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Strategic Alliances - The Art and Opportunity of Creating Them

How to develop strategic alliances

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Strategic Alliances - The Art and Opportunity of Creating Them

  1. 1. The Art and Opportunity of Building Strategic Alliances Presenter: Anita Campbell How to grow your business faster and save your sanity with business partnerships
  2. 2. Today’s Partnering Agenda <ul><li>What is a strategic alliance? </li></ul><ul><li>Criteria for successful partnerships </li></ul><ul><li>Who should you partner with? </li></ul><ul><li>How to establish partner relationships </li></ul><ul><li>7 Good Reasons to Partner </li></ul><ul><li>3 reasons NOT to partner </li></ul>
  3. 3. The Power of Partnerships In 1980, upstart Microsoft partnered with then-giant IBM. The Microsoft DOS operating system was distributed with IBM’s new personal computers. $53,000,000,000
  4. 4. What is a strategic alliance? <ul><li>Means many things to different people </li></ul><ul><li>Can describe: </li></ul><ul><ul><li>Cross referrals </li></ul></ul><ul><ul><li>Outsourcing to 3 rd parties </li></ul></ul><ul><ul><li>Co-marketing </li></ul></ul><ul><ul><li>Online affiliate arrangements </li></ul></ul><ul><ul><li>“Business partnership” arrangements </li></ul></ul><ul><ul><li>Joint venture companies </li></ul></ul><ul><ul><li>Legal partnerships </li></ul></ul>
  5. 5. Formal Tech Partner Programs
  6. 6. Definition: Business Partnership <ul><li>Today we will focus mainly on “Business Partnerships” </li></ul><ul><li>Criteria: </li></ul><ul><ul><li>Each side brings something to the table the other doesn't have </li></ul></ul><ul><ul><li>Each made strategic decision not to spend the time or money to do it alone, or can’t do it alone </li></ul></ul><ul><ul><li>Together, you are better equipped to meet a market opportunity </li></ul></ul>
  7. 7. Do You Need A Partnership? <ul><li>ASSESS YOUR NEEDS </li></ul><ul><li>Evaluate your situation – do a SWOT analysis if necessary </li></ul><ul><li>Walk in your customer’s shoes </li></ul><ul><ul><li>What do they need? Versus what you offer </li></ul></ul><ul><li>Observe competitors </li></ul><ul><ul><li>If they are ahead, how do you catch up fast? </li></ul></ul><ul><li>Evaluate market opportunities </li></ul><ul><ul><li>Do you have everything you need to capture a market opportunity? </li></ul></ul>
  8. 8. Do a Cost Benefit Analysis <ul><li>Evaluate partnering against not partnering </li></ul><ul><li>Speed </li></ul><ul><li>Focus </li></ul><ul><li>Make vs buy </li></ul><ul><li>Sometimes partnering is the ONLY option </li></ul>
  9. 9. Do You … REALLY … Need A Partnership? <ul><li>75% OF ALL PARTNERSHIPS AND ALLIANCES FAIL </li></ul>
  10. 10. Establishing Partnerships - You Us Me <ul><li>YUM Method: Broach a partnership with another party in this order: </li></ul><ul><li>You – what’s in it for the other party </li></ul><ul><li>Us – what can we achieve together </li></ul><ul><li>Me – what I get out of it comes last </li></ul>You Us Me
  11. 11. PESD to A Partnership <ul><li>P = Paint a picture of the partnership opportunity and potential </li></ul><ul><ul><li>Example: “There is an opportunity for you to extend your reach into XYZ market by ….” </li></ul></ul><ul><li>E = Explain the mechanics of how you see it working </li></ul><ul><ul><li>Example: “If you can advance more inventory without requiring up-front terms, our company can accept more big orders. Require a 20 deposit, and allow the remainder to be paid out over time. In return we will ….” </li></ul></ul>
  12. 12. PESD to A Partnership (cont’d) <ul><li>S = Sell the benefits </li></ul><ul><ul><li>Be prepared to demonstrate with hard numbers, such as “… this deal would double sales on your XYZ line.” Remember to focus on the benefits to them, not you. </li></ul></ul><ul><li>D = Document the relationship </li></ul><ul><ul><li>Partnerships may involve formal arrangements such as contracts, or in other cases something less formal. At the very least there should be an email or letter outlining the arrangement. </li></ul></ul><ul><ul><ul><li>Tip: document it fast. Deal momentum can die. </li></ul></ul></ul>
  13. 13. 7 Good Reasons to Partner <ul><li>Partner with suppliers to finance the growth of your business </li></ul><ul><li>Open up new markets </li></ul><ul><li>Get access to valuable training and tools </li></ul><ul><li>Establish credibility </li></ul><ul><li>Strategically add specialty expertise </li></ul><ul><li>Round out your product or service offering </li></ul><ul><li>Meet governmental contracting requirements </li></ul>
  14. 14. Be Choosy When Partnering <ul><li>-- Warren Buffett, the world’s second richest man, adapted from Blaise Pascal, 17 th century mathematician </li></ul>“ All man's miseries derive from not being able to sit quietly in a room alone.”
  15. 15. 3 Warning Signs NOT to Partner <ul><li>No compelling goal : You don’t have a specific business goal to pursue jointly </li></ul><ul><ul><li>Use the “revenue measure” </li></ul></ul><ul><li>Vagueness : Your partnership is vague </li></ul><ul><ul><li>Small businesses don’t get much out of vague “marketing” partnerships – better off selling instead </li></ul></ul><ul><li>No Commitment : Your partner (or some faction within it) is not committed </li></ul><ul><ul><li>The “kiss of death” </li></ul></ul>
  16. 16. <ul><li>Anita Campbell </li></ul><ul><li>[email_address] </li></ul><ul><li>330.242.1893 </li></ul><ul><li>www.smallbiztrends.com </li></ul>Thank you! Credits: Slide # 9, various industry studies including Vantage Partners Slide #10, Kare Anderson, www.sayitbetter.com , as stated in a Small Business Trends Radio program © October 2006, Small Business Trends LLC