In case you missed it, we heard from Jonathan Schroeder, President of 3D Platform. Jonathan discussed how to identify strategic partnerships and leverage them to achieve exponential growth. He also revealed a few things he learned the hard way (so now you don’t have to).
Strategic partnerships are a crucial component of an effective business growth strategy. The right partner can help you build on your strengths, attract new customers, and expand your business offerings to compete with more prominent competitors.
Here's what we learned:
- When they are successful, strategic partnerships are like adding 1+1 and getting more than 2, accomplishing more together than on your own.
- It is critical to understand the go-to-market strategy of your partners to maximize the value and synergy of the relationship.
- Maintain a champion on your team to drive and nurture the relationship, so it can continue to evolve and grow. Don't let it fizzle. Project management is the key to continuity as your points of contact change over time.
- Use technology like CRM as an accelerant to keep all parties on the same page and share information.
- R&D partners can provide brand recognition and credibility within the industry to push your organization to stay on the forefront. What these relationships lack in short-term ROI can more than make up in PR and brand recognition.
- When expanding your business' reach regionally or internationally, work with partners immersed in the local culture and nuance because these are the details that matter when doing business.
- The need to prove ROI can stop strategic partnerships before they start. Break the problem into smaller pieces so you can create milestones early. Or delay the spend -- try getting the sales teams to work together or explore co-marketing to ease into the relationship and plant the seed to grow it into what you envisioned.