Think you’re too small for lucrative partnerships? Or maybe you’re already ‘doing’ partnerships but you know you could be doing it better – or you have an impressive brand relationship but it’s simply not delivering the return you know it should.
According to Vantage Partners, in 86% of cases, alliances fail because one or both partners lack partnership capability. After being involved in hundreds of partnerships over nearly 2 decades we know from our empirical evidence that it is true.
However, most organisations are so focussed on being introduced to potential partners, or getting bogged down in unnecessary and complex legal agreements (for what should start out as a simple marketing partnership in most cases), that they are missing out on the most lucrative opportunities that are right under their nose.
Most of the organisations we have worked with – from sophisticated micro’s to big banks – have under leveraged assets that the right partners would love to access for great mutual benefit. Yet so many great partnerships go unrealised or are unsuccessful when they didn’t have to be.
Today’s world moves with ever-increasing velocity, so it’s essential in business to look for allies (or friends with benefits as we like to call them) – because never before have companies of all sizes needed one another more to stay ahead of the game.
Tara O’Connell of The Baby Diaries knows this all too well. In a world where there are over 2 million phone apps, most of which never achieve any notable return on investment, her app shines. She attributes the app’s original rise to success (being downloaded in over 130 countries) to her early stage marketing partnerships. Quite simply, she looked for other businesses targeting the same market and set up a win win win arrangement where each partner received a benefit and so did the target audience.
One of these partnerships was with a nappy bag company. Tara supplied a phone shaped card for the phone pocket in the bag which promoted the app and an offer for the nappy bag company’s customers. Simple, yet so effective.
So what did Tara do that so many other organisations don’t? She developed her partnership capability. After the early success of her marketing partnerships using a proven framework, she realised a white-labelling strategy was her next step in building on the success of The Baby Diaries. All this while juggling the demands of her other businesses and raising her young family. She also didn’t suffer from small business syndrome and having found a partnering model that works The Baby Diaries is now poised for international expansion.
Understanding her assets and how to leverage them (without being paralysed by the fear of having her app copied by a bigger company), she quickly secured the interest of a progressive national pharmacy chain. Not all of them paid attention – and let’s just say it’s likely they’ll realise their inattention was a big mistake.
It’s no surprise to hear Tara recently took out the Digital Innovation Award at the 2016 Ausmumpreneur Conference too!
Likewise, you should never underestimate a smaller partner and the value they can add to your business. As the pharmacy chain recognised, Tara’s app was a proven and powerful engagement tool for their already significant loyalty program – trying to copy it would have put them behind another 2 years.
Ask yourself this; are you building a reputation for creating win win outcomes? That is the best way to ensure opportunity comes knocking.
More and more organisations are realising there is great power in the right partnerships and that they are missing out on opportunities every day by not being ready.
Don’t make that mistake. Click here to download your free copy of The Hidden Power of Partnerships and see what you might be missing out on whether you are already engaged in partnerships or not. Not only will you receive the ebook, but more case studies like Tara’s and regular partnership opportunity alerts.