Strategic partnerships are often an ideal way to build brand traction, expand your audience and customer base, access additional resources and talent, and stimulate revenue growth without acquiring another company.
You can create a temporary brand partnership through a joint marketing campaign. Also you can aim for a longer partnership (e.g., joint venture) to create new products or services. I’ve worked in various partnerships throughout my career.
Here are some tips to help you approach and manage partnerships in a way that creates a win-win.
1. Define individual and mutual value
While a strategic partnership can increase your brand value, don’t forget to assess your own value and ensure it is recognized within the relationship. Defining value up front is important to maintain equal footing and illustrate why the someone should work with you.