Preparing for a Partnership: A list of simple first steps when pursuing a new partnership opportunity
Preparing for a partnership is nearly as important as the execution. By associating yourself with another brand, you are essentially endorsing one another and the work that you each do. Partnerships should benefit both brands and their consumers. However, if the proper steps are not taken during the preparation phase, it’s likely that your partnership won’t work out in the long term.
Below are the steps every brand should take before joining forces with another.
Research, research, research
Know the ins and outs of the company you want to work with. Ask yourself:
- What kind of work do they do?
- What is their mission?
- What are their company values?
- What are their goals?
- Who is their target audience?
- Who is their customer base?
- How do they market themselves?
- Do they have a presence on social media?
- If any, what other companies do they partner with?
Understanding the company you are considering from both a business and consumer perspective is crucial, as it’s a great way to assess the success of a potential partnership opportunity.
Set your brand objectives
Know what you want to get out of the partnership. That might be:
- Brand awareness
- Collection of email addresses
- Digital acquisition
- Social media posts
- New customer acquisition
- Brand engagement
- New market development
- Target a new customer base
- Improve stakeholder or customer relationships
- Drive revenue
- Drive foot traffic
Deciding on brand objectives is critical. You need to assess what your overall goals are as a company: what do you hope to achieve for that period, quarter, year, etc.? Once you know what you and your company hope to accomplish, you will be able to decipher what exactly you hope to gain from the company you’re considering partnering with.
Determine whether there is brand alignment
Brand alignment should be evaluated on:
- Company ethics
- Company values
- Corporate goals
- The demographics of their client base
- Customer industries/verticals
Draft a contract/ partnership proposal
In this contract, clearly state what each partner will provide as well as what value/result is expected from each partner. Determine how long you feel the partnership should last. It is important for both companies to have a contract that aligns with both companies’ goals. Otherwise, as seen in our post regarding Air Yeezy, things can go south in a hurry!
Hop on a call to discuss the partnership proposal
You want everyone to be on the same page before signing said contact. Iron out all of the details and leave no questions unanswered.
Though it can be a timely process, taking a few extra steps to properly vette potential partners will save your company endless hours of work down the road. A great partnership will be more than well worth it.
To learn more about the amazing companies that want to partner with you, and to start vetting them yourself, join our premier pool of Beta users and find your own partners today!