A strategic partnership is a business partnership that involves the sharing of resources between two or more individuals or companies to help all involved succeed. Strategic partners are usually non-competing businesses and often share both the risks and rewards of the decisions of both companies.
Another common strategic partnership involves a manufacturer/supplier partnering with a distributor or wholesale consumer. The two companies form a close relationship where they mutually participate in advertising, marketing, branding, product development, and other business functions.
Starbucks formed a successful in-store partnership with Barnes & Noble in 1993. While many larger brick-and-mortar bookstores haven’t survived the tough competition from Amazon, Barnes & Noble has seen continued success.
One reason is the co-branded Starbucks “B&N Cafes” inside most Barnes & Noble locations. A hot beverage and a good read have always paired well, which gives book enthusiasts have another reason to visit a physical Barnes & Noble store instead of buying online or from a competitor. And at the same time, Starbucks gets to expand its audience even wider and boost sales by setting itself apart from competitors.
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