Smart organizations are increasingly turning to strategic partnerships as the best way to exceed rising consumer expectations.
As consumer expectations continue to rise, companies are increasingly turning to strategic partnerships to grow their revenues and customer base rather than relying on traditional sales and marketing tactics. In fact, 76% of companies agree that partnerships are key to delivering on their revenue goals, according to the June 2019 Forrester Consulting study “Invest In Partnerships To Drive Growth And Competitive Advantage.” Forrester surveyed 454 global decision makers and found that over half of their companies (52%) generate more than 20% of revenue from existing partnerships.
Partnerships can give companies access to new customers, raise awareness about their brand and generate new revenue streams. One organization that has seen the benefits of partnerships is global hospitality and entertainment company MGM Resorts International. MGM Resorts has developed a number of strategic partnerships that give it a competitive advantage or highlight its values, says Stephanie Glanzer, CMP, vice president sales operations & services for MGM Resorts International. Three of MGM Resorts’ most successful partnerships have been with technology company CISCO, wellness company Delos and local nonprofit Three-Square Food Bank.
When MGM considers whether to enter into a partnership, it explores whether the other organization shares similar ideals. “We want to do business with people who share the same values.” Glanzer says. “You want to give more to people you enjoy and like working with. It’s harder to come up with an agreed upon goal if you don’t have a relationship.”
The best partnerships are with companies that offer complementary products and services so that both parties benefit from the collaboration. MGM’s partnership with CISCO has helped both companies to drive business by creating a mutually beneficial relationship where MGM purchases equipment from CISCO and CISCO holds its meetings and conventions at MGM properties. That relationship has led to the creation of the Ideation Studio at Park MGM, making it the first property to use CISCO’s innovative cloud-based presentation technology that recognizes every device, Glanzer says.
Meanwhile, MGM’s partnership with Delos gives MGM a competitive advantage. MGM Resorts International is the only company in Las Vegas that has partnered with Delos to provide state-of-the-art innovative wellness features in its meeting and sleeping rooms. Features like circadian lighting, air purification, aromatherapy and custom menus approved by the Cleveland Clinic enables MGM to create one-of-a-kind customer experiences that MGM might not be able to execute on its own. This type of differentiator can boost its brand and increase customer loyalty.
Delos has been equally pleased with its partnership with MGM, which was the first property to use Delos’ wellness features in its meeting and sleeping rooms. Since then, Delos’s Stay Well program has proliferated throughout the country, says Paul Scialla, founder and CEO of Delos. “You want to have a partner that takes a long-term view and can help you scale,” he says. “MGM is a wonderful partner because they have a large footprint and are leading the innovation curve.”
However, not every partnership is focused on the bottom line. Some partnerships allow companies to demonstrate their values by supporting a good cause. MGM’s partnership with Three-Square Food Bank allows MGM to talk about community social responsibility, Glanzer says. MGM and Three-Square have created a process for Three-Square to pick up the resort’s unserved food, freeze it and then distribute it to Catholic Charities and other community groups, Glanzer says.
Partnerships allow MGM to provide clients and the community innovate programs. In the coming weeks, this series will showcase how MGM’s unique partnerships are enabling the company to reach more customers and provide one-of-a-kind customer experiences that boost brand loyalty.
MGM Resorts offers 4 million square feet of meeting and convention space within a two-mile stretch on the Las Vegas Strip. Advanced designs feature robust and creative meeting options to meet the ever-changing needs for collaborative and productive work spaces. To learn more, view our available venues throughout the city.