Executive Vice President Business Development at Cadent.
Growing your business at scale can be both expensive and time-consuming. Amid both the pandemic and economic uncertainty, companies are finding themselves under great pressure to evaluate where best to invest their resources. To me, the clear answer to these challenges is to invest in collaboration as the key to driving innovation and revenue.
How are you allocating your resources?
No matter how big or small your organization is, you need to be smart about how you allocate resources. This holds particularly true for marketers, who risk wasting ad dollars with a duplication of efforts when measurement isn’t sufficient.
This is especially the case in today’s fast-paced digital TV ecosystem. The technology requirements in this arena are so varied that it can sometimes seem impossible to keep up with competition while effectively scaling one’s platform.
That’s why in the TV space, when trying to unify disparate parties and connect all the necessary pipes, it helps to establish relationships with organizations that have different but mutually beneficial goals.
Have you tried seeking out strategic business partnerships?
The company I work for, Cadent, develops technology for media planning, ad targeting and campaign measurement across both streaming and linear television. Our entire approach is about building bridges to create a unified, seamless footprint across the entire television industry.
We also aim to create a stronger, more audience-based TV ecosystem: one that isn’t only holistic and able to do everything an advertiser needs, but also one has measurement and targeting in place across the board.
This is a tremendous undertaking, as the TV marketplace is very fragmented and highly complex. But we suspected there may be a better way to grow than to go it alone. In this aim, we secured over 100 data, technology and inventory partnerships that have further advanced our capabilities, raising our value in the marketplace and setting us apart from our competition.
How can strategic partnerships bolster your credibility?
In addition, strategic partnerships with data, media companies and industry groups have enabled us, and many other companies, to enhance credibility with prospects. Working with established organizations that clients already recognize and trust opens the door a little wider when trying to win new business—particularly in the enterprise technology space, where purchases require a deeper commitment than what one might find in the B2C space.
At my company, we envision a world with more collaboration and fewer gatekeepers. We’ve sought out clients who want to work interoperably with the best technologies available in the market. Ultimately, your partners’ chief concern is what you can do for their business to help solve their issues in a fair, competitive landscape.
When it comes down to it, the benefits of partnerships are also very quantifiable: you can increase your customer base through fostering partnerships. Your partner’s customers can become your customers too, depending on the terms of your partnership deals, which is a highly desirable, organic way to grow. In fact, research has shown that companies with mature partnerships grow revenue nearly two times faster.
Are you ready to seek out strategic partnerships?
The key to growth isn’t trying to do everything yourself, but developing purposeful strategic partnerships, as well as strong relationships with industry groups, that can help you better meet customers’ needs. Not only are strong partnerships fundamental to growing your business, the future of a unified TV ecosystem depends on connecting all the necessary pipes and the only way to do that is working together. Take a page from our playbook and start talking to your industry colleagues about what’s possible so we can create a better TV ecosystem together.
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