Integration partnerships involve one partner integrating their product into another partner’s product. Through integration partnerships, one or both parties are able to add additional value for their users by providing expanded features. Oftentimes, partners also gain access to each other's users and followers through cross-marketing of the integrated product.
Project-based partnerships involve partners coming together to develop a new product or service using their joint skill sets and resources. Project-based partnerships can take the form of informal collaborations, joint-ventures, consortia, or even decentralized DAOs and DACs.
Example: The Melloddy Consortium was created as a project-based partnership between 10 pharmaceutical companies. The consortium leverages machine learning models to aid in drug discovery using the data resources of its partner companies, while protecting proprietary data using permissioned DLT technology. Learn More
Marketing partnerships involve partners uniting to market each other's products to one another's audiences. Marketing partnerships result in expanded audiences for parties involved, and can be an effective way to enter new markets.
Examples: Referral agreements, co-branding partnerships, mutual user discounts, etc.
Resource partnerships involve multiple companies sharing internal resources to the benefit of both parties. Resource partnerships can be very diverse, and can range from employee sharing agreements and outsourcing contracts to more complex agreements surrounding the sharing of physical assets like computer hardware or office space.
Resource partnerships can be effective ways to reduce costs of doing business by sharing information, contacts, assets, human capital, software subscriptions, and more.
Simply having partners does not mean you are deriving value from your partners. Effective partnerships have clear objectives, expectations, aligned goals, and are aligned with a company’s best-fit partner profile.
The characteristics to look out for in your best-fit partners can vary depending on your internal capabilities, client base, needs, culture, location, and other key characteristics. Partners must see mutual benefit in collaborating; that means you must be in tune with the characteristics and needs of partner prospects as well as you are in tune with your own resources and desires.
Once you’ve engaged a best-fit partner in an alliance, you must ensure to upkeep the relationship to the standards agreed upon and continue to instill trust in the relationship.
Best-fit partners with trusted relationships are proactive at seeking out mutually beneficial collaborations, reliable for meeting the objectives of your joint work, and eager to help your company succeed.
Poor-fit partners with a lack of trust waste your team’s time at best, and cause irreparable damage to your company or brand at worst.
Spending the time to understand your company’s go-to-market strategy within the context of strategic partnerships will empower you and your team to build the relationships that take your growth to the next level.
If you have any questions on how to set up your existing partnerships for success, how to analyze your “haves” and “needs”, or where to get started when it comes to strategy, connect with our team for a free consultation.