04 Oct How To Create Commercial Partnerships That Boost Your Business
I like to be in control of my own destiny: that’s why I’ve always run my own businesses and will never work for anyone else. However, some of my greatest successes have come, and been accelerated by, forging successful partnerships.
Every business or project I start, I look for partners who can help me achieve more and enable me do less.
That’s not because I’m lazy or work shy, it’s because I’ve grown to understand when I try to do everything myself it tends to take longer and I end up doing less of what I’m best at and then my business suffers.
I can do twice as much with the right partner; move twice as fast and, more often than not, at half the cost.
I seek partners who can do things better; quicker; more efficiently; cost-effectively; or with greater impact or authority than I can do on my own.
If I’ve developed a great product but don’t have the route to market, I’ll seek a partner that has that distribution. If I identify a need for a product or service within my customer base, I’ll look to see if someone smart already has a ready-made solution. If I find a way to innovate an industry where my reputation means nothing, I’ll seek the approval of a partner whose does.
The right partnerships amplify, extend and add value to all the good you can do on your own. Those partnerships work when both parties remain focused on delivering value for the customer and are equally motivated and rewarded.
The wrong partnerships are one-sided; where one party doesn’t have enough skin in the game to be committed or motivated; and has different ethics or aspirations for the project.
More than anything, it pays to keep things simple: from my experience, the best partnerships happen when there’s a simple objective, total transparency, and each party understands what they’re being asked to deliver; when you’ve clearly defined what success looks like and how it’s measured; and you can both just get on with making it happen.
Most recently, I’ve teamed up with Groupon and the guys there have been great to work with. I love the simplicity of our partnership. While Groupon may originally have made its reputation on discount restaurant and salon deals, it’s since forged an impressive user base hungry for learn-from-home-in-your-own-time online courses.
I’m passionate about the online courses I’ve been creating to help people ‘Start your own business in 30 days’ and ‘Write your own bestseller’ and have spend significant time and money to raise the bar by packing my online courses with amazing content from fellow entrepreneurs, best-selling authors and publishing experts and creating a beautiful, interactive and simple-to-use course platform.
That’s the bit I’m strong at: producing world class content and courses to share my insights and learnings as an entrepreneur and No.1 bestselling author.
What I don’t necessarily have (yet :-)) is a database as big as Groupon’s. Of course, I can and will look to engage and grow my own audience for my content, but that’s a long-term play.
I’d much rather build a partnership with Groupon where I can reach a totally new level of distribution and generate revenues that lets me continue creating more new content.
Likewise I know Groupon values having my high quality content to enhance its offering – and so it’ll be motivated to push my courses on all its daily newsletters.
What’s not to like?