the low down on strategic partnerships
CHANCES ARE YOU’VE HEARD THE TERM “STRATEGIC PARTNERSHIP” GET THROWN AROUND AT LEAST ONCE, GIVING YOU AN INDICATION THAT THEY’RE SOMETHING YOU MAY WANT TO CONSIDER — ESPECIALLY BECAUSE THEY’VE BECOME ALL THE RAGE.
IF YOU’RE TOTALLY NEW TO THE STRATEGIC PARTNERSHIP WORLD, KEEP READING TO LEARN WHAT THEY ARE, WHY THEY’RE BENEFICIAL, HOW TO SET THEM UP, AND WHAT THE DOS AND DON’TS ARE.
what are strategic partnerships?
A strategic partnership is an agreement you enter with another business to help both of you achieve more success (source: Forbes).
These mutually beneficial collaborations come in a variety of forms, with these three being the most common:
Referral Sources: A referral source is someone who repeatedly sends you clients or customers. They usually have a business complementary to yours, meaning they offer different products or services but have the same target audience, and know their customers can benefit from what you have to offer. Oftentimes, the referral source will receive some type of commission or “kickback” from you for sending you business. This is a strategic partnership because the referral source benefits by providing more value to their customer base and receiving commission, and you benefit by getting more business.
Events: There are many times that individuals, businesses, or organizations will join forces to host an event together, often because the subject matter is something that both parties are experts on. This is a strategic partnership because you both are putting on an event that will benefit your network.
Team Members: Is a client of yours looking for a service that you don’t currently offer but totally could in the near future? This would be an excellent opportunity for you to hire a team member who specializes in the service that this client is seeking. And, chances are, if you have one client who’s looking for this, more clients will be looking for it, too! This is a strategic partnership because you’re fulfilling a need for your client, and your team member is earning money while helping you.
No matter what type of strategic partnership you choose, you can see that all of them create great results and outcomes for both parties involved, which leads us to the next point.
why are they beneficial?
If an agreement isn’t mutually benefiting both parties, it’s not a strategic partnership! Both parties must get rewarded for their efforts.
Strategic partnerships are beneficial because they:
Allow you to get seen in front of an audience larger than your own
Provide additional value to your clients or customers
Increase your revenue
Build your credibility
Expand your impact on your audience
Who wouldn’t want to have awesome results like that, especially when the strategic partnership is one that you enjoy? Now that you know why you should pursue this path, let’s talk about how to get started.
how do you set them up?
When deciding that you want to partner with someone, there are a few steps you should follow.
iDENTIFY THE STRATEGIC PARTNER
You don’t want to partner with someone just for the heck of it--there should always be a reason behind it. What makes you want to partner with someone? Do they…
Share the same customer base as you?
Have a great network?
Own an event space where you could host a workshop?
Once you identify the partner, you’ll want to think about how you two will work together. Will you…
Send referrals to each other?
Share a resource for their network?
Host an event together?
Whatever it may be, know what your end goal is so that you can ensure that they’re a good fit.
ACKNOWLEDGE HOW THE PARTNER WILL BENEFIT
As mentioned earlier, it’s not a strategic partnership if only one person is benefitting. If you’re going to have a great outcome because of this, the other party needs to as well!
Determine what would be appealing that would make someone want to partner with you. Would they…
Make commission?
Provide additional value to their audience?
Increase their own awareness?
You’ll want to have this answer planned out.
REACH OUT TO THE OTHER PARTY
The great thing about social media is it’s in the palm of our hands (literally!), and although sending a quick message on Instagram or Facebook is easy, it should not be the method you choose for reaching out about the potential partnership. Take the time to find an email address, or fill out a contact form if the email isn’t readily available, and craft your message.
Your email should contain these main components:
A compliment to the person: Are they doing something really cool that you want to acknowledge? Sharing kind words is one of the easiest, and quickest, ways to build trust.
An introduction of yourself: If this person doesn’t know you, you certainly need to introduce yourself! They will be hesitant to partner with you if you’re just Anonymous Anna, but if you share more about who you are and what you do, they’ll get a better understanding.
Your proposition: Cut right to the chase and share why you’re reaching out. Give details of your idea and share why it would be a benefit to both parties.
A call-to-action: End the email with clear next steps. Whether you offer to set up a call or meet in person to talk about further details, you’ll want to encourage the other person to respond.
And once you reach out, you most certainly want to follow up in a few days if you don’t hear back! People are busy and may forget to respond to a message they read.
PLAN THE DETAILS
If the other party agrees to working with you, it’s time to iron out the details. Consider:
The format of the partnership: Referral source? Team member? Event?
The deliverables and logistics: What will both parties receive? How will they both benefit? What will the process be?
The awareness: How are you going to promote this partnership and drive awareness to it?
After these details have been finalized, you can jump right into the partnership!
what are the dos and don’ts of strategic partnerships?
A strategic partnership can be a little bit overwhelming, especially if you’ve never been a part of one before. We’ve made it easy for you by listing out the dos and don’ts below!
DO:
Find a way for both parties to benefit
Have as many details planned as possible
Find another way to support someone if they reach out about a partnership but it’s not a good fit
Market the heck out of the partnership
DON’T:
Make the partnership beneficial only for you
“Wing it” when it comes to planning the details
Rudely turn down or ignore someone who inquires about a partnership that isn’t a good fit
Shy away from sharing the partnership with the world
As long as you follow these small tips to remember above, you’ll be golden.
Feeling ready to get started on your first strategic partnership? We can’t wait to see the magic you create!