Partner to Strengths, Ally to Weaknesses

Partner to Strengths, Ally to Weakness

Recently while stranded in Paradise, overlooking the waters surrounding Tampa, a truth in the new economy came to light.  My business brings me in front of all types.  From the seasoned business pro to the brightest eyed startup, there is an interesting denominator.  Fear of losing IP (intellectual property) keeps great new products from a larger adoption rate.One of my mantras as a business coach, when approaching markets with unique or “better mousetrap” products - Partner to your strengths, Ally to your weaknesses.  This approach challenges business stakeholders fears and courage.  Regardless of business tenure.

Approaching the market incumbent, truly a competitor, with partnership agreement is the first step.  The existing marketing material used to show the “unfair advantage”, against the larger competitor, holds the keys to the winning play.  The risk lies in giving away this unfair advantage.  The risk of giving away the game is real.  

You never get the right answer without the right question, a tenant my Father drilled into me.  Gathering the stakeholders in your company and discussing this approach is an important step.  This is not a five minute meeting, rather a phones - door closed event.  Plan some time off site, gather the team, and make a plan.  

The questions the C suite should be asking, when considering this approach:

• What are our greatest strengths?
• What weaknesses do we have?
• Who does my perfect partner look like?

The approach to this carefully qualified partner/prospect list, a list of five prospects, ranked like draft picks - should be the product of honest and open discussion.  Whether or not your company is capable of frank discussions about strengths and weaknesses -  a topic for another post.  A few good discussion points:

Present your “unfair advantage”

Your presentation should be based on your marketing materials.  If you have slipped any of your IP into your marketing stock, the competition has access to it.  Ask Mr. Google, he will tell you all you want to know about the game, and who you are playing against.

A proposal to partner

Offering your fellow market competitor the ability to swiftly bring your product to market, as a component of THEIR solution, might be a tough message to deliver.  This seemingly unnatural event should be a Win/Win.  You are in essence signing your star player to the other team.  A clone of your most successful scorer, but you get a percentage of his contract.

Gotta nail the workflow.

Sequestering data, establishment of who has the ball, tiered partner support.  The components of the actual delivery of product to the new partner is key.  Examine your current process and engage your new partner.  You just might learn something about delivering to a known client type.  The culture of every company differs, don’t be afraid to learn from your former competitor.

This strategy is not for the faint of heart.  Boldly marching into the other teams locker room and discussing the playbook seems like sheer insanity.  If done well the results will be seen quickly.  In essence the play results in a licensing deal.  

Wholesale level relabeling is not new.  The structure of the deal, when seen as licensure, is well known.  Every great relationship is defined by a great contract.  Drawing the rules of engagement with your new partner can prove challenging.  Resist the urge to get caught up in technicalities, the goal is to increase profit revenue for both parties.

Gather the team and add some pages to the playbook.  You might just have some bench players that are star recruits for your “competitors”.