Business Tips – Ways to Cultivate Mutually Beneficial Strategic Partnerships

It is important to your success as a business owner to network, but it is equally important to “find your tribe.” That tribe should include several referral sources or strategic partners. These partners will be businesses that are complimentary to your own and will move in the same circles as you. You’re an entrepreneur for a reason. You’ve successfully developed a product or service that poses a real benefit to the greater population or other businesses. Now to get to the marketing, the finances, the technology… the truth is, you can’t do it all yourself. There’s nothing wrong with that. It’s critical for you and your organization to build strategic partnerships. Once these relationships are formed, you need to grow and build them just as you would any other relationship in your network. Here are a few tips to build your strategic partner relationships…

Cultivate Your Partners More Than Your Customers/Clients

When beginning to build a relationship, take care to recognize names, dates, and events that are mentioned while talking. This tends to emphasize the fact you care about them. The tricky part is truly understanding how your organizations will intertwine once that partnership is established. In order for both companies to be successful in the partnership, it is essential to research the other business so you know it as well as your own. The people you refer business to are more likely to return the favor. They are also individuals that understand how to return the favor best. Additionally, they are ultimately better salespeople than your clients and spend more time in contact with your target market. Host a Coffee/Smoothie event for a partner at their office. What better way is there to get to know everybody partner company as network with them over COFFEE! 

Treat Your Partners Like Friends

The key is looking for a partner with a matched vision and wants more than just a transactional relationship. Chances are you are going to be working closely with these companies for extended periods of time, so it’s in everyone’s best interest to make sure the spirit, vision and culture are all aligned. People do business with those they like and trust. Meet with your partners quarterly and make sure at least 1-2 of those meetings are not business focused. Try to attend the important life events of your partners. Other ideas to stay in touch between these meetings: forward an article relevant to their industry or invite them to an event. And look for ways to help each other such as trading spots in each other’s newsletters or blogs. Recipricate Coffee/Smoothie networking events at each others offices to get key team members to know each other better. 

Business Alignment

Define a strategic mutual vision of success for the parties involved. Once the partners agree on what success looks like for both sides and how each can leverage the strengths of the other then the foundation is established.

Marketing

The world needs to know about the partnership, and strategic, consistent communications, internally and externally, need to be conveyed throughout the alliance. The partnership creates a joint-value proposition unique to customers, and it needs to be conveyed through marketing content and leads. Make a point of doing virtual introductions between your referral partners and other professionals. Being of value is always a great way to build a relationship and stay top of mind. Make sure you calendar a time to follow up to see how the introduction went. Maybe have a Coffee/Smoothie networking event at a customer of yours that you can invite your partner to also so they to can have a relationship with your client.

Listen and Ask Questions

Make sure you are listening and asking questions most of the time. A lot of us know this as the 80/20 rule. Partnerships surely can thrive on the 80/20 rule. The principle was suggested by management thinker Joseph M. Juran. It was named after the Italian economist Vilfredo Pareto, who observed that 80% of income in Italy was received by 20% of the Italian population. The assumption is that most of the results in any situation are determined by a small number of causes. Listen for the pain points your partners are challenged by and look for ways you can help solve them. This is true outside of business needs as well. Maybe your strategic partner is having issues with an employee or an unreliable child care provider.. See what referrals you can make to assist them with any of their needs.

Remember You Are Interested in The Long Term Success

This is an ongoing, living process, and it does take time to reach full maturity, so do not expect all the pieces to fall into place on the first day. The best partnerships can take weeks, months or even years to cultivate into its maximum potential. Although it does take time, a truly great partnership is worth the effort. Remember, you are partnering for a reason, together you are better than alone. Leverage this, grow it and drive new business opportunities! Give, but expect nothing in return. Look for ways to give and it will come back to you. Never approach networking with the mindset that you provided a referral and the favor has yet to be returned. It is a long game. What is important is whether the relationship is mutually beneficial over time.

Invite Your Strategic Partners to All Your Client Appreciation Events

When you hold a client appreciation event, invite your strategic partners as well. They will appreciate both the recognition and the opportunity to network that you provided them with by having them attend the event. Don’t forget to have Coffee and Smoothies available at those events!

Please keep Valet Coffee in mind when you are planning your next event! Specialty coffees and smoothies are always a hit and appreciated by guests.

Contact us (859-409-1628) for a free consultation!


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