Last month, I wrote how Uber’s partnership with Open Table shows the value of strategic partnerships to all businesses. The Motley Fool just published an analysis that shows how Uber has teamed up with Starbucks, TripAdvisor, Hyatt Hotels and United Airlines in addition to Open Table. This means that a user making a reservation with OpenTable could also book a ride with Uber to get to the restaurant. Passengers on United Airlines could book Uber vehicles, along with their tickets, to pick them up from the airport. A Hyatt guest could book a room and get an Uber ride from the airport to the hotel.
The impact of these partnerships is huge. In the Motley Fool piece, they calculate that if only 6 percent of Open Table reservations then use an Uber, it will double Uber’s monthly active users. Furthermore, the partnerships can help increase Uber’s revenue 5X, to over $1 billion annually.
This analysis further strengthens the point that partnerships are an incredibly powerful way of growing your business. Rather than just focusing on building everything internally, partnerships can speed your growth often at a lower cost.