Very few businesses achieve all of their targets without the help of partners. Working with others can expand your reach, giving your business more validity in the process. But how do you pick the right organisations to work with and set yourself up for success? That’s what we’re looking at with this guide to creating a robust partner strategy to help you build success for the future.
Look at their core values
Partnerships should be in sync with each other and make sense for everyone involved. You need to find a company that shares the same ethos as you and upholds similar standards. Finding a partner aligned with your values is arguably the single most crucial factor in picking a company to team up with and strike a long-lasting and fruitful partnership.
Don’t limit partners to just your industry
A business with the same interest and goals as yours doesn’t necessarily operate in the same industry. While the obvious choice might be to partner with a company in similar circles, collaborating with firms in other industries offers benefits. Uber and Spotify both worked together in 2014 and saw impressive results, even though they served different markets. Ultimately, you want to provide customer value. Sometimes, that can be derived by thinking outside the box and working strategically with organisations operating in different sectors but can add value to each other’s products or services.
There’s no point partnering with a company because you think it might work out. You will need a clear plan where both sides understand their responsibilities and vested interests are laid out on the table. The best partnerships are transparent, with everyone pulling in the same direction. First, outline what you want to achieve from a collaboration. Then, when you begin discussions with firms, draw up a blueprint that reveals a clear road map for both businesses.
Compliment each other’s strengths
A partnership aims to introduce both companies to new audiences and improve your overall product or service. Ideally, you should partner with companies whose teams have different skill sets from your own. Fill in each other’s gaps and use strengths to cover weaknesses. For example, if you’re a big picture person, try partnering with a business where the team excels with implementation. The best partnerships complement each other and contribute to growth for both companies.
Focus on marketing
Once the fundamentals of your partnership are in place, it’s time to tell the world about it. This is where marketing comes in, and you can tap into each other’s departments to reach the relevant audiences and get people excited about the partnership. Your joint-value proposition should strike a chord with customers, and you should focus on a robust marketing strategy to educate people about what your collaboration means for customers.
Once the partnership is underway, you should schedule a time to review KPIs. Whether it’s weekly or quarterly meet-ups, regular communication is vital to ensure that both parties get the most out of the collaboration. It’s an ongoing process and should offer the opportunity to be flexible and adapt where needed. With regular meetings you can ensure that everything is moving in the right direction and both companies achieve the maximum benefits from the partnerships.
A partnership for success
Partnering with other businesses can benefit your company and help drive sales while building the brand. And with a watertight strategy in place, you can ensure that your business collaborates with the right companies and sets itself up for success.