Partnerships are not the same as Sales!
Move-the-needle future changing partnerships can take real time and effort
Initial strategy, outreach, finding internal cheerleaders, proposing the deal, sharing the story with leadership and teams on both sides, coming to terms, negotiating, passing details through legal and other powers that be on both sides, signing, sharing the partnership with the world.
In reality, steps repeat often which also help build the necessary real world relationships that stand the test of time.
Win-wins are the only wins
You can achieve far more together than apart: 1+1=3. Deals must reflect what each side gets. No wants to be partners in a one way relationship.
Whether you are putting together a new Joint Venture (JV), building a SaaS partnership program, or sharing data between companies — each deal must be carefully thought out from each side’s perspective. Understanding where the challenges and opportunities lay — for each side — is key to the value of the entire venture.
Thoughtful collaborations are a must
Just because you can make a case for creating a partnership does not mean you should go ahead. Only with thoughtful analysis, planning and strong execution on where both sides of the partnership feel ownership can you try and ensure success.
Looking at a recent example of thoughtful partnerships, The Female Quotient and Noun Project who came together to:
Joinforces to launch a new collection of stock photos that celebrate empowered women leading at work, at home, in their communities, and beyond.
This partnership creates a more even playing field by building more female-centric foundational tools. These options allows the many designers, makers, marketers and the millions of other users who use Noun Project’s icons and photos to build more amazing and beautiful things for a better, more equitable future. Both sides win.
Signing a contract is just a waypoint
The excitement and relief that comes from *finally* signing a major partnership agreement is not the moment to slow down. To achieve your new goals together there should be regular communication:
Email updates, monthly calls, quarterly meetings, intel on both sides, keeping up the momentum, and ensuring components of the agreement are in check and moving forward.
Governance is just as important with Partners as with Clients
Early on in the partner discussion ensure that you create a governance process to manage, and assess the ongoing relationship. Partnerships struggle to get off the ground after the initial fanfare if no methodology, timeline, or responsible parties are put in place. Just like with a customer relationship continually monitor partner progress and satisfaction. This will give you the right means to adjust the governance processes together according to these learnings.
Partners are People
Never forget that while a company’s name is listed on the contract, branding or website — you are always dealing with people first. Treat your partners right, elevate them with every chance you get, make them look good, arm them with data, and a great quote from time to time, include them in your marketing where possible. At the end of the day remember that you or they may be somewhere else in the future — that relationship will either help or hurt you down the road.
….Of course it should go without saying that you should always treat everyone with respect, calm, and appropriate communications ;)
What partnership story, failure or success have you seen? We would love to hear your experience here on the blog or our podcast.
Looking to figure out the partnership world? Looking to hire or get hired?
Reach out!
— Dave
