Swipe Right for the Perfect Partnership

Strategic partnership is a term used across nearly every industry, but sometimes the way it’s misused can be cringe-worthy. Every partnership needs to be a win-win for all parties involved, and strategic partnerships need to create something greater than a short-term benefit. This could be a collaboration or a joint venture to launch an innovative new product. But no matter what form it takes, a strategic partnership needs to tap into the strengths of both parties and create a more powerful product to serve the needs of a larger group of users.

Partnerships come in a variety of shapes and sizes. A one-off partnership usually involves two business units (BUs) working together in a single market where one of the companies is more established than the other. A strategic partnership, on the other hand, could involve multiple BUs including marketing, finance, and corporate development. Strategic partnerships also involve far more trust and a more significant mutual investment than simple partnerships require. Taking the time to develop that trust is the foundation of success. You can’t launch a successful project or partnership without it.

Convincing another entity that a partnership is in their best interests can be challenging, and many people mistakenly think it’s about sales tactics. While it’s true that a sales mentality helps, it’s more about having a mindset of closing a long-term deal, rather than a short-term sale.