I would like to first start off by introducing myself. My name is Jesse Beal and I am the Director of Strategic Partnerships for Progrexion Marketing. I have worked for the company for over 5 ½ years in a variety of different roles. I have enjoyed every position and role that I have served in but I absolutely LOVE what I currently do. I have the opportunity to manage a killer marketing team and assist with growing the business. At the end of the day, I love sales! I love working with partners and forming a strategic relationship that benefits both parties.
That leads me to the title of my first blog post: How to Create a Successful Strategic Partnership.
In business, particularly in our business, creating strong strategic partnerships are the key to achieving aggressive sales goals and maintaining solid growth. These partnerships aren’t just your everyday affiliate arrangements. What makes a strategic partnership is that it must be an alliance that can be long-term and mutually beneficial for both parties. It must be a win-win in order to be sustainable and beneficial for both parties.
So here are some keys when creating a strategic partnership:
- Choose Wisely – In order to engage in a strategic partnership, you must first be very selective and ensure that there are synergies with both companies. Make sure that the partnership will be able to fulfill a need for both parties. If not, at the end of the day it is not a strategic partnership but rather a one-sided relationship that is most likely to be short lived. And you don’t want to waste your time or theirs on a short lived partnership.
- Research the Company – Before you engage in any partnership, be sure to do solid due-diligence on the company. You should understand its history as a company, what their future plans are, whether there are any regulatory issues they may be facing, if they are reputable in the industry, and any other research that might be vital to the success of that partnership. This research will also help in your proposal and discussion of the synergies you see between both companies.
- Solve a Need – What any potential partner wants to hear is how you are going to help solve a need for their company. Many times that need will just be additional revenue that the partnership may bring. However, if you are able to provide them good feedback on their business process or other areas you see room for growth or improvement, you will be surprised at the value that will add to your future partnership. It will build trust and creditability for you and your company.
- Go Through ALL Possibilities – Do your best to avoid being narrow minded and jumping on the first opportunity you might find. Take your time to go through each aspect of the partners’ business model to ensure you have covered every possible opportunity for you to leverage in that partnership. Ask Questions! Through those questions you may be surprised what you find out, it may not be what you assumed you knew the answer to be already.
- Communicate and Set Clear Expectations – No one likes to engage in a partnership and later find out that it was not what was originally expected. Be sure to communicate clearly what each party should expect from one another and continue that open communication throughout that partnership. Be as transparent as possible with your partner. If expectations are clearly communicated, not only will the launch of the partnership go more smoothly but the long-term partnership will be much more fruitful.