The final strategy you can use for market penetration is forming strategic partnerships with other companies that have complementary or supportive products, services, or markets.
Collaborate with other companies for co-branding, co-marketing, or cross-selling to expand the reach, reputation, and sales of your product or service.
Choose the right partners who share similar visions, missions, and values and can provide balanced benefits for both parties.
Create clear and transparent agreements with your partners.
An example of a company using strategic partnership strategies is Tokopedia, the largest e-commerce company in Indonesia.
Tokopedia frequently forms strategic partnerships with other companies, such as Grab, Gojek, Shopee, or Bukalapak, to offer products or services that complement or support each other, such as transportation, logistics, payments, or promotions.
These strategic partnerships make it easier and more convenient for consumers to shop online on Tokopedia.