3 Steps to Successful Partnerships – Part 1: Communicate!

In my last corporate job as a media buyer, our team was named Partner Management.

businesswoman ready to shake handsAt first I was confused by this title, and as I developed relationships with our publishers, I quickly got the “Partner Management” part.

The lessons I learned in that role are actually universal success principles that apply to any business partnership.

I’ve used them to structure joint ventures, to secure new consulting projects, and to connect businesses with their ideal clients. And today I’d like to share them with you:

Step 1:  Communicate With Your Partner!

  • Tell your partners about new products, launches, press or kudos you’ve received. Whatever your relationship, your partner will be happy to know they’ve affiliated with a successful business. Don’t we overlook the opportunity to share great news or let our partners, clients, or vendors know about the latest developments in your business.  I recommend scheduling a quarterly check-in call  or meeting with your key partners to share these updates.
  • Share data: if you have access to data or other results from your joint efforts–remember to let your partner know what’s working. In an advertiser-publisher relationship, data is key. Or let’s say you are creating a joint event: tell your partner who has registered so they can be better prepared to address the audience.
  • Meet in person: as much as I love the virtual environment, taking the time to meet your partner in person, even as part ofanother trip, is invaluable. When I travel to  the San Francisco Bay Area to visit family, I always schedule in a few business meetings with my Silicon Valley colleagues. (Including fellow Savor members  – Hi Jenn, Julia!)
  • Share your Rolodex: connections are currency, and if you can introduce your partner to another advertiser, vendor, resource, or joint venture partner, you will be making each party more successful and creating a win-win-win. And who doesn’t love that :)

Stay tuned for Successful Partnership – steps 2 and 3!

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