Strategic Partnerships – You can’t do Everything!
In my 30 years of operating and running companies I have found that you just cant be all things to all people. Understanding this has never been more important than right now in a global economy. The speed of information, travel and transport means that clients and customers have so many more options for purchasing products and services.
So, the trick for business today is to choose what they are good at and become the very best at it. Why? Because being good or ok just doesn’t cut it anymore. The world is full of businesses just like yours that are so so at what they do and how they do it. So instead of adding services and products you should be looking for where you have the opportunity to be your best and then focus on smashing the market in that space.
When you do that there is a huge opportunity available that will give you MASSIVE LEVERAGE. This opportunity is, strategic partnerships!
Strategic partnerships are fantastic, because it allows you to provide your customers and clients with the absolute best services and products (rather than so so stuff). How does this work? Well instead of trying to do everything, you do what you do exceptionally well and then align yourself with other businesses that do another aspect of that service or product exceptionally well.
Let me give you an example. Over the years I have dealt with heaps of business’s that provide internet and social media services. The problem I had initially was that I used a company who was really good (but not absolutely fantastic) at all these services. So they did my website, managed my blog, looked after social media, did Google analytics and search engine optimisation, managed all the updates and contributed ideas. The problem was they did good stuff but not unbelievable stuff. Every now and then I would find a competitors who’s website was just so much better or who’s face book business page was just smashing it out of the park.
So what I did was contact the competitors web company to get a quote for them to do ALL the same things my existing provider was doing. Their response was “we don’t do all that, we just build and maintain smashing websites, however we have strategic partnerships with other providers that we trust implicitly, who are absolutely smashing at the other things you need” I thought, surely this is going to cost me a heap more money. The reality is it didn’t but I got some great benefits.
- Products and services that were so much better because these people were the masters of what they did and delivered better results
- More control, because I could change one provider which caused a small hiccup in the works rather than have to reinvent the complete wheel every time I found someone better
- I got better flexibility, I could tweak and change and stay abreast of modern trends because these guys were at the cutting edge.
That’s how it worked when I was using a product or service, but it doesn’t end there. What do your customers and clients experience when they work with you? What are you doing that’s average? What can you become kick butt at and who can you work with that can support what you do with your clients?
When you get this sorted you can create a much bigger market. Strategic partners doing amazing work can build market share so much faster by referring each other and building a reputation for excellence. This is the path to fast and focussed growth, a strategy that I use across al 5 of my existing companies with fantastic results.