STEP 10: Gain Exclusive Access Through Strong Partnerships
Objective: Determine Your Strategic Alliances Why Strategic alliances are mutually beneficial partnerships between your company and outside parties. Strategi...
Strategic alliances are mutually beneficial partnerships between your company and outside parties.
Strategic alliances are key to starting and growing a business because no one person has all of the answers or resources to operate in isolation.
It is important to build your business on top of another established business. You can move faster and cheaper when you leverage their existing tools, resources, and networks.
Strategic alliances are good for:
In some cases, you can simply barter for something you desire. Other times, it will require negotiation.
In negotiation, you need to ask questions in order to understand what is actually important to the other side and why it is important—the goal is to understand their motivations.
Negotiations usually go wrong when the parties do not communicate their reasoning and only state their expectations.
Be very honest and open in your negotiations. It requires wit and emotional intelligence.
No ideas for how to work with larger companies? Help them enter into a different market even if it's smaller than usual. The idea of expansion is always attractive.
A Key Technique: Leverage other people’s audience to attract a new audience for yourself. For example, gain a guest appearance on an well-known internet show to discuss an industry topic.
Remember: Remain concise when discussing industry topics and perpetuate one centralized idea present in your manifesto.
Access to your intended target market
Technology similar to what you want to build
Access to a resource you need special requirements to obtain
Cross branding campaign
UBER leveraged several key partnerships to capture a new audience.
UBER partnered with a Croatian boat service company to give their customers boat rides to private islands with scenic views.
They required customers to download the UBER app to access these premium rides.
It was a targeted approach that got UBER great publicity as a new, on-demand service and instantly attracted new customers.
The untold story of Airbnb’s growth starts with Craigslist.
In the beginning growth stages, Airbnb posted their user’s listings on Craigslist and linked the posts back to AirBnB bookings.
Craiglist had what AirBnb did not have, a worldwide user base.
AirBnb was able to provide more of what the Craigslist user needed —temporary housing.
Now, let’s set up emails to go out to make a strategic alliance.
What I'm going to offer: