Partnership with other brands is part and parcel of the business growth journey across all sectors. Data demonstrates that the practice of building strategic partnerships comes with several advantages, ranging from building new products and gaining new customers.
For instance, 75% of Microsoft’s commercial revenue is generated through its vast partner ecosystem; the company adds an average of 75,000 partners each month. 94% of tech industry executives view innovation partnerships as a go-to business growth strategy in the world of technology.
In the education realm, we have seen some of the top universities partner with Edtech behemoths to enhance the pedagogy for remote professional learners. K12 educational publishers can also benefit from nurturing strategic partnerships that deliver concrete value as they pivot to new heights.
Partnering with a technology specialist like KITABOO can help K12 textbook publishers digitize their content and graduate to produce highly engaging, interactive eBooks.
In this blog, we explore the role of strategic partnerships, types of partnerships, and key benefits for K12 educational publishers.
Table of Contents:
- Knowledge Expertise
- Superior Engagement Expertise
- Revenue Generation Partnerships
- Attracting New Customers
- Shared Goals
- Non-compete Fit
- Collaborative Authoring Environment
- Brand alignment
- Ensure transparency
IV. The Conclusion
Benefits of Strategic Partnerships In Publishing
Businesses strike up partnerships for several reasons. The driving force may include challenges, aspirations, and goals. The publishing industry, in particular, has undergone so much change over such a brief period that striking up strategic partnerships can be a beneficial approach to growth.
Traditional publishers are adopting digital strategies to stay relevant and grow market share. New Edtech players are highly equipped with new technologies and engagement frameworks but may lack the knowledge and expertise of traditional players. Businesses have unique gaps and goals. Embarking on strategic partnerships is an opportunity to address both.
Here are some key benefits of strategic partnerships for publishers:
Bridging a Major Gap
Instead of investing huge amounts of cash and resources in building something new, businesses can partner with another business, which brings competency while offering something in exchange.
Businesses may see partnerships as a route to revenue growth either by cross-pollinating products or building new co-branded products.
Acquiring New Customers
Partnerships can also be a window of opportunity to reach new audiences and turn them into paying customers. This approach reduces customer acquisition costs.
Enhancing Brand Equity
Relatively unknown brands with a smart product offering can partner with established brands to build brand credibility and awareness through strategic partnerships.
Value Proposition Of Publishing Partnerships
Any new partnership must bring something fresh and relevant to the table. The partnership must be in a position to build value for the business by way of expertise or unique support. Here are some examples of the value proposition delivered through strategic partnerships that can contribute to a publisher’s business growth.
Knowledge plays an important role in a K12 publisher’s business model. Knowledge of subjects, skills, assessments, competitive exams, and other areas based on a learner’s needs. If an established publisher seeks to venture into new domains, they will need access to subject experts to develop the content. Publishers can partner with a business with a strong knowledge base rather than hire full-time subject matter experts.
Superior Engagement Expertise
With digital engagement being the go-to mode of learning, some publishers may be struggling with building engagement around text content. On the other hand, Edtech companies may seek to strengthen the pedagogy and subject expertise of their content.
Hence, these two businesses can explore a strategic partnership that can be a win-win for both. For instance, an assessment business with a large inventory of tests can partner with a tech-enabled business that can digitize and distribute tests efficiently to an existing user base.
Revenue Generation Partnerships
Two educational platforms may partner to cross-pollinate their products across each other’s platforms with a revenue share model. The key to the success of such a partnership is that they must have similar audiences and radically different products. For instance, a platform offering Maths programs and a platform specialized in language training for K12 students could be a good fit for such a partnership.
Attracting New Audiences
Capturing new audiences is also a strong reason to build a strategic partnership. For instance, an educational publisher offering language services to professionals can consider offering fresh programs to platforms with a K12 audience but no language expertise. Acquiring K12 learners from scratch is an expensive proposition.
On the other hand, fostering strategic partnerships with businesses already catering to this audience can help the company break into this new segment. This would be a more cost-effective approach, and a win-win for partner businesses, who can deliver more value to their K12 customers.
Build a Partnership Success Framework
When navigating a prospective partnership, it is important to create a framework to enhance the chances of success.
A thriving partnership must be a win-win for all stakeholders. Partnerships businesses must have shared goals and agree on the takeaways of the partnership benefits. Hence, initial conversations about a potential partnership must generate clarity on the needs and outcomes of all partners.
Businesses that are competing for a similar audience with similar offerings can clash in a potential partnership. Hence, it is important to ensure a non-compete fit before jumping into partnerships.
Collaborative Authoring Environment
Higher content development ROI is one of the top goals of publishing partnerships. Seeding a collaborative authoring environment through the usage of cloud-based digital publishing tools creates a harmonious workflow and increases efficiency. For instance, the usage of digital textbook platforms such as KITABOO enables multiple users to log in and collaborate on projects from multiple destinations and time zones.
Partnering businesses must be aligned from a branding standpoint to enable successful partnerships. Publishers must consider aspects like brand reputation, product quality, and brand culture and values when evaluating prospective partners.
Transparency in communicating terms and conditions helps nurture trust and lay the foundation for a sustained partnership. Ensure that contracts are crafted and vetted carefully and that there are no hidden clauses that can jeopardize your business.
Undertaking new business partnerships is definitely a risk for any business. However, strategic partnerships that are navigated with thoughtfulness and a strong foundation can help educational publishers break new ground. They can build innovative new products, boost brand equity, gain users, and grow revenues.
If your company aspires to scale faster, KITABOO is geared with the right technology solutions to support you in your mission. Leverage our cloud-based digital publishing platform, which is available as a licensed version (one-time buy) as well as a subscription model.
Write to us at KITABOO@hurix.com for more info.
You May Also Like