The definition of a strategic partnership is "a formal alliance between two commercial enterprises, usually formalized by one or more business contracts, but falls short of forming a legal partnership or, agency, or corporate affiliate relationship."
Whew! Does it really have to be that hard? Absolutely not. You form strategic partnerships all the time without even realizing it. A strategic partnership simply takes the resources that a person or company has to offer and combines them with the equally valuable, but differing resources of another person or company in order to save time, money or energy - or all of the above.
The easy analogy of strategic partnerships
Have you ever borrowed something from someone? A power tool, a ladder, something you didn't have, that you didn't necessarily want to spend your time and resources to acquire because you weren't sure that you would need to use the item often? Well, that's a simplified form of a strategic alliance. Your neighbor provided you with a resource that you didn't have and didn't necessarily want to acquire. Chances are you'll reciprocate in some fashion at some point in time.
Typically, when two companies form a strategic partnership, each business has a particular asset that the other company doesn't want to spend the time and energy to develop for themselves. For instance, manufacturing companies form strategic alliances with inventors. The manufacturer provides the product materials, production, and distribution. The inventor provides the creative or technical expertise. Normally, it's a win-win situation for both parties because it saves them time and money, while allowing each party to focus on what they do best.
Finding a strategic partnership balance
Strategic partnerships are often seen in between companies who are in the same industry, but who are not in direct competition. A small car dealer may develop a strategic alliance or partnership with bank who can offer financing to the dealer's customers. The dealer wins because he doesn't need to be licensed for loans, but he can service his customers and sell cars. The bank wins because they are being sent customers that they didn't have to solicit.
Think about service and product providers in your industry who are not in direct competition with your business. Who offers a product or service that could be beneficial to your business that you do not have the time or resources to develop? What would be an area of your business that could be beneficial to them?
In one example, a marketing company that specializes in strategy developed a strategic alliance with a graphic design firm because they included collateral development as part of their strategy. However, the marketing company did not want to develop a design department. They felt it wouldn't be cost-effective given their strategic niche. The design firm often had people looking for a more comprehensive marketing plan than what they chose to offer. Obviously, this was a strategic partnership that worked well for both companies.
Take a look at your business and begin to think about areas that are not your focus, but for which you continually hear requests. Now, take a look and find a company that services that area. You may need to "try out" a company or two before you find the right fit, but when you do, it will have been worth the time and effort.
Here is a great link to a specialist in joint ventures.
Christian Fea is a Collaboration Marketing Strategist. He empowers business owners to discover how to implement Integration, Alliance, and Joint Ventures marketing tactics to solve their specific business challenges. He demonstrates how you can create your own Collaboration Marketing Strategy to increase your new sales, conversation rates, and repeat business. He can be reached at: http://www.christianfea.com
Copyright © 2008 Christian Fea
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