When it comes to revenue growth, the partnership tango is an endlessly prosperous dance. In fact, an overwhelming amount of companies report that 20–30% of their revenue is derived from joint venture partnerships. Therefore, creating strategic partnerships is a vital arrow in the 2019 salesperson’s quiver.
In order to be successful, the collaboration in question must be a match made in heaven. Naturally, it is easy to ogle over a list of prosperous companies you want to work with. However, actually making these connections is another story entirely. Read on to find out how to land your perfect partner.
1. Networking
You have undoubtedly heard the phrase, “it’s now what you know, it’s who you know”. When it comes to forming business partnerships, this could not be truer. Desirable companies and partners are all too frequently inaccessible to unknown startups.
Often times, these big companies can feel like castles with drawbridges tightly shut and hungry alligators circling in the moat. However, what if you knew someone on the inside that could show you which tree opened up to the underground castle entrance?
Look at Your Existing Network
Nowadays, we are all digitally connected on countless levels. From old high school Facebook friends to LinkedIn connections from long past internships, you may have an existing relationship with someone at your desired company. Conversely, you may have a connection through someone you know.
Bottom line — do your research and find a connection with someone “on the inside”. A personal introduction is infinitely more effective than a cold call.
Put Yourself Out There
Unfortunately, you may not have an in at your targeted company. However, between conferences, happy hours, and corporate events, there are countless ways to find a key to the proverbial castle.
Furthermore, you can utilize the innovative partnership platform CoSell to jump-start your introduction to potential strategic partners.
2. Ensure Combined Success
Once you have made the connection, you must have something to bring to the table. One-sided partnerships will end before they have even begun. A truly successful partnership needs to be mutually beneficial. Therefore, be sure to investigate your target companies business strategy and long-term goals. From there, you can identify potential opportunities to provide professional value and unique resources.
For example, perhaps your startup has developed an app that will bring unparalleled convenience to online shoppers. By partnering with a well-known online retailer, you will gain unparalleled brand awareness, while they benefit from your tech innovation.
3. Clearly Define Goals
On the other hand, it is equally important to know what your business would like to gain from your strategic partnership program. Accordingly, be sure to set clear, defined, and practical goals before initiating a partnership. For example, you may be seeking:
- Increased customer engagement and brand awareness
- Community engagement within your industry
- Sales and marketing solutions
When making your goals, the more specific, the better.
Creating Strategic Partnerships: In Summary
Engaging in strategic business partnerships is continually proving to be essential for growing businesses. From all of here at CoSell, good luck creating strategic partnerships!
Sources
CoSell — How to Engage in Partner Sales
The Next Web — How to Partner with a Larger Company when You are a Startup
Fundera — Starting a Small Business Partnership: Everything You Need to Know
Originally published at https://www.cosell.io.
