Collaborating with competitors may make sense. Many businesses are identifying different types of collaboration in hopes of improving their own business. Here are ways to do so, without hurting your business.
Provide something distinctive
Each partner must provide something distinctive. Clear and cut roles, tasks, and skills (competence) must be reviewed, in order for the partnership to be mutually beneficial.
As important is to ensure that competencies are less transferable than most.
Basic exchanges are the following:
d. Product Development
f. Market Entry/ Positioning
i. Team Support
j. Dominance in Market
Learn from partners
Each partner must feel as though they can learn from one another. If you don’t believe there is something the partner can offer (of equal or more value) than you’re providing, then partnership may end up soured.
Engage in joint ventures
Versus becoming official partners in business, try testing out potential partnership on joint ventures, projects, etc. Depending on the outcome of partnership, you can develop more concrete or direct partnerships.
Create outsourcing agreements
Outsourcing agreements allow each party to assign specific performance requirements and deliverables to potential partners. This may be easier than working on a project jointly or being a direct partner.
Overall, please have strategic intent behind partnering. It’s paramount in your ongoing communication and partnership engagement, to understand why you even bothered to enter into the partnership. What are you willing to offer and what are you willing to gain through the journey.
outline technical knowledge each party is bringing to the partnership.
Other than having the mindset of partnering, the secret is to understand why you’re partnering, understand each other sectors, outline technical knowledge each party is bringing to the partnership, have solid people and relationship skills, and a structured agreement.
Hey there! I’m Sade Disu and founded an award-winning 15-year-old communication and marketing consultancy (formerly Adiree Company now called And Brand Culture ) where I provide culture-focused advisory, storytelling, and content solutions for Executives and startup founders looking to increase engagement with multi-cultural audiences and media platforms organically.
My content strategies and proprietary live event platforms (like AfricaFashionWeek.com) are deemed unmatched for their convening power of global content, culture, and empowerment according to Forbes, LA Times, Essence, and Black Enterprise. And even more, was given a proclamation, by former Mayor of New York (now Presidential candidate) Michael Bloomberg in 2010.
Africa Fashion Week results increased brand awareness 8.5 million views; $300+ K in revenue generated per event, and 6 K+ newsletter subscribers per event. Media giants such as Hearst Magazines caught wind of my work and influence — the ability to connect to and with consumers through culture content and experiential solutions. HEARST immediately hired my consultancy to advise, produce content, and launch its international spin-off of COSMOPOLITAN Nigeria.
My press-ordained and award-winning event platforms and digital content work have been leveraged by Shea Moisture, Kimora Lee Simons, Iman Cosmetics, Pikolinos, Zara, Roommate Hotels, and USAID. ( 4-page press feature in Black Enterprise and 2-page press feature in Forbes French Edition.
Clients have used my four-tier prong approach “culture + content” = “community + commerce” when looking to connect with audiences with nuisance cultures and attitudes.