Broadly speaking, a strategic partner is someone who can benefit your business or your customers in some way. This is extremely broad. Additionally, as with every relationship, there needs to be a give and take. For example, realtors, inspectors, mortgage lenders, and real estate attorneys make a nice strategic partner relationship.
The Golden Rule of Networking
Always remember the golden rule of networking. You must give in order to get. The easiest way of thinking of this is by finding someone you’d refer business to or solve a problem for. Keep in mind that a relationship like this does not involve money. It’s based more on doing right by each other.
Ways a Strategic Partner Relationship can Exist
Referrals. The most common way one of these relationships can exist is through the making of referrals. A trusted referral partner is a strategic partner. For example, CPAs and attorneys frequently make referrals back and forth. In that case, there’s no need for a formal relationship and no payments to each other. Referrals are made simply because someone has a client that needs a task done that is outside their area of expertise.
Referral partners can also exist within the same industry. I frequently refer to other attorneys, even some business law attorneys. I do this because someone else has a more focused skillset or area of expertise who would better serve that client.
Joint Projects/Marketing. I like joint marketing because you can double your impact. Sometimes it makes sense to join up with someone if they have a complimentary product or service. For example, I once made a guide on proper emailing. I handled the legal stuff and Pat Fontana handled the words you choose to use. It worked out nicely because that’s her area of expertise.
Networking Referrals. Unlike the referrals above, networking referrals are introductions to people who might be strategic partners. This type of strategic partner is special because they have a compounding effect. If you meet someone who can introduce you to 20 potential referral partners, he or she is a great partner for you to have. I have several people in my network who fit this mold. They’re great at meeting people and they keep me in mind when someone might match what I’m looking for.
How to find Strategic Partners
First, you need to know who you’re looking for. Think about what professions typically refer to someone like you. It’s really hard for B2C companies, but they still exist. I like to use realtors as an example. Who refers to realtors? Everyone. Who refers to realtors the most besides happy customers? People with influence. If you can find those people in the community who has the ear of many consumers, they’re the person you want as a strategic partner. At the lowest, we’re talking neighborhood event coordinators. At its highest, regional celebrities.
Finding the people you’re trying to meet isn’t always easy. Often times, different strategies are required for different people. You can always try cold calling or emailing and explain why you want to meet. However, that has the lowest success rate.
I tend to meet my partners through networking. I meet a lot of people at events, but I get the most valuable connections during the one on one meetings afterwards. During those meetings, I generally ask for introductions to people who meet my definition of strategic partner. If my new connection can introduce me to someone who meets that definition (and they like me), they’ll make a warm email connection for me. That has a much higher success rate.
Obviously, if you’re doing more at-home networking than you are in person, it might take a little longer. That’s fine though! The important thing is that you keep the ball rolling. You want to meet several new people per week. You never know who will end up as your best strategic partner.
Leave a Reply