Strategic partnerships

JERRY R MITCHELL 630-305-0005
jerry@jerryrmitchellandassoc.com
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Strategic Partnering to Maximize
Results

The first element to consider when looking at a strategic partnership is how
each business will benefit. Working together can increase your marketing
Reach through cross promotion, reduce your costs by combining functions or
Creating economies of scales, or improve production through technology and
human capital sharing.
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Write a detailed list of what each partner will gain if you agree to work together
to determine who benefits and how. If one partner can easily add the benefits
the other partner brings without entering into a venture and giving up
anything, this might mean a partnership is not a good strategy.
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The current entrepreneurial system is chock-full of companies that are
incredibly focused on solving one problem really well. That means there are
tons of tech companies that likely share the exact same target market. Because
of this, partnerships present huge opportunities for scaling and adding value
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What does a partnership mean to you, in this context?
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As for strategic partnerships, one kind is creative cross promotion. If you
and your partner are targeting the same market and both products add
value for the end-user, it might make sense to establish a method of cross
promotion.
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How do you approach the possibility of partnerships?
How do you assess unique partnership situations, formally, or otherwise?
When I consider a potential partner, I learn as much as I can about their business
model and ask a few questions: .
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Who are their customers?
Is there a significant overlap in our target market?
Are we competitors?
Is there an overlap in what we offer?
If so, how much?
Are the end-users that buy their product/services the same end-users that
would buy mine?
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That's important. Just because you share the same target market,
doesn't mean you share the same end-user .
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How can this partnership benefit them?
How can this partnership benefit me?
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After thinking through the answers, I consider what the partnership
could look like and some tactics on how it could be rolled out.
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Take the time to understand their business model and exactly what
their product/services does and how their customers use it.
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Don't focus on what you want, focus on what you can do for them.
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Seek out partners that share your values and philosophies. Kindred
spirits can go a long way in building a successful partnership that your
customers will actually care about.
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Technical startup companies on the prowl for angel investors and venture
capital should also consider a third path -- creating strategic partnerships
with large corporations who are willing to make investments in new
technology.
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In the current environment, one that has spooked some angels and
venture capitalists from investments in small startups, strategic
partnerships are becoming more common.
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Like angels or venture capitalists, strategic partners invest in
cash-starved startup companies. The relationship between strategic
partners is different from traditional investors, however, because in
addition to contributing funds, strategic partners may also be business
partners.
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Angels and venture capitalists invest only for profit. They structure deals
In the way that best assures that profit -- often demanding a seat on the
board of directors and preferred stock.
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Strategic partners are not investing in the hope of a high return on their
investment. As such, they often don't ask for a spot on the board and are
often satisfied with common stock.
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Strategic partners can be beneficial in other ways. Startup companies nearly
always benefit if they have an older, wiser and important friends who can
guide them when they run into obstacles or need to make key contacts in the
industry. In many cases, strategic partnerships institutionalize that type
of help.?
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Often, having an important strategic partner or two also can make
entrepreneurs much more attractive to venture capitalists, if they are still
shopping for additional capital.
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In most cases, however, partners won't invest in just any promising
startup, so it is important for entrepreneurs to consider which
companies will be the best, most compatible partners.?
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By and large, big companies extend a hand to those companies that fill a
need that they have. In other words, they try to partner with
entrepreneurs who are developing a technology or service that will help
their own business in the future or with companies who are potential
customers.
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Entrepreneurs hungry for investors may look at strategic partners as the
answer to all their needs, but, as in all long-term relationships,
compatibility is the key to ensuring a healthy relationship.
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What seems to be a good thing can later become a bad thing if the dominant
partner begins to lead the fledgling company in a direction the founders
don't want to go. Or, if the opposite is true and the younger partner doesn't meet
with its partner's expectations, the relationship may sour.?
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In the worst cases, one company has partnered with another, not to help it
out, but to learn a few of the trade secrets. Once they got the information
they needed, using their partners' expertise, they bought one of the
competitors. So, those companies looking for large, strategic partners
Should learn as much about their potential partners as possible and try to
make sure they have a track record in helping, rather than hurting, their
partners.
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For a start-up or very small business the "help-first" mantra is key. It
allows them to approach more established brands with confidence
rather than as a small player looking for a handout.
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When courting potential strategic partners, I've learned to think like
this:
How can aligning with me - for one project or the long-term - help the
other brand?"
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Here's a cheat sheet for other entrepreneurs, marketers and individuals who
want to succeed this way.
When looking for strategic partners for your business or campaign, reach out
to these types of brands, individuals and organizations:
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1. Non-competitors targeting a similar audience as you.
2. Completely different brands that could benefit from exposure to
your audience.
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Partnering with brands that are completely different from yours has a
twofold potential benefit. By turning your audience on to another cool
Product or service, you gain credibility with your partners and your
customers.
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3. Non-profit organizations.
There are two things non-profit organizations can always use: money and
awareness. If you're planning a special event or product launch, consider
partnering with a charity. For me, this usually means donating a portion of
my proceeds to the non-profit organization and also helping to promote their
cause via my social media channels. In turn, the non-profit organization
helps spread the word about my brand and related activities. Win-win!
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Let me introduce my strategic partner
Strategies For Entrepreneurs

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We met right here at one of our meetings.
He introduced himself as working with doctors
One of my businesses also works with doctors
We met and discussed what each of us could contribute to
each other

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We soon found our real passion was assisting entrepreneurs build
their business
We decided to first use me as a target for what we would offer to our
clients
We created a video and using SEO put it on you tube

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Here are the results so far of how my video ranks on
Google (the world’s largest online search engine) and
YouTube (the second largest search engine)

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Number 1 on YouTube Out of 306,000 Search Results

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2nd on YouTube out of 149,500 Search Results

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Ranked # 4
out of over
54 million
search results

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Why would you want Strategic Marketing Partnerships?
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Why wouldn't you?
Here are a few of the key benefits of strategicpartnerships.
1.It is mutually beneficial in that each partner can leverage the
customers, contacts and other partnerships of the strategic partner.
2.It spreads the marketing work load when it comes to the mutual
promotional efforts. They promote you to their customers and contacts and
you promote them to yours.
3.Customers benefit from an expanded referral pool of trusted resources,
strengthening your relationship with those customers
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Regardless of the business you are in, there are related products and
services that add value to your offerings. You need to make it your
business to know what these are and have a stellar list of partners who
can provide those offerings.
Not only will you be able to add value to your customers, but you will be
expanding your business in the process.
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How do you create a Strategic Marketing Partnership?
It's really pretty simple. Follow the simple formula below and you'll
have your own strategic marketing partnerships in no time.
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1. Identify a list of products and services that are complimentary to
what you offer. Ask yourself what other products or services do my
customers currently use or would like to use that are related to my
business but don't compete directly? Consider tailors, lawyers, print
shops, graphic artists, stylists, copy writers, accountants, computer
techs, trainers or advisers in HR, Sales, Business, Marketing, etc.
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2. Identify a list of about 20 businesses that provide these products or
services either through your own personal experiences or from input from
your customers. Make certain you feel absolutely certain these businesses
will deliver. If there is any doubt, don't add them to your list
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3. DO NOT COLD CALL these business owners. Craft a letter and send it to
the business owner by explaining you believe they have products or services
that could be of value to your customers and you would like to learn more
about what they offer so you can intelligently refer them.
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Ask the following questions.
These questions will not only help you to know if they can meet the
needs of your customers, but it will also confirm if they will be an
ideal marketing partner.
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How would I spot your Ideal Customer? Be as specific as possible.
What is the best way to communicate what you do and how are you
unique from your competitors?
Tell me how you would introduce yourself and your company to
prospects I might refer?
Can you share any client relationships or customer testimonials with
me?
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4. Review those who responded. Determine which best fit the needs of your
customers. Contact them directly and explain that you like what they have
to offer and believe there is a way for the two of you to work together.
Have at least 5 specific ways outlined to introduce your strategic
partnership to your customers and review these ideas with this partner.
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Here are a few ideas to get you started
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They could provide you with content for your next e-newsletter.
You could interview them and post the interview to your blog or web
site.
Create a unique product/service that features both you and your
new partner to be distributed to customers for free (e.g. e-book,
video training, product demonstration, etc.). They use it for their
customers and you for yours.
Create an event that features your strategic partner and that will be
of interest to your customers
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My advice: Begin with the end in mind.
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The most important question to ask yourself about a
strategic alliance is:
Do I really need one?
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Don't start by thinking, "I want to form an alliance - who can I bring on as
a partner?“
Instead start with, "I have a business goal and an alliance is a good way to
get me there."
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What are your immediate business goals? The answer to this question
is vital, because it will help you decipher a) whether you will truly
benefit from an alliance b) if so, who is the most appropriate ally for
your company, and c) what is the best way to engage them.
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For instance, let's say you have decided that you can achieve your business
goals better, faster, and more efficiently with an ally - rather than by
yourself. If so, it is time to choose the right "power partners”?
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Power partners are people or companies that can give your business the
boost that you're seeking in the way that you're seeking it.
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Be meticulous in your evaluation of the risk/reward of any strategic
partnership. Be sure to lay out everything you can think of, both
pro and con, based on the partners' management, company and
product, past, present and future. Being well prepared lowers the
odds of letdowns later on."
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Now let's look at tonight's attendees and play match maker!!
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As each of you introduced yourself I thought of who would be a
good partner for you so let's get started !
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Strategic partnerships

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