Partnerships can change the way the customer sees your brand, open up new markets and radically change the strength of your core proposition.
At Owen James we organise A Meeting of Minds Bank and Brand Distribution of Retail Financial Services where some 70 senior decision makers from the retail banks, building societies and brands that distribute financial services come together to network and discuss key issues they are facing.
We have come up with a list of tips for companies that are looking to grow their brand through partnerships.
Before we start it is worth mentioning that as Wayne Rooney would say;
‘Perfect partners don’t exist. Perfect conditions exist for a limited time in which partnerships express themselves best’.
You have met a product provider that you think you could partner with – what do you do next? Here are some hints and tips from the big boys who have been doing this for years.
- When scoping out the collaboration it is important to be honest. Partnerships have collapsed when they tell you what they think you want to hear rather than the truth.
- Remember you may not find the right partner straight away and it is important to say no to a partnership that you don’t think will work.
- You need to really understand what makes the other person tick – what are their problems and issues and what are the business’s core values?
- The partnership isn’t one company’s responsibility it’s both companies.
- Know who you are and what you have to offer before you speak to third parties otherwise the messages can get messy.
- Find out what synergies you have with the other business and what you are both passionate about? Synergies and chemistry between organisations is more important longer term than short term commercial factors.
- Work out if this is a strategic or a tactical partnership? Are you in it for the long term? But be careful not to do too many tactical partnerships.
If you are interested in branching into this world then a Meeting of Minds is for you! We do have representatives from the big players who have been doing it for years however we also are always looking for new entrants into this place. Please do check out the event and request an invitation!