What are the benefits of co-creating value with your partners?

Partnerships have track records. Ask about your potential partner's results with their other partners over the past 6-12 months. Are these inline with your expectations? Do the same audit for your existing partnerships. What results have they delivered? Are these inline with your new partner's expectations? Setting the right timeline for expected results is often undervalued in partnerships. Yet it is the most common reason for partnerships dying. Because one or both parties expected things to materialize sooner.

It all starts with truly understanding their needs and motivations, ensuring we're in sync. The perks? Well, you get a boost in innovation, efficient resource sharing, risk reduction, faster market entry, and a customer-focused approach. Without that alignment, it's like attempting a game without knowing the rules – it just won't cut it. So, it all boils down to a shared vision and strong alignment for a successful partnership!

To achieve effective collaboration and create valuable outcomes, it is essential to align your expectations and interests with those of your partners. This not only strengthens the partnership but also ensures the delivery of meaningful results.

This is such a timely question. I was just having a conversation about this with a colleague yesterday! The idea of collaborative solutions has the potential to help drive revenue more frequently, and multiple stakeholders helps to create better solutions. Many times companies have to balance the completeness of a solution with the amount of risk (time, money, or other resources) required to create that solution. Depending on the company the risk may be to high to fully implement the solution. Having other partners with skin in the game, helps mitigate the risk, and may ultimately allow a better solution that is more appealing to a broader customer based, driving more revenue for the stakeholders.

Communicating that the best possible outcome is the shared responsibility of both parties has been integral to the success of my freelance business. Specifically in the world of marketing, it's impossible get to the heart of the customers wants and needs and have that reflected accurately in the messaging without the help and contributions of the partner. By co-creating value and sharing that with transparency you will also gain a more productive and energetic partnership!

Co-created value is always the goal, in my opinion. We're not just achieving success together; we're on this growth journey side by side. Figuring things out together isn't just smart problem-solving; it sparks some seriously cool solutions. With everyone pitching in, our offerings get a boost. It isn't just about the results; it's about building trust, deepening relationships, and having a blast along the way. It's like having a creativity party where success is the guest of honor. So, partnering up to create value isn't just a strategy; it's our secret sauce for turning possibilities into realities.

One of the easiest yet overlooked ways to show respect for the partner's culture is to pay attention to their time zones and which days they work. If your partner is in the Middle East, it is likely that they do not work on Fridays. It is a relatively simple gesture no avoid setting up meetings on Fridays but I have seen it overlooked many times.

Talking about challenges and stressors is a really good way to reveal operational culture and points of distinction. It’s in moments of great challenge that the true nature of an organisation comes to light.

Interacting with your strategic partners on a personal level (virtual cups of coffee, invites to networking events, sharing posts that can help their business, making introductions) can help you discover ways to build a deeper business relationship that positively impacts other parts of your business. For example, they may possess a skillset in areas where you are weak, such as using Canva, managing WordPress, or building a funnel, while you may possess a powerhouse skillset that they need. By helping each other overcome roadblocks that are slowing you down, you can develop a deeper bond that translates into becoming online business buddies.

First things first, dive deep into my partner's world – their needs, goals, and vibes. Step two, keep the communication lines wide open – no hidden agendas, just honesty. Step three, let's co-create value and share those sweet benefits, making our partnership a win-win. Respect is key, so step four involves understanding and appreciating their culture and diversity. Lastly, building trust means building personal and professional relationships. Let's connect on a human level, beyond the contracts. Oh, and always keeping an eye on how we can amp up our partnership game! 🚀🤝