5 Steps To Secure A Strategic Partnership

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There’s no standard way to create success in your business or personal life. Each woman has her own success formula. One thing that many successful women have in common is: Building Strategic Partnerships. Strategic partnerships are extremely beneficial when it comes to business growth, personal growth, and success. Sure, you can reach a level of success on your own, but the journey will be much longer and unnecessarily harder. True success requires input from multiple people, the saying still holds true “it’s not what you know, but who you know.” Building relationships and partnerships with the right people can take you to higher levels of success. As a business owner for more than 14 years, I can attest to the power of strategic partnerships, and how I’ve successfully grown my business through strategic partnerships. Building partnerships requires patience, trust, and clearly defined goals. Here are the 5 steps I use to secure strategic partnerships:

Step 1: Find the common bond. I’ve had many partnerships, some successful and some unsuccessful. What I’ve learned in order to make a partnership successful is finding a common bond. While looking for your next potential partner it’s important to identify what common bond you and the partner share.

Step 2: Make it Mutually Beneficial. Once you’ve identified the common bond the next step is to make the partnership mutually beneficial. This is the core of what makes a partnership valuable. An ideal partnership equally benefits both partners.

Step 3: Make the Pitch. Now that you’ve identified the common bond and made sure the partnership is equally beneficial, now it’s time to pitch the partnership. When pitching your partnership idea be clear on what you want in the partnership and what you’re willing to give. A tactic I use when pitching is leveraging previous successful partnerships and showcasing the results.

Step 4: Be Open to Partnering in Non-Traditional Ways. Sometimes partnerships growing into full scale business, lifelong friendships, or unexpected wins. For instance, during one of my recent partnerships I was gifted a luxury backpack, an unexpected win that came from a successful partnership. When thinking about your next partnership, stay open to partnering in non-traditional ways.

Step 5: Host An Event Together. Events are key to building brand awareness, networking, and finding customer leads. With today’s technology you can host an event with your partner and be in separate cities, online events through social media, webinars, and teleconferences make great partnership event ideas. Once you’ve worked out all the details of your partnership, hosting an event together is a great way to elevate your brand, cut cost, and reach a broader audience.

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Audrey Woodley is Brand Therapist who helps women identify solutions to their brand challenges. She uses new-age problem solving tactics, proven strategies and customized solutions to help women build and sustain a successful brand.