Build Your Business Through Strategic Partnerships 

The interactive landscape from technology, to marketing channels continues to change every day putting more and more pressure on marketing firms to keep up.  It’s like running a race that has no finish line, and to make it more challenging, there’s no time to take a breather as competition is fiercer than ever. This level of intensity is creating the need for firms to understand what they’re good at and to establish some degree of specialization.  This is why strategic partnerships are becoming very important.  It’s not possible for one firm to be good at everything, and recognizing and establishing key relationships with other firms that can complement service offerings, is becoming mainstream.

The challenge is to choose the right partner.  In searching for a strategic partnership, firms must consider what types of services would best augment their offerings and then spend time searching for the right fit to align with.  Such a search can take time and it should, as there aren’t many companies out there that really deliver on their promises. Be willing to spend several months to find a couple of good candidates, and then more time “testing the waters” before reaching a full commitment.

Outside of search time, here is some criteria that should be helpful:

• Shared Beliefs and Practices:  It’s important that true collaboration flows and is not an arduous task to make it happen. A good relationship does not happen over night and great ones require work, but they shouldn’t keep you up, fretting at night.

• Non-competitive Attitude: You’ve got to be able to work together, not against each other.

• Trust and Respect: This is probably the one most important factor.  Without trust and respect, there is no relationship.  If this aspect is missing, cut bait, and move on.

• Values and Cultural Norms:  When you’re working to achieve a common goal, there must be some shared values and cultural norms that help guide and create a comfortable working environment.

• Willingness to Invest:  If you’re serious about working together you’ve got to spend time getting aligned.  This includes planning, discovery, creating cross-promotional marketing materials, and having regularly scheduled face-to-face meetings.

• Synching Processes: Having a strong internal process is a must to be a successful marketing firm.  Understanding this is important when you join with another firm at the hip. Your processes have to work seamlessly together.  Take time to understand each other’s processes and create sub frameworks that establish parameters that both teams can understand and adhere to.

• Brand Extension: When you make a decision to hold hands with another firm, you must take into account the effect it will have on your brand. To be successful, each brand should be independently strong and collectively extend each other.

In terms of working with clients, it’s important to be transparent.  Presenting a unified partnership where both companies are disclosed will simplify communication in the long run and project the credibility of each firm.  Most clients want a single point of contact and that should be offered by one of the partner companies.  As an example, Rhythm Interactive has a strategic partnership with RiechesBaird.  In the partnership, RiechesBaird develops the brands of top tier companies and we market them on an interactive level.  The partnership has been in effect for approximately 8 months and has proved very effective as we are actively working on five (5) major accounts together.  In each case, the client is well aware of the expertise and the associated roles and responsibilities that each company brings to the engagement.  While there is always a single point of contact assigned to the account to simplify the client experience, both companies work diligently together to achieve client business goals. The client quickly learns to appreciate the expertise and resources that are at their finger tips and typically doesn’t hesitate to leverage them to achieve their desires.

Overall, we feel there is more of a need for strategic partnerships than ever before.  Given the fast changing, ever accelerating world of interactive marketing, it’s important to be an expert and be able to deliver.  This means there must be focus, but that won’t stop clients wanting all services from one provider.  That’s why you have to specialize but still be the go-to resource. This means partnerships are necessary whether you think so or not.  Keep this in mind, I’m sure you’d rather partner with a firm that you choose, one that you can work with, trust, and that will protect your interests.  The flip-side is having to work with a company that the client brings in to perform a service that you don’t.  To make matters worse, this company may not play nice.  This spells a long hard journey that no one would want take.  Avoid these situations, by finding a few great partners that can help your firm do great work, not fight you along the way.