virgin iphone app
I recently profiled an innovative business idea from the world of iPhone development on one of our own sites, Iddictive.com.
The company in question, Mental Workout, builds content-driven iPhone applications which focus on “improving lives by helping people resolve issues and increase mental performance”. Current applications include ‘courses’ on stress management, overcoming insomnia and fear of flying.
What makes this particularly interesting is that the apps have been developed “in partnership with world-renowned experts and market leading corporations”. The fear of flying app for example, is based on Virgin Atlantic’s successful Flying Without Fear program and branded as such – including an introduction from Richard Branson.
Partnering Profits
It’s perhaps not surprising that we like this partnering business model as it’s also at the core of what we do here at Own Brand.
So why do we like it so much? In short, there’s something in it for everyone:
- New Revenues: In this example, Virgin can effectively generate new revenues by re-purposing existing content and knowledge.
- Brand Exposure: They also generate brand exposure in a new and innovative way (and in a format that they have not previously exploited).
- Limited Risk: By sharing the risk of development and marketing with an expert in the platform they avoid some of the potential pitfalls.
- Limited Cost: Although I don’t know the specifics of their deal, there’s a good chance that the development costs were born by Mental Workout rather than Virgin.
And, of course, Mental Workout get instant brand recognition and credibility for the app by partnering with acknowledged experts and big brands.
Using This Strategy in Your Business
iPhone apps aside, the question is, how can you adapt this model to your business goals?
The key to any successful partnership is that both parties bring something to the table that complements the other. In this case, Mental Workout bring their development skills and market knowledge (things that Virgin don’t have) and Virgin bring the tried and tested content and brand recognition (things that Mental Workout don’t have).
For your business then, the first step is to list your assets and needs. For example, a firm of business consultants may have a strong reputation, industry expertise, and content and materials built up over years of doing business.
If they want to make use of that online however, they may lack the technical, editorial or marketing expertise (not to mention the time) to make that happen. A joint venture with a digital media company could be the solution – creating a branded digital publication, information product or online professional development program.
In short, as things get increasingly specialised online, smart partnerships make more and more sense.