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Partnerships Part Of Your Business Strategy

What are the criteria for successful partnerships

  • Goal of the partnership = Goal of your business
    • Key question to ask “How will the partnership bring in more sales”
  • Partnerships shouldn’t be seen as a STEP forward but as a LEAP forward
    • There is no point in creating a partnership if the business doesnt move forward

Criteria for Good partners

What makes a good fit

  • Complementary portfolio with the same type of customers
  • Users at the same stage of the customer journey
  • Understanding / recognition of who will take the risk, do the product / service development
  • Ask yourself  “Who would you partner well with?”
Is Establishing Partnerships Part Of Your Business Strategy

What would be best for you – Trick or Treat

  • Same geographical market versus Pursue a new market
  • Apply current practices versus Ask for innovators

What next after your partnership concept created

What untapped opportunities exist – and to move forward and develop

  • A meeting is worth a thousand emails
    • Avoid the issue that frequently occurs “Why didn’t you just come and talk to me”
  • Can you save time by going through a delegate list in advance and setting up meetings immediately
    • When you get together
      • Don’t beat around the bush – Get to the point
      • Use numbers to demonstrate / identify options
      • Share knowledge of them
      • Demonstrate value to their customers
      • Show your competitive advantage
      • Identify success stories
      • Make sure you are talking to the right people

Partnership Negotiations

  1. Stay in the game and keep momentum
    • Don’t lose motivation
    • Don’t set unrealistic deadlines
    • Take it seriously
  2. It is not personal – don’t get into a negative mind set
    • The other party might not be as excited as you
    • They might be slow
    • They might not get what you are offering
    • Whatever happens – stay flexible
  3. Be careful of ego’s
    • The person you are dealing with may not have the power to make it happen
    • The person you are dealing with certainly has the capability to kill the idea
  4. Partnership business goal is most important
    • If the partnership is not working – kill it
    • If the partnership development is taking too much time – kill it

If establishing partnerships is part of your business strategy then consider using a third party to help in there development. For more information on business strategy click here or for contact details on a business strategist click here

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