Acquiring new customers is one of the most expensive tasks for any business. Unfortunately, most businesses are working far too hard at this task by doing everything themselves. One simple strategy that is simple and very cost effective is strategic partnerships. One of the greatest examples brilliant partnerships is New Balance  and Westin Hotels. Maintaining a fitness routine while traveling on business can be challenging to say the least. You’ll discover why a pair of running shoes created this million dollar idea!

Recently, I was a guest at the Westin Hotel in Lake Las Vegas, NV where I was invited to deliver a keynote address at a software convention. Energy and fitness are essential for me to deliver dynamic motivational speeches to convention audiences, and packing running shoes often makes my luggage appear more than a little pregnant. When I checked into the hotel, was delighted to hear that I could rent New Balance exercise gear for only $5!

 httpv://www.youtube.com/watch?v=gWtnO68RNqg

Here are 3 reasons why this strategic business partnership makes sense:

1. It caters to the needs of Westin’s business travel clients by providing them with the ability to exercise in the privacy of their room or in the hotel fitness center. I wouldn’t stay at a hotel based solely upon their fitness center, but this provides an “icing on the cake” for deciding where to stay.

2. New Balance has the opportunity to demonstrate their products to potential new customers without a high acquisition cost. I don’t know if the hotel shares contact info of those who rent exercise gear with New Balance, but they should. A follow up card 10 days after the stay would be great stick factor marketing.

3. Westin could potentially market to New Balance’s customer base who indicated an interest in travel.

Steven Kamali wrote a great story titled Picking the Perfect Brand Partner which dives into more detail on other factors to consider when choosing a business partner.

What are some other examples of great partnerships that you can think of? What businesses can you partner with to create a winning combination?