Very few businesses achieve all of their targets without the help of partners. Working with others can expand your reach and give your business more validity. 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.
How to create a partner strategy
Look at their core values
Partnerships need to 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 important factor in finding a company to team up with and strike a long-lasting and fruitful partnership. It should be a primary aim of your partner strategy.
Don’t limit your partner strategy to 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 working in similar circles, collaborating with firms in other industries also has its 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, and sometimes that can be derived by thinking outside the box and working strategically with organisations operating in different sectors.
There’s no point partnering with a company because you think it might work out. You will need a clear plan in place where both sides understand their responsibilities and vested interests are laid out on the table. The best partner strategies are partnerships that are transparent, with everyone pulling in the same direction. First, outline what you want to achieve from a partnership. 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
The goal of a partnership is to introduce both companies to new audiences and improve your overall product or service. Ideally, you should partner with companies containing employees who have different skillsets 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 one of the team excels with implementation. The best partnerships complement each other and contribute to growth for both businesses.
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 marketing 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 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 are getting 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 parties achieve the maximum benefits from the partnerships.
A partner strategy for success
Partnering with other businesses can be beneficial for your company and help drive sales while building the brand. And with a watertight strategy in place, you can ensure your business collaborates with the right companies and sets itself up for success.