Spice Up Your Brand With Good Strategic Partnerships
You are who and what you know. There is nothing better than strategic partnerships to help grow your brand, however finding the best partnership can become tricky and costly.
A strategic partnership can be defined as an informal alliance between two friends/organization/company, with each possessing resources that will help each other.
The person you decide to enter into a business relationship should offer something that you are lacking as a business owner and brand: You are in the partnership to grow your brand not to stay stagnant; Make certain that your alliances are diverse – just as in life to create a mainstream appeal; Stay away from partnerships, which requires you to always give up your talent/resource and receive nothing in return.
Selecting the correct partnership will require several trial and error outings before it feels right. Hint: People usually reveal who they are in the first 15 minutes non-verbally. Just like with dating where you have to go on several dates to see if there is a match, partnering in business is the same.
Karen Taylor Bass’ Tips to Secure A Winning Partnership:
1) Know your strength and weakness. What is that you need to become a stronger competitive brand? Make a list to see what you are lacking.
2) What does your brand have to offer? Put a financial dollar amount to what you have to offer to the partnership so you feel empowered when negotiating your worth.
3) Make if official. If you plan on having a long-term agreement, make certain you put it all in writing and have a contract.
4) Benchmark. Identify what you will need to determine if the relationship is successful and adding value to your brand.
5) Sever the ties. If the partnership has you doing more work and providing stress, terminate the contract.
6) Incentive fee. Discuss a lead/referral fee, which lead for new business secured in the partnership.
In New York City and looking to build or expand your brand? Get your tickets now for the Mogul Business Power Brunch happening Saturday, September 13, 2014! Leverage your brand, secure a job and grow a multi-million dollar business. Special guest speaker is Colleen C. Bryan, health coach/CEO of Whipped Treats.
Karen Taylor Bass is a PR Expert, Brand Mom and best-selling author empowering entrepreneurs leverage their personal brand. Follow her @thebrandnewmom on Twitter.