Strategic partnerships can help you grow your business, expand your reach, and create value for your customers. But how do you find and connect with the right partners in the digital world? In this article, you will learn how to use digital platforms to identify and reach out to potential strategic partners.
Before you start looking for partners, you need to have a clear idea of what you want to achieve and what kind of partners you are looking for. What are your objectives, challenges, and opportunities? What are the benefits and risks of partnering with others? What are the values and qualities that you expect from your partners? Having a clear vision and criteria will help you narrow down your search and focus on the most relevant and compatible partners.
Start with the end in mind I always ask my clients - How does success look to you on specific fronts, and over specific timeline ? E.g. what do you want to achieve in specific areas like Brand visibility sales community development customer base Based on the above I develop the search criteria to explore further.
One way to identify the partners you are looking for is quite simple - speak to your customers. Understanding the common themes around your customers' tech stack and what is relevant in their industry will also help you understand the main players in the ecosystem, as well as potential gaps that your solution can address. Having customer data points and feedback is also a great conversation starter with a prospective partner.
One of the critical things to do is partner fit. Not just looking at what you can gain but you need to outline your journey and check if the potential partner fits in your journey and will derive mutual benefit from them
Once you have defined your goals and criteria, you need to research and map your partner ecosystem. This means identifying and categorizing the potential partners that exist in your industry, market, or niche. You can use digital platforms such as LinkedIn, Crunchbase, AngelList, or industry-specific databases to find and filter potential partners based on their profile, location, size, sector, expertise, or reputation. You can also use social media, blogs, podcasts, or webinars to discover and follow thought leaders, influencers, or experts in your field. By mapping your partner ecosystem, you will have a better understanding of the landscape and the opportunities for collaboration.
Based on what I want to achieve, I reverse plan it to shortlist and map the proposed partner ecosystem I want to acquire. I not only look at specific brands or businesses, but also at key people who manage or drive these businesses as they will be my future potential partners.
After defining your goals and making sure there is a partner fit, there is a need to research which can be done through platforms like Linkedin, Post on medium, those that are actively contributing to a particular subject and you see tremendous value for your venture. Create a list based on Location, scope of work, key needs, and then start building the relationship either through a direct approach through direct messaging or through introductions
LinkedIn is our preferred place to start since you have all the players along with critical information. From there, the list of services is extensive but be careful on how much faith you put into some of them. They are shoddy at best...
After you have researched and mapped your partner ecosystem, you need to engage and build relationships with the potential partners that interest you. You can use digital platforms such as email, social media, video calls, or online events to initiate and maintain contact, share information, offer value, and express interest. You can also use digital tools such as CRM, project management, or communication software to manage and track your interactions, follow-ups, and feedback. By engaging and building relationships, you will be able to establish trust, credibility, and rapport with your potential partners.
You can comment on some posts with great insights to complement the post. You can attend similar events online or through direct messaging by building relationships by sharing your vision and sharing infos of potential partners on how you can offer shared values
I use digital channels like Linkedin to reach out and connect, and also monitor my potential partner content and journey. I also seek initial virtual calls before moving on to in person meetings to offer both sides opportunity to assess the potential and the relationship.
Engaging with people via digital platforms is fine. But to truly build a relationship, you have to be in person and make that commitment. Like I say, until you've seen someone in shorts, you haven't built a real relationship!
Once you have engaged and built relationships with your potential partners, you need to evaluate and select the ones that best fit your goals and criteria. You can use digital platforms such as surveys, online forms, or feedback tools to collect and analyze data, feedback, or testimonials from your potential partners. You can also use digital tools such as spreadsheets, dashboards, or scoring systems to compare and rank your potential partners based on their performance, compatibility, or potential. By evaluating and selecting your partners, you will be able to make informed and strategic decisions.
I mainly use this for retail brand partnerships for my clients. Based on their objectives e.g. drive brand visibility, I would create a spreadsheet plotting prospective and existing partners for: No. of stores No. of average footfalls per store Average transaction value Top 3 product SKUs purchased Point of sale visibility options No. of collateral that can be distributed. A graph of how customer acquisition can grow etc.
After you have evaluated and selected your partners, you need to negotiate and formalize your partnership. You can use digital platforms such as online contracts, e-signatures, or payment platforms to create and finalize your partnership agreement, terms, and conditions. You can also use digital tools such as calendars, reminders, or notifications to schedule and confirm your partnership launch, milestones, or deliverables. By negotiating and formalizing your partnership, you will be able to secure and document your partnership commitment, expectations, and responsibilities.
Based on above research and prior discussions I have with potential partners, I will then do a final review and propose the agreement structure. This will cover all the Terms, deliverables, inclusions and exclusions, review structure and also keep options for dissolution of the partnership if need be. To speed this up, I use tech driven platforms like docusign to sign off the partnership.
After you have negotiated and formalized your partnership, you need to monitor and optimize your partnership. You can use digital platforms such as analytics, reports, or dashboards to measure and evaluate your partnership results, impact, or ROI. You can also use digital tools such as surveys, feedback, or reviews to collect and act on your partner feedback, suggestions, or complaints. By monitoring and optimizing your partnership, you will be able to improve and enhance your partnership performance, satisfaction, and value.