Building a successful business requires much more than just a bright idea. Some of today’s most successful brands have built empires with the help of strategic partners. The combining of complimentary assets to create a win-win for both parties is a clear and simple path to major growth. For a modern day example of this look no further than the brand Honest Tea.
This organic beverage company, which promotes sustainable farming and tops drinks with bottle caps containing Chinese proverbs, has been a partner of Coca Cola since 2011. Surprised? You shouldn’t be.
In the recent article “Small business advice: How to strike and sustain a successful business partnership” Fran Tarkenton of the Washington Post explains the symbiotic partnership between these two brands.
“Instead of steamrolling the smaller company’s mission-driven approach, Coca-Cola treats Honest Tea as an autonomous partner, and as a result, both companies win. Coke builds credibility as a sustainable brand, and Honest Tea gains access to one of the planet’s most expansive distribution networks. Honest Tea has now sold more than a billion bottles.”
This relationship promotes the core tenets of a successful business partnership: take mutually beneficial assets and combine them to create added value for both parties. According to Tarkenton, the ultimate key to a winning partnership is finding common ground.
“Just like a romantic relationship, a strong corporate alliance is built on common ground. This means choosing a partner that shares your market, target customer, and core values.”
Complimentary business models and goals don’t necessarily always mean success. Like in any relationship, communication is key.
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