Rethinking B2B Partnerships: Lessons from Krispy Kreme & McDonald's

B2B partnerships can fall into predictable patterns: software teams with consulting firms, banks partner with insurance companies. It's time to break the mold and explore strategic alliances that surprise and excite your target audience.

The recent Krispy Kreme and McDonald's collaboration is a prime example. This unexpected pairing offered Krispy Kreme donuts at participating McDonald's locations across the US. The initial test phase led to a significant boost in breakfast sales for McDonald's, according to a Krispy Kreme press release. With a national rollout planned, this strategic alliance isn't just a publicity stunt. It's a calculated move to benefit both brands: McDonald's gains a breakfast sales boost, while Krispy Kreme reaches a massive new customer base.

The key takeaway? Look beyond your immediate network. Seek partners who complement your brand in surprising ways. Maybe it's a seemingly unrelated company whose target audience overlaps with yours. Perhaps it's a cutting-edge tech startup that can revolutionize your customer service. By embracing the unconventional, you unlock a world of possibilities for growth.

Now, let's explore the powerhouses of B2B partnerships: your referral partners. These are the key players who will supercharge your strategy:

• Complementary Businesses: Imagine a software company partnering with a cybersecurity expert. This strategic alliance caters to the same security-conscious clientele, offering a comprehensive solution and enhanced value proposition.
• Independent Sales Agents: Consider a SaaS company with a network of sales reps who become champions for your product. These independent agents spread brand awareness and generate sales leads, earning commissions.

Finding the Right Partners

So, you're ready to ditch the predictable partnerships and explore unchartered territory. But before you jump in,? it's crucial to find the right partner. Here are some key questions to ask yourself when assessing potential collaborators:

1. Audience Alignment: Are You Speaking the Same Language?

Imagine shouting your message into a void. Not ideal, right? You need a partner who reaches the same audience you do. Do their customers align with your ideal customer profile (ICP)? Analyzing demographics, interests, and pain points will help determine if your target markets are a good fit.

2. Brand Values: Walking the Walk, Talking the Talk

Your brand is your reputation. Partnering with a company whose values clash with yours can confuse your audience and damage your image.? Ensure your potential partner shares your core values and commitment to quality, customer service, or whatever principles are central to your brand identity.

3. Mutual Benefit: It's a Two-Way Street

Think of a partnership as a seesaw: for it to balance, both sides need to benefit.? What's in it for your potential partner?? Will they gain access to a new audience? Increased sales? A boost in brand awareness?? Clearly define the mutual benefits to ensure a long-lasting and successful collaboration.

By considering these key questions, you'll be well on your way to forging partnerships that disrupt the market and drive growth for? your business.

Scaling and Enabling Your Partner Network: From Launch to Growth Engine

You've identified the perfect partner, and the initial collaboration is underway. Now, it's time to take things from launchpad to growth engine. Here's where co-marketing and enablement strategies come into play.

The Power of Co-Marketing: Expanding Reach, Together

Co-marketing lets you leverage your partner's audience and vice versa, exponentially increasing your reach. Consider these two effective strategies:

• Co-Hosted Webinars: Offer educational sessions that address pain points relevant to both your customer bases. This combined expertise creates high-value content that attracts registrants and positions you both as thought leaders in the industry.
• Collaborative Email Campaigns: Join forces to nurture leads. Develop targeted email campaigns featuring co-branded content or special offers that entice both sets of potential customers.

Enablement is Key: Empowering Your Partner Network

Imagine your partner network as an extension of your sales and marketing team. To maximize their impact, equip them with the tools they need to thrive:

• Marketing Assets: Provide co-branded sales materials, presentations, and social media content. Make it easy for them to effectively promote your collaboration and its benefits.
• Training and Support: Offer comprehensive training programs that educate partners on your products, services, and brand messaging. Ongoing support ensures they can confidently answer customer questions and close deals.

By implementing these co-marketing and enablement strategies, you'll transform your partner network from a collection of individual companies into a powerful, collaborative force. This translates to significant growth potential for your business and a stronger position as a market leader.

Visit the Our CMO blog to access a bonus B2B partnership value prop assessment.