyed 454 businesses globally and found:

• 77% of companies were prioritising partnerships as a key initiative this year
• Companies are experiencing an average of 17.5% in partnership revenue growth
• 49% had seen a boost in partnership revenue growth in the past year
• 45% had seen an increase in brand awareness via partnership activities in the past year
• Companies with mature partnerships enjoy 10% more revenue than those with immature partnerships
• 70% of respondents were expanding their partnerships to include non-traditional affiliates, ambassadors and influencers

 
Partnerships can come in many forms for businesses; B2B alliances and joint ventures, sponsorships, influencer and ambassadorial relationships, etc, etc.
 
The key to growth it seems, is to tap into and leverage the trust intrinsic in a partner’s network.

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Authors: Bruce McKaskill & Tim Wood are founding partners at Fit Brand & Partnerships, Australia's leading independent brand and partnership growth consultancy serving rights holders in the arts, community, associations and Government services sectors.