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Strategic Partnerships

Caitlin PennyBy Caitlin Penny 2 years agoNo Comments
Home  /  Marketing  /  Strategic Partnerships

Strategic partnerships are a CRITICAL element to building a successful business. When done well, strategic partnerships keep you focused on services that are your strengths, provide honest feedback and open new markets and opportunities. Strategic partnerships do not just happen. They take work and cultivation. It is a skill set. Here are three ways to ensure your strategicpartnerships thrive.

1.) Listen to each other. Specifically listen to understand how YOU can provide value to them. Most strategic partnerships start the same way. With a “getting to know you” meeting. It is critical before, during and after this meeting that you listen for a way that you can help them.

2.) Take action. Many people have experienced a partnership meeting that ends up leading no where.  It could be the result of a couple of things. Frankly, it wasn’t a good fit (even if they say it was) or in the moment you couldn’t find a way to help each other. WHICH IS FINE! But if you really want to develop strategic partnership you have to follow up. Follow them on social media, subscribe to their emails, attend similar events and continue listening. A strategic partnership is not a strategic partnership until someone takes action. “Well they haven’t sent me any referrals”…well did you send them a referral? Sometimes strategic partners provide value outside of referrals, including introduction to new groups, education on new topics or even feedback. But none of that will happen if you don’t take an action. Even if that action is as simple as asking for feedback.

3.) Nurture.  It is your job to stay in front of people and listen for that next action step. Strategic partnerships are all about learning what someone else’s strengths are, knowing what your strengths are (honestly) and finding out how you can leverage those two things. It takes time to build that trust or understanding and sometimes it takes time for the right opportunity to arise. Building a bridge is a skill, maintaining those bridges is even more challenging. The reality is that organizations are always in flux. As you evolve and change let your strategic partners know  and you need to listen for their changes as well.

Understanding strategic partnerships and cultivating them is a great marketing strategy thatrequires time and resources. In fact, in our marketing and communication plans often include ways to specifically develop partnerships that generate revenue.

What has been your most successful strategic partnership? How did you find it and maintain it over time?

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  Marketing
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Caitlin Penny
About

 Caitlin Penny

  (16 articles)

I am a 22 year old graduate from Collins College Class of 2013. I have been working for Splash Printing and Marketing since January 2015. I have loved art and design ever since I was little so I decided to make it my career. One day I hope to own my own design business and be able to travel the world.

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