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.
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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. Read the rest at eMarketer.