Partnerships are critical for a business to grow and prosper. Those businesses who align themselves with the correct partner always seem to find new opportunities and new lines of service to help their business grow. Partnerships also increase your audience reach and can expand revenue channels, and opportunities in general. The right business partnership will enhance the ethos of your firm and can skyrocket your business to great heights.
Forming a partnership sounds all fine and dandy but smart business owners must consider a few key things before signing the dotted lines of an agreement; after all, not all partnership agreements work out as planned. Some firms have generated massive problems for themselves by aligning themselves with partners that fail to deliver what they promised. To avoid potential pitfalls, consider the following 3 factors:
1 . Brand Alignment
As mentioned above, brand alignment is key in assuring your partnership pays off. If considering a partnership with another brand or business you should know exactly what each business does and how your brands align. Think of it like cheese and wine, a fine merlot may pair well with brie, but heaven forbid you pair it with blue cheese. Form an alliance that has a way of setting goals and simultaneously propagating the objectives of each business. IE: the demand for the products of company A should be able to spark a chain reaction to drive up the demand for the products of your partner company and vice versa.
2 . Goals
If your goal is more conversions you probably shouldn’t align yourself with a brand that is more interested in followers. Start the discussion with the proposed partner by asking what their goals of the partnership are as well as what the goal of their business are to ensure you are both investing your time wisely.
3 . Values
Just like the old saying “guilt by association” your followers, clients, and customers will draw conclusions from who you choose to partner with, so choose wisely! If your business focuses on social responsibility it may not be ideal to align with another business whose goal is to increase shareholder wealth. Partnering with a business that doesn’t share primary objectives may lead to a clash of values and likely kill the partnership.
Partnerships can give you access to a wider range of expertise for different parts of your business, and may also bring knowledge and experience you may be lacking. Are you interested in learning more or if partnering with THM could benefit you? Send us an email! Hello@TopHandMedia.com