Managing Healthy Partnerships
Partnerships take work. I’m not talking about marriage (we all know marriages take work but should I be putting that down in writing? Just kidding honey!). I’m talking about business partnerships. However, similarities exist between a business partnership and a marriage. The principles are similar just in a different context. This article explores maintaining a healthy business partnership once one has been established.
Like a marriage, a business partnership has to find some common ground, a compatibility of sorts. In a business context, this revolves around underlying philosophies, work processes, industry perspectives and other aspects that both parties can relate to. Another critical factor is the mutual benefits the relationship creates for each party. Reciprocity is crucial for the partnership to last. If a perception develops over time that one party is taking advantage of the other, the relationship won’t last. Of even greater importance, communication is paramount to the success of a long-term partnership. Problems and issues always rise to the surface of any relationship. Disagreements can ensue and how these challenges are handled through proper communication can make or break a relationship.
Over the years, Rhythm Interactive has developed successful relationships with a number of companies. Examples include ExactTarget, Triax Media Group, ReichesBaird, and Oneal Strategy. Many of these relationships have been in place for over five years. During the late 90s, the early years of Rhythm Interactive, other partnerships were developed but quickly faded as we were taken advantage of quite often by supposed partners. It took many years of trial and error on how to identify red flags and decline partnership offerings. However, that experience has helped us develop the great partners we have today.
Today our partners derive benefits from us and vice versa. We often enjoy the benefit of being included on major projects from our partners. Sometimes it can be the development of a new idea for a product or service. With others, it can be the level of support they bring to the table enabling us to be successful in servicing our accounts. Other benefits include joint promotions, team selling, referrals and more.
Maintaining healthy partnerships requires a sincere effort on both sides to bring value to the other party. However, once you find good partners, it is well worth the time and energy. If you’re considering whether or not to continue some new partnerships, keep in mind that both sides need to invest in each other and bring value to the table. Be creative in your approach and be open to ideas. You and your partners may just stumble upon a great new innovation that creates a prosperous future for years to come.
