How to Build Strategic Partnerships

Teamwork and team spirit - Hands piled on top of one another.

Building strategic partnerships are of paramount importance to your business.  The right partnerships can help you enter new markets, build new products and expand your client base.  However, building the right partnerships can take time, effort and its own type of strategy.  Once you have taken the time to identify the right organizations and companies which you would like to work with to reach your goals, the key is making the connection.

Here are some tips you can use to help you build alliances with organizations without being seen as an annoyance.

1. Learn about your target company

Having identified an organization with whom you want to partner, now comes the hard part of learning about why they should care.  Research their current partners and the ways in which they work with them.  Find out about upcoming initiatives to be implemented.  Identify the individual(s) within the organization who have the authority to make decisions so you know who to contact.  The point here is to learn as much as you can about the company so you can approach them correctly.

2. Understand your value

Knowing your value is key to every part of your business.  Your value is the reason why customers purchase your product.  It is the problem that you are solving in their lives. Once you know your value, you can highlight why the features your product or service provides are superior to your competition.

3. Now mesh the two – Articulate your value in terms that match the target companies goals.

Understanding why customers buy from you can help you articulate to target companies what additional value you can bring to their customers.  Coming to the table with the reasons why you would make a great partner shows that you are prepared and can help you in the process of building alliances without being an annoyance.

Now go out and make those connections.

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