Business partnerships hold immense potential – access to new markets, increased revenue streams, and accelerated growth. But building a successful partnership is much more than simply agreeing on “what” you want to achieve. The real key lies in the “how” – the specific actions you’ll take to turn that vision into reality.
What does that even mean? In this article, we’ll look at the “how” of partnerships and why it’s an often-overlooked, but critical element to consider.
The challenge
Let’s face it, the “what” of a partnership is often straightforward. Make a new product, expand your customer base, and increase market share – these are all common goals. However, translating these aspirations into concrete actions can be messy.
- Getting alignment: Not all partners agree on how to achieve the “what.” Differing opinions on marketing strategies, sales approaches, and even success metrics can create friction. This friction is what could ultimately cause a partnership to fall apart in the future.
- Staying committed: The patience factor. Building trust and a sustainable partnership takes time. Partners who get frustrated by slow initial results might misinterpret this as a sign of failure, overlooking the long-term potential and calling it quits early on.
- Get real: The biggest mistake is not setting realistic goals in your partnership. We all have huge ambitions, but Moonshot targets that lack a clear roadmap for achievement ultimately lead to disappointment and discouragement.
Focusing solely on the “what” without a well-defined “how” recipe sets the stage for frustration and missed opportunities.
Setting realistic goals and timelines
We believe in a pragmatic approach to partnership building. The first step is establishing realistic goals and objectives. Shooting for the stars may be inspiring, but setting unattainable targets demotivates everyone involved.
Here’s why realistic goals matter:
- Achievable milestones create a sense of accomplishment and fuel continued effort.
- Realistic goals allow for adjustments based on market changes and learnings.
- They shift the focus from short-term wins to sustainable, long-term growth.
Imagine a business that is aiming to quadruple its revenue in three years. While this is an ambitious target, there is no plan that details specific actions – resource allocation, investment decisions, and a sales strategy. This aspiration needs a roadmap – a step-by-step plan with clear milestones and measurable progress points.
The power of incremental growth
Sustainable partnership success comes from taking a measured approach. Think crawl, walk, run – a series of achievable phases that allow for learning, adaptation, and continuous improvement.
This phased approach can be applied to:
- Marketing: Refine your messaging and target audience based on results.
- Sales: Identify the most effective sales strategy for your partnership offering.
- Customer Success: Develop exceptional customer service processes that ensure satisfaction that results in advocacy.
Your partnership will be strengthened and its potential will be unlocked by continuously improving these phases. This measured approach can also benefit your own business, informing future product development, pricing strategy, and market research based on partnership experiences.
Communication is underestimated
Successful partnerships thrive on open communication. Clearly convey to your partners how your combined offerings deliver value to customers. This helps them understand the bigger picture and identify areas where they can further contribute to your shared success.
But, there’s one element that’s often overlooked in partnerships — governance. Shared goals, milestones, and metrics are crucial for a successful partnership, but they’re just one piece of the puzzle.
- Just like meticulously crafted business plans that end up gathering dust on a shelf, a well-defined partnership strategy can fall flat without proper governance.
Regular reviews, clear accountability assigned to leadership on both sides, and a mechanism for course correction are essential. Without this governance structure, even the most detailed “how” can become irrelevant, leading to the same fate as those unused plans – gathering dust and failing to deliver on their promise.
Building a partnership ecosystem for growth
When choosing partners, focus on those companies that align with your vision and are committed to working collaboratively. Don’t just focus on the “what” – dig deeper and explore the “how”. Define clear goals, establish a roadmap for achieving them, and prioritise continuous improvement.
Remember, strong partnerships are built on shared goals, clear communication, and a commitment to working together towards a common future. A partnership can be transformed from a fleeting hope to a powerful engine for growth and success by focusing on the “how.”
