Strategic partnerships are beneficial for everyone involved. By definition, a partnership is a voluntary collaborative agreement between two or more parties in which all involved agree to work together to achieve a common objective. Think about it, in doing so, partners commonly share risks, responsibilities, resources, competencies and the resulting benefits. For example, if you’re like us, you’ve probably thought to yourself, “if I only had two more arms, I could accomplish so much more!” We all want to be a master multi-tasker, always doing several things at once, but let’s face it – we can’t. That’s why strategic partnerships are the best way to extend your reach and accomplish more. And we think that the most successful ones are the long-term partnerships. It must be win-win in order to be sustainable and mutually beneficial.
So, now that you know how important strategic partnerships are, how do you choose one wisely? Begin by conducting a strategic analysis of the market sectors and target audiences that make the most sense for your business. What are the most profitable areas? Where is the greatest growth? Understand clearly where you are so that you can find the partners that best compliment you.
Once you’ve done the right analysis, ask yourself: What’s your gut feeling about the partner you’re considering? Is there synergy? Is there a natural fit in terms of values, integrity, and personality? Do your potential partners have a solid understanding of your objectives and goals, and are they genuinely excited about joining forces for an alliance?
Now that you’ve identified a possible partner – one you think fits a profile of what could be successful – it’s also wise to ask yourself the hard questions: Does this organization seem like a good fit? Are its people the best at what they do? Could I get someone even better?
Don’t sell yourself short or “settle.” If you do, you’re going to be spending a lot of time and energy holding up your end of the relationship. If you have a big-name strategic partner that doesn’t live up to promises of bringing in customers or making managers available to the alliance, you may find yourself in a bind. Take time to make sure you are choosing wisely.
So, are you ready to start building a strategic partnership? If you think Semple Marketing might be a good alliance for you, let us know, we are open to all possibilities!