Building a Partnership Strategy in 7 Steps.

In an era where collaboration often trumps competition, forging strategic partnerships can be a game-changer for startups, scaleups, and entrepreneurs alike. A well-crafted partnership strategy can open doors to new markets, streamline customer acquisition costs (CAC), enhance brand strength, and ultimately drive significant revenue growth. Here’s a roadmap to developing an effective partnership strategy in just seven steps.

Step 1: Assessing Readiness for Building Partnership Strategy

Before you even consider building a partner network, it’s crucial to determine whether your business is at the right stage for such a move. Reflect on your company goals and evaluate if strategic partnerships align with your current growth phase. For a deeper understanding, our article, "When is the ideal moment to leverage strategic partnerships for B2B SMB growth?" offers comprehensive insights.

Step 2: Identifying Main Challenges and Partner Types

Understanding your primary objectives while building a partnership strategy is key to identifying potential partners. Are you looking to expand your offerings, enter new markets, reduce CAC, or boost revenue growth? Depending on these goals, you’ll find that certain partner types, be it technology, channel, or strategic partners, will suit your needs better. Refer to "Overview of B2B channel and technology partnerships" to pick a partner type that aligns with your objectives.

Step 3: Highlighting Mutual Value

The foundation of any successful partnership is mutual benefit. It’s essential to pinpoint what value you can offer to your partners and vice versa. This clarity will help in setting comprehensive goals for a Partner Program. Whether it's lead generation, entering new markets, reducing CAC, or strengthening brand presence, prioritizing these objectives will guide your strategy forward.

Step 4: Creating the Ideal Partner Profile (IPP)

Understanding who makes a perfect partner for your business is vital. Our articles "#23. What Constitutes an Ideal Partner Profile (IPP)?” and "#24. How to Create the Ideal Partner Profile (IPP)?" provide valuable guidance on crafting a profile that pinpoints the qualities and attributes of your ideal partners.

Step 5: Deciding on Communication Channels

Finding the right partners involves synchronized inbound and outbound marketing efforts. Ensuring that your partnership outreach aligns with your overall marketing strategy is paramount, as prospective partners will evaluate your business based on brand strength, market presence, and other holistic factors. Keep your partnerships and marketing teams aligned to maintain a unified front.

Step 6: Determining a Responsible Team

Partnerships thrive on long-term, quality relationships, making it crucial to establish a dedicated team for onboarding and managing these relationships. If you’re starting without a partnership team, consider involving your marketing or business development staff initially. Leaders such as the CMO, CRO, or CBDO can spearhead partner network development until a dedicated team is feasible. Our How to..."#30. Which Department Should Handle Partnerships in the Absence of a Dedicated Team?" will answer this question in more detail.

Step 7: Setting KPIs and Milestones

To effectively track the success of your partnership strategy, establish clear KPIs and milestones. Popular metrics include ROI from partnerships, the number of leads generated, changes in CAC, and conversion impacts. Determining how and when to measure these outcomes will help refine your approach and ensure your strategy remains aligned with your company’s growth objectives.

Moving Forward with a Partner Program

Having laid the groundwork with a robust partnership strategy, the next step is to develop a comprehensive Partner Program. Remember, a successful partnership strategy is not a standalone effort—it should be an integral part of your overarching marketing and growth strategies.

Crafting and implementing a partnership strategy takes time, commitment, and a clear understanding of your business’s goals and capabilities. By following these seven steps, you'll be well on your way to building meaningful partnerships that propel your business to new heights.

Happy partnering!