By Fernando Berrocal
A formal partnership is simply a business agreement between two or more individuals. This pair will endeavor to run a business and split the profits obtained. Successful cooperation between two businesspeople has the potential to strengthen the enterprise, provide better customer service, and increase revenue for all parties involved. This is why a diverse range of entrepreneurs seek out effective business partnerships.
Finding a solid partner isn't as simple as it may appear. This search requires more than a handshake and a press release–especially if you want this partnership to generate considerable eventual revenue. What, then, can you do to promote a successful partnership? Follow these guidelines, and you'll be on your way to creating successful relationships.
You’re likely aware that there are three main forms of collaboration used by IT businesses. If not, here’s a rundown: tech collaborations entail the combination of the two technologies–as well as the merging of software firms. Partnerships with "Managed Service Providers" (MSPs) include businesses like marketing agencies and IT companies. Here, they market and administer your service to their customers. Individual specialists recommending your service to their audience is what affiliate agreements entail. For the remainder, we will focus on developing fantastic tech relationships–although MSPs may also use them.
- Ensure that you can provide value for partners.
Pure sales are not what true partnerships are. In partnerships, you must provide your partner with as much value as they do. Many startups desire to collaborate with established brands but are unable to provide any real value to the partner. If you are not yet prepared, it's ok. In some moments, you will be able to do that. However, if you are prepared, these three stages can help you build successful tech alliances.
- Choose the best partner possible.
Even if they have a wonderful product or are a well-known brand, not everyone will make a great partner. For consideration, they must fulfill the following requirements: shared audience (service the same clients), complementary offerings (clients require both; there is no rivalry), and dedication to co-marketing (you'll advertise the alliance and each other). Before starting up a discussion, you should look into each possible companion for these factors to make sure it's worthwhile for everyone. You get extra credit if you already have clients requesting that your two businesses collaborate!
- Execute a thorough Go-To-Market (GTM) plan.
The best results are obtained when a new relationship is treated as a new feature and a comprehensive GTM campaign is launched. This covers the launch, continuing co-marketing, and sales facilitation. To make the relationship lucrative, each of these is essential. Concerning the launch, inform your existing clientele (and your audience in general), and encourage them to benefit from the collaboration by giving them resources to dig further (ask you for info, purchase, etc.). An ordinary GTM launch consists of:
- Internal communication and training
- A coordinated press statement and media attention
- A message to the public (ex: in-app notification)
- Message for those who are not customers (social media)
- Website mentions (landing page) and user documentation
- Anything your and your partner’s teams might need to market and sell the product
Create effective materials to highlight the collaboration and how it benefits customers. Distribute that update to all of your future clients.
- Co-Marketing
What distinguishes this from launch? Many of the same things are there, however, it’s what happens after the first day. It contains:
- Links on your website that ead to the landing page for partners and integration
- Joint activities (webinars, local meetups, etc.)
- Inclusion regularly in your marketing materials (social media, startup blogs, etc.)
- Sales Facilitation
For these alliances to succeed, sales are required. Invest in your sales team’s training so they can sell your clients the partner's services. Invest in training the sales team of your partner on how to offer your services. Webinars and lunch-and-learns are beneficial. Then have a one-pager that outlines the benefits, methods, and price of your service developed for the partner's team as a sales cheat sheet. Referral incentives for consumers to sign up for each other's services and internal competitions for who can sell the most, complete with a reward at the end, are alternative strategies for boosting sales.
- Measure, edit, or improve it.
Even the strongest collaborations take time to pay off–particularly in the software industry. Your consumers are having to learn a new skill and go through the purchasing process once more, even if it might not seem like it to you. That might need months. It often takes a new collaboration six months to achieve considerable traction. Don't abandon your collaboration too early only because you don't get results right away.
In any case, the normal partnership agreement is for one year. Commit to promoting this alliance for that time. The most ideal partners will follow suit. Be responsible, though. Track new referrals, scheduled meetings, new sign-ups or purchases, and the overall number of customers actively utilizing the integration. Keep going if you notice development that is beneficial. You might need to let these go if you wait a year and nothing occurs.
Finally, keep in mind that working with a small number of reliable partners makes it simpler to manage, advertise to clients, and expand your brands and income as a group. Even if a potential partner meets the aforementioned requirements, it might be difficult to predict if they would be lucrative in the long run. Make the best guesses you can, make a promise to be a great partner, and keep applying until you have the amazing partnerships that are expanding your brand and generating new business prospects.
Ready to bring your startup to the next level? Apply to MassLight’s next batch. MassLight supplies capital and a dedicated tech team. We take equity in return. Have questions? Refer to our FAQ page.
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