Young companies, often strapped for cash, need to get creative when it comes to problem-solving. They can build a fix in-house investing substantial time and effort or instead forge mutually beneficial partnerships with other companies to overcome their challenges. As mentioned in RelateIQ’s recently published profile of ReTargeter, a partnership developed in the early days between RelateIQ and ReTargeter, creating the building blocks for future success and a lasting partnership that continues to this day.
When the relationship began, ReTargeter was seeking creative ways to build out a powerful sales and business development engine with finite resources, while RelateIQ was seeking in-depth user feedback for their not-yet-launched relationship management platform. The leaders at ReTargeter and RelateIQ were introduced through a mutual friend and were able to create immediate value for each other following the introduction. ReTargeter was able to effectively build out its sales and business development programs with the help of the platform and best practice suggestions from its partner, and RelateIQ was able to collect detailed and candid feedback on its product, accomplished through frequent visits to the ReTargeter office to collaborate and observe the platform being used in real-time.
The partnership continues to evolve. ReTargeter used RelateIQ’s product for its 2013 angel investment round and uses it day-to-day in its business development efforts, and ReTargeter provides critical product feedback and testing to RelateIQ. Long after both ReTargeter and RelateIQ achieved the goals they had originally set for themselves, the companies continue to build off of each other and nurture a mutually valuable and powerful relationship rooted in their early support of each other.