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.
Sade Disu is known and sought after for her ability to leverage storytelling, data, and business operations with her innate understanding of the cultural consumers’ lifestyle attitudes.
She attributes this aforementioned attention (press and awards) to her grit for creating cross-cultural content, platform solutions, and activations that engage (what she coins) the ” multi-hyphenated millennial women.”
Her content strategies and live event platforms were deemed unmatched for its 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.
All in all, Sade has delivered award-winning and has been press ordained (had a 4-page press feature in Black Enterprise and 2-page press feature in Forbes French Edition for her global experiential marketing and digital work across various clients.
Brands like Kimora Lee Simons, Iman Cosmetics, Pikolinos, Zara, Roommate Hotels and USAID, immediately tapped into her three-tier prong approach “community, content, to commerce” when looking to connect with the cultural consumers.
Under her auspice, she managed a team of 25 and built a 10-year-old marketing and digital communication firm, responsible for offline and online platforms that connected brands to consumers organically and authentically.
The results increased brand awareness 8.5 million views; $300+ K in revenue generated per event (total of 3) for project sponsors, and performance beyond the expected for key performance indicators such as newsletter subscribers. Media giants such as Hearst Magazines caught wind of her competencies — the ability to connect to cultural consumers through content and experiential solutions– and immediately hired her agency to build and produce its international spin-off of COSMO (which Disu also helped cultivate and manage editorial teams for).