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Improve The Value Of Partner Relationships

Scandinavian Proverb. "Go often to the house of thy friend; for weeds soon choke up the unused path." [Motivational Quotes of the Day]

How much action do you send to your strategic partners? Is the new business they are sending you sufficient? Like many things in life, unused resources expire and pass away from your sight. Strategies to improve the value of partner relationships:

  1. Clarify mutual business objectives. Knowing why you are partners helps everyone involved to focus on a limited set of objectives.
  2. Develop an understanding of mutual customer segments. Collecting mutually beneficial customers who fit certain buying criteria reduces costs.
  3. Focus on a co-op lead generation system. Reduce the costs of lead acquisition by working closely with partners to reach the largest target audience.
  4. Trade unconverted leads for competing products. A prospect that has considered one product is more likely to favorably consider a competing one.
  5. Bundle complementary products. Using coupons or packaging, bringing like products together saves customers time and increase perceived value.
  6. Come together on larger opportunities you couldn't handle alone. The resources of your partners combined with your own can qualify you for more profitable projects.
  7. Do a promotional mailing on a combined customer list. Reach twice as many buying customers with your partners list and reduce printing costs.
  8. Communicate strategic efforts to collaborate. Partners should be aware of each others efforts to produce additional benefit or combine resources for greater results.

/ applying-strategy | partner-relations /

By Justin Hitt at October 1, 2003 2:51 AM  Subscribe in a reader

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