B2B partnerships are collaborations between a company and other companies, organizations, or individuals where the goal is to help drive growth and revenue. B2B means business-to-business, so the hallmark of a B2B partnership is that it takes place between two or more businesses. The partnership can be in the form of product development, marketing, integrations, or others.
B2B partnerships are usually between two or more complementary but not competitive businesses. B2B partnerships in the tech the industry can include affiliates, referral partners, and resellers.
Example: Alero had a B2B partnership with Coco Factory wherein they resold each other's products no their respective eCommerce sites. This brought in more customers for both of them and increased their brand awareness. Yay!
Business development is the strategic initiatives that serve to improve and grow a company's long-term success. In its most simple form, business development is any activity that creates value for the organization. This can include strategic partnerships, expanding sales into new markets, relationship building, lead generation, marketing tactics and more. Business development teams are a crucial part of a B2B SaaS company; they are responsible for identifying growth opportunities in order to scale the business.
Specifically as it relates to partnerships, business development partnerships are when two or more companies join together to grow their business in a new market or to a new customer base.
Example: A B2B SaaS company's business development should ladder up to an organization's high level priorities in order to yield the best results