3 Keys To Identifying Strategic Partners
Shared values, win-win potential & audience.
In life, many may feel that going it alone is safest. Doing things by yourself for yourself may even feel like the surest route because you don’t have to question your own motives. You know what you want to do, and why you want to do it.
And while this may be true, in order to attain all the success possible for you, if you traverse the world solo, you will be limited to one experience only — YOURS.
So, to expand your reach, engaging with strategic partners can be an effective means to achieving your goals. Here are three keys to evaluating potential allies:
SHARED VALUES: Do you know your values? What are the values of your organization? My values are integrity, diligence, excellence & professionalism. As an entrepreneur, there have been many times I have worked with organizations and people within those organizations whose values differed. In particular, when I worked in corporate, I clashed with superiors with different value systems. I am keenly aware of how it feels when I’m aligned with a person or organization with different values than me. It simply doesn’t work. So, I learned about 14 years ago to ensure that my values matched clients with which I work.
When Glossier Global Head of Corporate and Consumer Communications Veronika Ullmer spoke to the why of the WNBA partnership in which the brand became the first-ever official beauty brand for the league, she said, “They’re unafraid to stand up for what they believe in, they’re advocating for equity in sports, and they are incredibly talented people with stories to tell.” These are shared values for the Glossier brand, so it made sense for them to partner with WNBA.
WIN-WIN POTENTIAL: There is something to gain for all parties, of equal value to them. I’ve done my share of negotiations throughout my career. And negotiations work best when everyone feels they win — something. So, when you are seeking to identify your partners, think of where you are in your business lifecycle, what you have to offer (beyond $$), and negotiate with not only your assets in mind, but with how your strategic partners can achieve their goals as well.
SHARED AUDIENCE: If your goal is to reach children aged 4–12, and their parents, and your prospect partner’s goal is to reach men 38–45, your strategic efforts will not reach the same audience. So think about what you want to achieve, for which particular audience, and make that your north star.
Beats by Dre has executed numerous partnerships over the years. As we evaluate a collab with leading wellness brand Alo, to develop in-ear headphones, you can guess that they were targeting people who need music to fuel workouts — their shared audience.
MAKING IT HAPPEN:
To set your partnership pursuit in action, create a spreadsheet or a word doc, and write down your list of partner prospects (you can also use a CRM database too).
When identifying your partners, think first about what you want to achieve, then what you believe your partners are seeking to achieve. Then, explore the appropriateness of your partner based on values, helpmate potential and shared audience.
Sources:
https://www.essence.com/beauty/exclusive-glossier-wnba-partnership/
Olivia is a C-Suite Marketing Exec, Author of 51 Brand Marketing Tips for Creators & Founder of Omerge Alliances & Freedom at The Mat. An NYU & Loyola Professor, she has led marketing at influential organizations such as Carol’s Daughter, VIBE, Live Nation, Ogilvy & more for 25+ years. A Native Memphian, now based in New Orleans, is a forever Harlemite (NYC) who travels extensively and blooms where she is planted.
