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The key to success: Strategic digital partnerships

Strategic digital partnerships are the key to unlocking success in the digital world, says the EIU’s John Ferguson.

The key to success: Strategic digital partnerships

In an effort to cater to increasingly mobile and constantly connected consumers, traditionally “offline” companies are forging strategic digital partnerships at a rate faster than ever before.

Driven to maximise consumer experience, companies are looking beyond their own industries, seeking partners that can help them capture the attention of new customers across new markets. Specialisation is key to the formation of these unique relationships, says John Ferguson, senior economist at The Economist Intelligence Unit.

“With so much specialisation, with all these start-ups and new companies [emerging], it enables a lot more relationships,” Ferguson says. “It enables companies to find partners either in a formal way or an informal way where they can try these things.”

“From a business perspective there’s probably never been a better time to seek strategic digital partnership.”

There has probably never been a better time for businesses to seek strategic digital partnership.
John Ferguson, Senior Economist, Economist Intelligence Unit

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[transcript]

John Ferguson, Senior Economist, The Economist Intelligence Unit

Consumers are moving effortlessly between the real world and the digital world.

What we call offline companies – they realise that – that they are now looking for partnerships in the online world to be able to give consumers that sort of experience.

There is so much specialisation and the rate at which people are specialising is – is incredible.

Because of all these changes and so much specialisation going on companies are now looking outside their industry, looking for partners in other areas to help them sort of capture new markets, new customers, because that’s what we’re expecting.

Specialisation is a big part of this drive to create digital strategic partnerships.

Basically with so much specialisation and all these start-ups and new companies it enables a lot more relationships. It enables companies to find partners either in a formal way or an informal way where they can try these things.

From a sort of business partnership perspective there’s probably never been a better time to find a partner like this.

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