strategic partnerships: a how-to & outreach template
A successful business owner will tell you that success is determined by the company they keep. Ensuring that your business has the right partners is crucial to evolving your brand and elevating your business.
Have you ever wanted to partner with a brand or company but are not sure how to approach them? Here, I’ll provide you with a step-by-step guide on how to secure the right partners for your business and gain strong partnerships.
Finding the Right Partners
The first step to any partnership is finding the right partners. When you are seeking partners you want to ensure that the companies and brands you reach out to share your mission, vision, and values. Aligning yourself with similar brands shows your audience consistency in your messaging which is essential to building your voice and presence.
When deciding to reach out to possible collaborators, creating a list of similar brands and competitors will help narrow down who might be the best matches for your brand. Break your list down into segments of goals, reach, and benefits. You want to ensure that the partners you reach out to will help you achieve your goals, you will have mutual benefits, and will reach new audiences. You also want to do your due diligence, you would hate to get down the road and find out a company you love has an ill reputation.
Outreach
Once you are ready to reach out to your list of potential partners it is important to ensure that your email is informative and highlights your expertise, skills and makes them want to work with you. You want to determine the best method of communication for each brand, do they have a dedicated partnership email? Is the company very active on social media? Taking the time to research and learn your potential partners' behaviors and preferred methods of communication can mean a solid yes!
Now let’s talk about your letter of intent. Your letter of intent should focus on why, why should this company respond to you, why should they want to work with you and why would they benefit from a partnership with you. Highlight similarities in your brands and focus on the mutual benefits whether that be growing audiences, cross-promotion, marketing, or future partnerships. You are selling your brand as a whole and you want to hype up potential partners with how amazing the partnership will be!
HERE IS A TEMPLATE YOU CAN USE TO GET STARTED WITH YOUR LETTER OF INTENT:
Hi!
My name is _____and my business is ______. We are a _______
[Insert Bio]
I found your company on ____ and believe we share mutual values and missions. I would like to chat with you about possible partnership opportunities. I believe we would both benefit from a partnership by ____, ____, and/or _____.
I look forward to hearing from you!
Best,
XX
Once you get a positive response, schedule that call! Get on a phone or video call and establish parameters.
Implementation
Now that you have a company’s attention, what’s next? Before you start implementing any marketing or promotions you need to have clear expectations and metrics standards from all parties. When entering into any business partnership you want to have a clear agreement that states the expectations for all parties, deadlines, and defined metrics for success.
In defining the details of your partnership give definitions of success: is it monetary, newsletter subscribers, or social media followers? You also want to nail down the messaging to let your audience know that you are in a strategic partnership.
You want to answer the following questions:
What are we promoting?
How are we promoting?
Why are we promoting?
What is the goal?
How do we measure success?
Once you and your partner have answered the above questions you are ready to create a marketing strategy and materials and set goals and deadlines. As your campaigns and partnerships are moving along, keep track of KPIs and make sure you are tracking the performance of any media you send out and any social analytics that apply directly to your partnership.
Feedback
Before, during, and after your relationship, you should keep the lines of communication wide open between you and the other company or brand. Provide open and honest feedback if something is not working make it clear that needs have changed and need to shift. You also want to let your partner know that their business needs are valid and if they have any concerns you will address them immediately.
After the campaign concludes or the partnership is over, provide the other party with a full report of performance emphasizing the metrics that are important to their business. Make sure you answer any questions or concerns they may have and lay the groundwork for future partnerships.
The Future
Once you have one successful campaign under your belt the possibilities are endless! Remember to approach strategic partnerships like you would any other business dealings and keep a level head. You want to keep a consistent messaging to your audience and you want partners that align with your values.
Good luck!
downloads:
Use this brainstorm guide to identify how strategic partnerships can support your business, expand your impact and increase your revenue.
Use this checklist when preparing for a collaboration and finalizing the details. It will help you put together a pitch that shows you’ve been thoughtful, intentional and strategic!