Tips to manage successful strategic partnerships and digital networking core skills to deliver excellence
Regardless of the size and niche of your business, it is important to manage your partnerships well if you want to succeed in them. The way you handle your strategic partnerships talks volumes about the profitability and success of your venture. Despite being an important factor for profitability, it is quite disappointing to note that not many businessmen think seriously about efficiently managing their partnerships in the digital world of today.
In this article, we will take you through some important tips that you can follow in your day to day business. These tips will not only help you manage your strategic partnerships more efficiently than before, but they will also give you the freedom to think out of the box while making important business decisions so that you stand out from the rest.
- Seeking the right partner
Your job is almost done when you have partnered with the right individual or company for better business prospects. An important prerequisite to join hands with the right force is to understand your own limitations. If you want a wider reach for your products, but you don’t have the technological expertise, it makes sense to partner with a tech-services provider so that you can focus on your core competency and leave the innovation/automation to your partner.
It is important to brainstorm and discuss ideas with your partners so that you will understand how feasible these ideas would be, to implement. You need to be honest about the cost allocation for the services that you assign to your partner. This will ensure that your partner will bring ideas that are within your budget. More often than not, partnerships don’t succeed in the digital world because both the parties are not on the same page regarding the budget allocation and implementation.
- Invest in your partnership
When we use the word, “invest,” we are not talking about investing money. We are talking about investing your time in the partnership. Most of the times, you fail in your partnerships because you start working like silos once you sign the deal. You leave your partner to do what he is good at, and you keep focusing on your core skills. That’s not the right way to approach any partnership, more importantly, a business partnership.
If you want to deliver overall excellence, you should work in close tandem with your strategic partners. You have to invest a lot of time initially to ensure that you both are working towards the same goal. Here is an important point that you have to keep in mind – don’t expect immediate results. You have to remember that you are running a business and not a magic show. It takes time for your patience to pay results. Staying positive, patient and connected in your strategic partnership will help you scale great heights in your business.
- Enriching the user experience
The real yardstick to measure the success of a partnership is the value it adds to the end users. You need to attract new customers and retain your old ones by explaining to them about the purpose of your partnership and what you intend to serve them in the future. You and your partner should invest quite heavily in aspects such as branding, marketing, and advertising to position yourselves in the minds of your target audiences.
You have to employ a dedicated team to take care of the marketing campaigns so that the members of that team can design separate marketing initiatives for separate platforms such as social media, print, media, etc. You should make these campaigns as interesting as possible to reach out to a wide customer base and explain them the purpose about your partnership and the benefits that you aim to provide them.
- Constant review
You have done all the hard work in choosing the right strategic partner and agreeing on your terms/objectives with them. However, your partnership is of no use if you don’t test its success at regular intervals. This is why it is very important to monitor the growth of your strategic partnerships and the role they have played in your success regularly.
You must have regular calls and meetings with your partners to understand where you stand regarding your goals and assess if you are traveling on the right path to reach your target. Reviewing your partnerships should be a continuous part of your business. This is the only way you can ensure that you deliver excellence all through. Yes, it will take some time to reach where you want to, but that shouldn’t stop you from checking your progress at periodic intervals. If you don’t do this, the very purpose of entering into a strategic partnership is defeated.
Follow these simple yet practical steps in your business so that you not only learn to manage your strategic partnerships successfully but also gain maximum advantage from them.