The DNA of a powerful partnership

By Ira Newman, Vice President of Global Partnerships at Broadridge

Business partnerships enable companies to grow faster, capitalize on new markets and create more value for customers. But not all partnerships are built alike.

Most partner programs deliver the basics of an engagement framework. Components might include deal registration processes, sales enablement, technical training, financial incentives and marketing. But the essence of a successful relationship goes beyond that to deliver more than either party can on their own — starting with building blocks like these:

Put your customers at the center.

When two firms put the customer at the center, they offer something special and unique — a network of data, analytics and scale that drives distinct value. In the financial services industry, for example, we connect a core of banks, broker-dealers, wealth and asset managers, corporations and capital markets firms with the millions of investors, consumers, advisors and brands they serve at the nexus.

Engage all stakeholders.

Start by asking yourself, “Who cares?” If day zero is spent putting together a deal and getting through the paperwork, day one is where the hard work begins. It’s time to pull everyone together and agree to a regular business cadence. Everyone is focused on the ball and agrees on which plays to run. All key sponsors from both the sales and business sides are engaged in the game.

Keep working together.

Active participation from both parties sustains a powerful partnership — and drives mutual success. Don’t assume a relationship will operate successfully on autopilot. It is a constant effort that requires focus, attention and action. Where there are issues, get in front of them and call them out. When there is success, focus there and ask what can be done to build upon it.

Turn competitors to collaborators.

Companies miss out on incredible opportunities simply because they are more focused on “crushing the competition” than working with rival firms. But consider this: Apple uses Google Cloud Platform for iCloud [1]. Toyota and Subaru recently joined forces to build an all-electric SUV [2]. And, smaller retailers regularly partner with Amazon to access its huge customer base.

The ability to understand and apply next-gen technologies is critical to mutual success. That’s why we push the industry forward using the ABCDs of innovation™ -- AI, blockchain, the cloud and digital. In the past few years, we’ve partnered with companies like UBS to transform the way advisors serve clients; AWS and Digital Asset Holdings to forge new advances in both cloud technology and blockchain; and with Accenture to overcome many challenges associated with post-trade processing. Mutualizing innovation enables both partners to bring a heightened value prop that beats out anything other competitors can deliver.

Competitive partnerships can yield huge results, but they aren’t easy. Let’s go back to that customer-centric offering. There will be specific requirements that neither company has the resources to meet. It makes sense to mutualize resources for competitive value.

Find the win-win.

Challenges always accompany opportunity. Overcoming them means identifying what you do well — and where you need help. Together, focus on your shared customers and goals, consider potential roadblocks and set up the right fences. Candid communication, clear expectations and transparent objectives make all the difference in a partnership.

Business is rarely a zero-sum game. Partnerships help create and reach new markets, deliver new innovations, drive economies of scale and present upsell opportunities for related products and services.

Most partners start by thinking about their needs: "What’s in it for me”? But a lasting partnership has something for everyone. We’re not successful unless our partners are, too. While one partner is bringing enhanced solutions to market faster, the other may be tapping into unique insight, innovation and opportunity. As long as both are focused on continued mutual growth and expansion, the partnership will be successful.

With these building blocks, you will have a foundation for creating powerful partnerships that drive success.

To learn more about how Broadridge embraces powerful partnerships, visit our site.

[1] https://www.cnbc.com/2018/02/26/apple-confirms-it-uses-google-cloud-for-icloud.html

[2] https://www.caranddriver.com/news/a27785342/toyota-subaru-ev-platform-electric-suv/