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What Does "Strategic Partnership" Really Mean? 🤝 In the business world, we often come across the terms "strategic" and "partnerships." But what does it mean when we combine the words - a strategic partnership? Breaking It Down: Drawing from my 25+ years in partnerships, I think the term "strategic partner" is among the most misused designations to describe a relationship. The literal definition describes a coveted relationship where the combination of unique capabilities promises to result in a competitive advantage, which delivers exponential profitability. In the Tech Industry: - Strategic Partnerships involves blending two solutions to create a new value-added solution. These relationships are centered on combining unique innovations that result in a desired and more efficient outcome for end users. In Channel Partnerships: - Strategic Partnerships are formed when companies have an abnormally high level of alignment between their customer bases, which results in a significantly lower customer acquisition cost, among other benefits. Analogous to my vacations and white sandy beaches, a strategic partnership describes a powerful combination that results in significant economic gains. - What does a strategic partnership mean to you? - In what cases have you seen the term strategic partnership misused? Comment your thoughts below. More comments = more visibility for valuable information. Feel free to send us a message if you have any questions. James Lezzer, SPLP PARTNERNOMICS® Check out the comments below to watch the whole episode ⬇.