Three Rules for Better Strategic Partnering

What is a strategic partnership? It is many things including yet another business cliché. Why do I need them? It is not a good strategy to act as though you need no help in your business (or life for that matter). We all need help in our lives and in business. The key is to know where to go for that particular thing you need when you need it. This is the how. It works because it is based, for the most part, on trust and results. I have many strategic partnerships which enhance my practice and allows me to be more far reaching into the market instead of just sticking to my specialty in the industry.

Typically a client or a customer needs more than you can offer; I keep a stash of business cards so I have them handy as an example, when someone asks about needing an attorney. I relate the prior experience with him and what kind of work he has done for me. I than dig into me briefcase and give them a card and ask them to mention I referred them to him. This is win-win for me since I get to be the connection maker. My attorney, Mark Rutkowski, 503-399-2341 (shameless plug), gets a qualified lead, and my client, gets a highly experienced professional who has been a proven track record with me over the last ten years.

I have a large selection of partners to choose from in virtually all fields. If you are just starting in business or a new geographical area you have to be able to connect into others to share in their partnerships. The most important thing to remember is you are essentially referring yourself when you refer others. You have to know to the best of your ability that it is a good firm, person, or service. It will come back to haunt you if you refer bad service to your clients, friends, and family! Make sure an interview your partners from time to time to make sure you are sending them qualified leads. You do not want to keep them busy on potential customers that are not the target market. At the same time you will want to inform them about what you are looking for in a partnership. They may not be as good at referring as you are, but I do not get too hung up on this. I know if I keep referring, my clients get good service it will come back to me. I always thank referrals from my partners or after a job well done and follow up with the client after to see how they were treated by my partners.

Another great aspect of strategic partnerships is working together on projects. I have a few experts on things I can bring in at anytime to advise me or my clients on different topics as I see the need. It sends a strong message to my clients that I am not afraid to say I do not know. The important thing is to take care of what the client needs, period. Some other ways to use these partnerships: Marketing, advertising, fundraising, professional services, business services, and contracting work, that complement each other. Artist, retail, food or other type of co-op store. Manufacturing, distribution, import/export, retailer supply line partnerships.

The three most important things you can do to utilize these for the highest results.

1. Be a constant connector for your alliance, and clients/customers. Gain a reputation of someone who can help.
2. Know your strategic partners strengths, and target market. Switch partners if things are not going well.
3. Say thank you and encourage repeat behavior from your strategic partners. Deepen the relationship at every opportunity.

I would like to hear from you about how your strategic partnerships are, or are not working. Post your comments here.

All the Best,

P.S.

I have been doing a lot of planning sessions lately due to the economy. If your business or non-profit, needs to revisit why and how you are doing business shoot me an email for a complimentary initial session. I will provide you with a list of recently satisfied clients to talk to as well!