Your Business Could Be Suffering Without Top-Notch Strategic Partnerships
There is nothing new about the need to form business relationships as developing them can be essential for growing your business. Companies have been doing this since the beginning of time when networking or joining forces on a particular project or goal is vital to their success.
Some entities choose to partner with whomever they can - purposefully deciding not to be selective or strategic in their efforts. After all, there is strength in numbers. But for others, they have limited internal resources to establish high quantities of relationships and focus on a small set. Or they want to be more surgical in their endeavors and focus on the right set. There is no wrong answer. What matters, in the end, is that your sights should be set on reaping these four (4) benefits in your search for growth and success!
Improved business relationships: When two businesses form a strategic partnership, they are effectively saying that they trust and respect each other. This strong foundation can lead to improved communication and collaboration for any joint venture they choose.
Increased opportunities for business growth: With improved business relationships secured, the companies involved can combine resources to bring a new high-demand product or service to the marketplace by borrowing from one another’s credibility to grow the businesses.
Access to new markets and resources: With a new product or service now ready to go, having access to multiple customer bases can help drive your efforts to audiences neither of you had full access to otherwise. For example, if one partner has a strong digital presence (i.e. social media followers, web visitors, thought leadership event attendees) but is lacking a large and engaged email database, then partnering with a non-competing business, such as a local government entity or an industry trade organization, can complement your collective reach.
Exciting existing (or previous) clients: Having a heavily laden product or service roadmap can drain already strained resources (time, people, money). But if you could share resources, garner unique perspectives from outside your company, and join forces - then why wouldn’t you? Having a reliable and steady stream of offerings keeps (or captures) the attention of existing (and previous) clients. It makes you look innovative and fresh, and it drives something no amount of marketing dollars can do - Word of Mouth!
In summary, the right strategic partners can help you expand your reach, deepen your customer base, and grow your business in several other ways. But regardless of how many partners you seek, how do you find a few of the right strategic partners to work with?
Define your business goals. What do you want to achieve by partnering with another business? Write down your goals and keep them in mind as you begin your search.
Research potential partners. Once you know what you're looking for, take some time to research potential partners. Consider their size, industry, and business model to make sure they're a good fit for your company. Understand what options you have with local, regional, or national nonprofits - such as a Chamber of Commerce or trade association - that you can work with to facilitate making those vital introductions.
Partner with businesses that share your vision. As you begin building relationships make sure they are based on mutual respect and a shared vision for the future. Be sure to find a partner that you can work with collaboratively and is industry-focused. If you cannot see yourself being on the same stage or screen with them to conduct a thought leadership event talking about your product or service, then don’t!
Select partners with a wide reach. When looking for a strategic partner, it's important to select one with a large reach and instant credibility. That way, you'll be able to tap into their customer base and get access to new markets by borrowing from their reputation. Be ready - they will likely want to - and rightfully so - do the same with your audience. So be sure they are not in competition with you.
Be mindful of cultural differences. When partnering with another business, it's important to be aware of any cultural differences. Miscommunication and differing beliefs can lead to problems down the road so make sure you're both on the same page.
The benefits of following a well-defined plan can be huge for your revenue opportunity. By following these tips, you'll be well on your way to finding the correct connections for your company and you'll be able to take your business to the next level.
With NAMMBA, our members and partners represent over 2,000 corporations from around the real estate and finance sector. From banks to non-banks. From lenders to appraisers. From realtors to real estate attorneys. From Title Insurance companies to Mortgage Insurance Companies. Our collaborative approach will allow you to seamlessly join our ecosystem where your company can benefit from access to a variety of industry-focused resources, participate in networking opportunities, conduct professional development for yourself or your organization, and take advantage of opportunities to push your top-and bottom-lines higher!
In business, it's often said that it's not what you know, but who you know. So, get to know NAMMBA and benefit from the knowledge, experience, thought leadership, and interactions with our members, partners, and sponsors. We will even help make the introductions.
Many options to get involved exist, so take a moment to see all the possibilities at: www.nammba.org/partnership.