*This is an excerpt from our Instagram Live session with Femi Longe.
The reality of partnership is that large companies use partnerships solely to further their intensely self-interested goals.
Below is an excerpt from the session. I have taken the liberty to edit it for clarity.
You can watch the “Increasing Revenue Growth And Market Reach Through Partnership” recorded video here and here. You can jump to the question session here.
Partnership is not tearing any of these things down. It is truly golden. – The Urban Dictionary
Let’s dive in!
A lot of companies struggle with how to get strategic partnership done. Femi Longe said he has worked on a process to make it very easy to design, grow and establish a better partnership.
What is a partnership?
This is beyond the definition that the dictionaries provide. It is “When two or more people work together for a common purpose and clear benefit for every person in the relationships”.
These Relationships will have 3 defined features:
- Agreeing to work together
- Everybody is doing work
- Risks and rewards are shared
Often, what you get when businesses talk about a partnership is usually one-sided. It is clear what they (business owner) will get out of the relationship but what the other partner will get out of it is not as clear.
Femi said he has developed a framework that he calls – The Sky Rocket Partnership framework.
Anyone that seeks growth and has considered that partnership is a clear path, should definitely use this framework.
The Sky Rocket Partnership framework
It’s a 3-steps framework that anyone can use to managing the activities to get a partnership before engaging the organization and what to do after you get your foot in the door.
Femi Longe said most businesses seeking these partnerships usually make these mistakes:
- Not doing enough research on the organization you want to partner with to understand the organisation’s pain and need.
- Not enough to know the company’s strategic priorities they want to enter into partnership want so that what they are proposing directly helps the organization.
Every big organization is made up of humans. Your starting point should be to understand the organization. Your intention should be to know how you can add value.
Take a look at the company and ask yourself where do you find an overlap.
Let’s break the process down.
- If you want to partner with a big organization, narrow it down to a department or a unit of the organization. This unit should match your own customers. Their KPI must be tied to the value you are proposing.
- Always find out who is responsible for the segment you want to provide value to. That’s the research you should do beforehand.
- Understand the organization. What are their needs? Which department is responsible for the stakeholder you are interested in?
- Then craft that into an offer, and ensure the offer is clear how you will be adding value to them. It almost always fails.
- Don’t make a generic pitch deck or presentation.
This is the advice you should keep in mind as you start thinking up the partnership: Be the solution. Be the painkiller, not a vitamin.
It is a good strategy to start small. A big organization always considers risk and fear when they are thinking of partnering with you, especially if you are a startup or a new business. It is your responsibility to allay them of their fears and assures them of success.
Start with a proof of concept. Something small enough for them to test and see if you can deliver on what you are promising.
Your priority Is getting your foot in the door. (the gem)
Measure and share the outcome
Can you actually do the work and measure it. If you can’t measure it, you can’t control it.
If you want to partner with an organization, you need to add value, it needs to be measurable and you need to be able to share those metrics.
Yes! Share the metrics with them.
That’s what you will use to justify expanding the partnership with the organizations.
10 proven steps to increase your company’s revenue.
- Do your research
- Know their problems
- Know how you can solve their problem
- Know who are your overlap and the stakeholders
- Go with a concrete offer
- Find the person whose pain you solve and sell to that person. Not anywhere else
- Start small and start with only one thing. Pick one thing and build something around that.
- Aim to kick off with a pilot.
- Aim to limit their risk.
- Measure everything. After you’ve started, measure everything. What is the financial benefit?