My good friend Larisa Troche of J I Martin Business Services recently shared this information on strategic partnerships.
Have you been approached about becoming an affiliate for businesses promoting upcoming events or a new product launch? If they’re in line with your business you may be inclined to agree. Typically the arrangement is set up to pay you a commission for each sale, which is great!
While you can of course do both, remember, the key feature of an affiliate partnership is that it is transactional in nature. On the other hand, becoming a strategic partner is a long-term, relationship-based partnership. As we are concerned with longevity, systems and procedures, for long-term business development we recommend forming strategic partnerships or alliances. Following are some tips on making partnerships work for both parties.
Before entering into an alliance, do your homework. To start with, make a list of people who are working in your area of influence, those who have the same target market, but at different points in the line of contact. Start to build relationships with these people before you ask them to partner with you.
It’s very important that you set some clear goals and targets you want to meet when setting up your partnerships, such as percentages or dollar values for additional sales, revenues and customers. You must know where you’re headed before you start something as important as a strategic alliance.
Before you approach said connection, consider ways that you can add value to their service or product. This will be a key factor in getting them to say yes to your proposal. After all this is a business transaction, so bring something to the table.
Finally, make it easy for your partner to promote you – write the emails or blog posts for her. Create the ads, tracking system and PayPal (or similar) payment system so everything is almost automated. Also consider setting up a special web page with all the necessary resources for the strategic partner so all her questions are answered and all the marketing materials are readily available for immediate use.
Just a few reminders for your consideration. Let us know if you have additional tips or stories to share about your strategic partnerships/alliance relationships.