Strategic Business Partnerships
Building a brand takes a lot of hard work, dedication and heart. It’s not easy, but with patience and persistence anything can be accomplished. It’s important to realize that brands are never built alone; strategic partnerships are necessary and serve to help make the brand better.
Here are some important things to consider when seeking the right strategic partner for your brand:
“Brand alignment. Do they share similar brand values? Are the cultures of your companies similar? Because Schnurr’s business is faith-based, he is careful about which companies he partners with. “We’d never want to be in a meeting and have [a partner] say, ‘We need to find a way to rip off our customer’, when every day [DRF is] trying to find a way to serve our customers”, says Schnurr.
Location. Is the potential partner in close proximity to your business? Will time zones and long distance travel strain the partnership?
Complementary products. This might work well if you’re a service business and can partner with a product you commonly use. Schnurr’s business installs water softeners. He partnered with RainSoft , a water softener manufacturer, and North American Salt Company, a water softening salt producer. They get access to his customers, but DRF gets valuable educational materials that he can pass on to his employees and customers.
Ability to deliver. Both you and your partner must benefit from the relationship. “If [both parties] can’t see what is in it for them, why would they want to play?” says Slee. Be sure the business is successful and mature enough to partner with you. Schnurr finds that companies equal to or greater than your company in size and strength are best to partner with.
Target audience. The business must have the same customer profile as yours. With the right strategic partnerships in place, the sky’s the limit for your brand.”