Call it the best of both worlds. Call it a win-win. Call it business savvy. Strategic partnerships are mutually beneficial business relationships that can help each entity grow at a reduced cost. Here are five of the best examples.
Uber and Spotify
In 2014, the ride-hailing service Uber and the audio-streaming firm Spotify announced an integration of the two companies that allowed riders booking transport through Uber to be their own DJ on the ride and listen to their own music through Spotify premium accounts.
Target and Starbucks
The mammoth general merchandise retailer and the reigning coffeehouse champion have been business buds since 1999. Starbucks allows Target to license its brand in the same way Starbucks does with Kroger, Meijer and Barnes & Noble. There are more than 1,300 Starbucks locations in Target stores.
Disney and Chevrolet
General Motors, the parent company of Chevrolet, has had a long-running partnership with Disney. Chevy designers and Disney “imagineers” teamed up to create Test Track, an attraction at the Epcot theme park in Florida. Guests design a Chevy concept vehicle, then take a high-speed test drive.
Taco Bell and T-Mobile
This unusual brand mash-up allowed T-Mobile customers to receive a free taco each week through its T-Mobile Tuesdays program. The alliance encouraged T-Mobile brand loyalty and gave a boost to Taco Bell sales. I mean, who goes to Taco Bell and walks out with a single taco? Amirite?
Target and CVS Health
Yup, that rascally Target makes the list twice. In 2015, CVS Health acquired all of Target’s pharmacies and clinics, creating a store-within-a-store format that transformed more than 1,600 locations across 47 states. The same deal also meant that CVS would be present at any new Target location coming online.