A strategic partnership is an arrangement that is made between two or more firms or companies. The arrangement is there to ensure that they support one another and that they are both there to ensure that the others that are a part of the partnership can succeed.
More often than not these arrangements are made between companies that are not competing against each other in any way. This means that they can share resources in order to help each other to grow.
Think that you may want to consider entering a strategic partnership? If so, here is some more information on them which can help you to make that decision.
What makes a good strategic partnership?
There are many key things to keep in mind when it comes to entering a strategic partnership. The important one is that it is fair and mutual. Both partners should be able to feel the benefit of entering the partnership and they should both feel able to accept any risks that they may face.
It should be an arrangement that is win-win and entirely equal. If it is not, then the partnership is never going to work. It is also good to ensure that both involved parties are going to have reasonable expectations of what they want to achieve.
A strategic partnership will often work better if the audience that each partner has complements one another. This means that you are going to be able to appeal to the same sort of people. There is no point in one of you trying to appeal to high-end clients, whilst the other opts for those who are working to a budget.
The benefits of strategic partnerships
Whilst a strategic partnership can be a lot of work to not only set up but to manage, it does come with a variety of benefits.
The first is that it helps you to reach new markets, ones that you may not be able to otherwise get access to. Whilst this doesn’t necessarily mean that you are going to have more clients, what it does do is give you the chance to grow and increase this base. It can also help you to break into new markets or pockets of existing markets that you may have found hard to do beforehand.
A strategic partnership will also help you to have access to a wealth of resources. Not only does this come in the form of actual resources that you can use but can also be expertise and knowledge that the other partners can share with you.
Being part of a partnership also can give you a push further forward than other competitors out there. You will have the power of two behind you, pushing you forward, which others may not. Think of it as driving a turbo-powered car when everyone else is relying on pedal power.
Finally, having a partnership set up will help with your brand awareness. Having as many people as possible aware of who you are and what you offer can be hard when you are a smaller business. So, having any extra push can be hugely rewarding.
How to create your own strategic partnership
Now you know the benefits of setting up a strategic partnership, the next step in the process is likely to be setting one up for yourself. The first thing that you absolutely must do is research. This can take time but is definitely worthwhile doing in the long run.
By researching you are going to be able to identify other firms that are going to be a good match for you and that are going to want to enter a partnership. You will want them to be an asset to your future and you want to be able to see that you can help them too.
Speaking of the future, you need to consider what that might look like. What are the end goals for you both? Where do you see your partnership taking you? How can you make plans to create lasting value for you both?
Having these ideas in mind will really help you to make those initial plans.
Even though you may trust your partner, it is always worthwhile getting things put into writing.
This will act as an official agreement. Ensuring that you both are protected and that your needs are going to be met.
That way you can have peace of mind that the effort that you are putting into your strategic partnership is going to work out in the end. Giving you both the boost that you need to get your law firm even closer to success.
Some of my services:
If you would like help with your marketing then bringing on a marketing consultant with a fresh pair of eyes can make all the difference. I work with B2B businesses and professional service firms in London, Kent, UK and Europe as well as specialising as a Legal Marketing Consultant. Please get in touch or book a free 30-minute consultation.