Partnerships can be a powerful way to grow your business, expand your network, and create value for your customers. But how do you know if your partnerships are working well and delivering the results you want? In this article, you will learn about some of the most effective ways to measure partnership success, based on the goals, expectations, and feedback of both parties.
Before you start a partnership, you need to have a clear and mutual understanding of what success looks like for both sides. This means setting specific, measurable, achievable, relevant, and time-bound (SMART) goals that align with your vision, mission, and values. You also need to establish how you will track and report on your progress, and what metrics and indicators you will use to evaluate your performance. For example, you might measure success by the number of leads, referrals, sales, revenue, or customer satisfaction generated by the partnership.
Most important metrics in every partnership are customer-centric. Without a North Star metric connected to customers’s needs and expectations is very hard to succeed in the long term even if revenue goes up in the short term.
One key part of partnering is make sure that your synergies are aligned. If your synergies are and you both have a clear goal , you can make that partnership mutually beneficial and successful with work.
Partnerships are most effective when both parties share specific objectives and a common commitment to achieving them. The clarity of partnership criteria is pivotal, necessitating ongoing communication to gauge progress toward overarching goals and ensure alignment. Regular progress reviews enable necessary adjustments, fostering successful collaborations.
Communication is key to any successful partnership, as it helps you build trust, rapport, and collaboration. You should communicate regularly with your partner, both formally and informally, to share updates, feedback, challenges, and opportunities. You should also use various channels and methods to communicate, such as emails, calls, meetings, newsletters, social media, and events. Communication helps you stay on the same page, avoid misunderstandings, and resolve issues quickly. It also helps you celebrate your achievements, recognize your contributions, and appreciate your partner.
It’s always wise to keep both yourself and your partner in the loop. Trying to tackle on an issue that may arise alone is unwise unless there’s no other option available. When both communicate and are in the same loop then both parties may be able to overcome such issues as they may arise quicker , more efficiently and effectively.
Scheduling regular meetings with your partners keeps everything in check, especially during early onboarding or managing a joint launch of the partnership. I also recommend if possible using tools such as Slack to have a channel open to communicate with teams on both sides.
Partnerships are dynamic and evolving, and they need to adapt to changing circumstances, needs, and goals. You should review your partnership performance and satisfaction periodically, such as quarterly or annually, and compare it with your initial success criteria. You should also solicit and exchange feedback with your partner, both formally and informally, to identify what is working well and what can be improved. You should be open to learning, experimenting, and adjusting your partnership strategy and tactics, based on the data and insights you collect.
There’s times that both you and your partner may need to pivot and the way to know when to do so is by reviewing your plans and progress . Reevaluate your current situation, does it need to be pivoted? Did both yours as well as your partners vision and/or mission change? Are your synergies still aligned?
One of the main benefits of partnerships is that they allow you to access and leverage each other's network, resources, and expertise. You should make the most of this opportunity by actively promoting and endorsing your partner to your audience, contacts, and stakeholders. You should also seek and offer referrals, introductions, testimonials, and recommendations that can help your partner grow their business and reputation. You should also look for ways to collaborate and co-create value with your partner, such as co-hosting events, co-authoring content, or co-developing products or services.
Agree , many businesses do so not only for visibility etc… but because of creating their communities. Leverage your network but also provide them with value, support and assistance as you obtain assistance, gain value from and obtain the support you need.
Partnerships are not only about business outcomes, but also about personal connections and relationships. You should nurture your partnership relationship by showing genuine interest, respect, and appreciation for your partner. You should also be transparent, honest, and ethical in your dealings, and respect your partner's boundaries, preferences, and expectations. You should also invest in your partnership relationship by spending quality time together, sharing personal stories and experiences, and having fun and enjoying each other's company.
Exactly, when you nurture your partnerships and network it can and normally does come back in various forms… It may lead to future partnership opportunities that are mutually beneficial as well as make a huge difference between becoming successful or not.
Partnerships are also a great way to learn and grow, both personally and professionally. You should embrace the opportunity to learn from your partner's skills, knowledge, and perspectives, and to share your own. You should also seek and provide feedback, support, and advice that can help you and your partner improve your performance and overcome your challenges. You should also be open to new ideas, opportunities, and possibilities that can emerge from your partnership, and that can help you achieve your goals and aspirations.
Learning from feedback is critical: According to Harvard Business Review, 70-90% of M&A fall short due to partnership issues. Deloitte's reveals that 88% of executives consider partnerships essential. Collaborations boost knowledge and skills, with McKinsey reporting a 70% higher likelihood of entering new markets with diverse partnerships. Accenture's study found that 57% of executives see partnerships as crucial for innovation. Feedback is invaluable, with Harvard Business Review noting a 15-30% drop in churn rates for companies actively seeking feedback. The SBA highlights that partnerships expand networks and reach, aiding business growth. PwC's Global study emphasizes that 54% of CEOs rely on partnerships for innovation.