A partnership is a mutually beneficial collaboration between 2 businesses. These businesses leverage on either the skills, audience, resources, market share, products, brand name, etc. of the involved parties in exchange for something.
For example, Brand A, a smartphone company, has an audience that would need products from Brand B, a phone accessories company. Both businesses could enter a partnership that gives Brand A’s customers more value, making them the customer's preferred choice, while introducing them to Brand B’s products.
One primary key to a successful partnership is identifying businesses and companies that have what you need and will be interested in your value proposition.
Tips on how to pitch to potential partners
Here are some tips to help you properly pitch your unique values to partners; in a case where you are making the first move.
1. Understand the needs of your potential partners: Research, ask questions to identify a need or gap they have. You can get these insights from a variety of places – product gaps, customers’ needs, market projections, etc. Is that need connected to your proposed value?
2. Tie your value proposition to a need they have: Now you understand their needs, connect the value you bring to their need/gap you have noticed. How can your proposed offer cater to their needs?
3. Be clear on the expected outcome: Be clear on the expected outcome of the partnership. What both parties can achieve if the partnership pulls through, and what they can do to achieve that.
4. Back up promises with evidence: Provide proof that you can deliver on the promises you are making. Put up your numbers, reviews, work samples that can serve as evidence to back up your claims.
5. Pitch to the right stakeholders: Now you have a proposal, get in touch with the right stakeholders. Ensure you are in conversations with the right stakeholders, decision makers, people who can understand how your vision ties to the company's growth, and would be interested in your proposal.
While the nitty gritty surrounding partnerships is unique to every business and their individual needs and goals,these tips can be applied to most partnership processes.