Five Reasons Great Partnerships Strengthen Business

A solid partnership strengthens all parties involved. Here are five reasons to consider partnering to improve your business.

1. We all know you’re great, but you can’t be great at everything.

One of the best things you can do is focus on what you are really good at. Find someone who is really good at what they do, and partner with them. Many great organizations recognize this: Disney California Adventure Park and Starbucks partnered to add value to park goers, eBay and PayPal’s partnership made transacting online faster and easier and safer, which of course is a good thing for both companies.

If you are asking yourself, “How do I know if this is a great company to partner with?” start with “Will my customers’ lives be better because of this partnership?” If the answer is “Yes” then explore it further. Great partnerships are always win win! This is what SPLICE did with PossibleNow in the area of permissions and preferences and it is working out for both of us.

2. Make your Partner the Hero.

Give your partner something cool and awesome that makes their stuff look even better and adds real value to the customer. When entering a partnership, if you focus on using your strengths to highlight your partner’s strengths, they can’t help wanting to sell your stuff.

A great example of this is a real time HTML5 Dashboard that leverages a database of powerful customer data. The best way to get your partner to recommend your product or service is to make sure it aligns with their core objectives, rewards them well, and of course adds more end value to the customer.

3. You might think you “get it” but do they think you do?

Every market is unique and offers its own challenges and opportunities. Working with a local incumbent is a great way to get your foot in the door regardless of your size.

After all, you only get one chance to make a first impression but first you actually need a chance to make any impression.

4. Spend together and save.

Create buying groups to leverage your buying power and reduce cost. This simple strategy has saved organizations millions; what you buy is most often not what sets your business apart. The problem you solve is why your company exists.

This is no different than participating in open source development. Know what is unique about your offering, protect that, and put everything else into the cloud… I mean crowd… I mean open… OK, you decide—but whatever you do, challenge yourself to reduce costs and think bigger.

5. If two plus two doesn’t equal five, it may not be a partnership worth having.

With the risk of being repetitive I will hammer it once more. If the two organizations combined do not add truly synergistic value to the customer, perhaps you are better to keep looking for a different partner.

Photo: Michael Hitoshi