Does your business leverage strategic partnerships to grow and deliver a superior experience for your current and prospective clients? If no, why not? Strategic partnerships can play an unparalleled role in supporting a business’ growth objectives. From introducing your brand to a new audience of potential customers to fulfilling a customer need that your business doesn’t, successful strategic partnerships are a win for you, a win for your partner and a win for your shared customer.
How to Create a Strategic Partnership
Strategic partnerships can be approached in many ways, but outlined below are TACK10’s steps for establishing the holy grail of a win-win-win partnership.
- Define your business’ why
Why are you in business? What is your reason for existing? Defining this will ensure that every other decision on what you do and how you do it has a guiding north star. Simon Sinek’s brilliant TED talk Start With Why will provide all the inspiration required to define your brand’s why.
- Define your business’ target audience
Who do you want to engage? More than the demographics of the audience (age, gender, socioeconomic status), what are the psychographics of this ideal consumer? How do they spend their free time, what are they passionate about, how do they feel about the issues your brand addresses? Not sure where to begin, take a read through our post titled 5 Steps to Defining your Target Audience.
- Figure out who else is talking to your target audience
Who serves your customer and how are they engaging them? What does a complimentary business offer to your customer that they would see of value? Determining aligned industries and companies that speak to the same customer you do will help to ensure any shared value creation is perceived to be valuable by the most important stakeholder, your customer.
- What is your ask and what can you offer?
Determining your ask will likely be the easier of this task, but most important is determining what you can offer of value to a strategic partner. In order for a partner to fulfill your ask, they are going to need to see equal value in the equation.
Strategic partnerships come in many different shapes and sizes. In terms of output, they can include joint marketing initiatives, white label services agreements, customer promotions and many other forms. Don’t limit your thinking to fitting a strategic partnership into a box; approach it with a desire to create shared value for your customer in order to maximize its potential.