12 Questions To Create Win-Win Collaborations
Have you ever sat down to write something, not sure how it’s all going to come together when BAM! the perfect example falls right in your lap?
I’d been thinking a lot about the importance of strategic partnerships and just happened to pop into the Starbucks across from my hotel here in Seoul, Korea. The music was playing overhead, and then it clicked.
Starbucks + Spotify!
I couldn’t have asked for a better, more timely example of a strategic partnership that has been a runaway success.
Curious, I started to dig in. Starbucks and Spotify teamed up in 2015 to create a music ecosystem in Starbucks stores all across the globe. As you probably know, Starbucks customers are able to curate in-store playlists through the Starbucks app, which allows customers - you and me - to feel more connected to the space and the vibe inside the store because they’re helping to create it. Meanwhile, Spotify gains more clarity about its end user and exposure to Starbucks' massive global customer base.
This partnership really exemplifies how two distinct brands can amplify their impact by aligning their strengths and catering to the demands of their shared audience.
But how do you go about creating a partnership like this?
And more importantly, how do you ensure that it’s a total win-win for everyone involved?
In today’s blog post, we’ll dig into why strategic partnerships are essential for business growth and impact resonance, I’ll offer a couple of considerations to keep in mind as you start to form partnerships and give you 10 questions to guide you through your own strategic partnerships journey.
What is a strategic partnership and why is it essential for business growth?
A strategic partnership is “an agreement between two (or more) companies to work together to benefit both businesses” (SCORE).
Partnerships have always been a powerful tool for business growth, but as Indra Nooyi, the former CEO of PepsiCo, succinctly put it, "Strategic partnerships are the cornerstone of success in today's complex and interconnected world." As the pace of growth increases, it’s almost impossible for businesses to forge their path alone. Strategic partnerships open the door for growth, innovation, and impact in a handful of powerful ways.
When done well, strategic partnerships offer access to new markets and potentially untapped audiences for everyone involved. They increase your access to much-needed resources and expertise. If you look at many small businesses and nonprofit organizations, access to resources and expertise can be the thing that makes or breaks the organizations’ growth and impact goals. Rich collaborations have the potential to unlock access to often specialized resources that could be otherwise out of reach and expertise that can fast-track product development, streamline operations, and skyrocket innovation.
When you and your business are linked with other reputable partners you bolster your business’s credibility and visibility. A well-chosen partnership communicates to your audience that you’re both committed to delivering value and are recognized by respected players in your industry.
Last fall, my biz bestie, Becky Clabaugh, and I collaborated on the Design Your Best Year Yet Challenge and co-hosted the revamped Rock Your Year | Nail Your Sales workshop. That experience taught us a lot about what works and what doesn’t in a partnership, but more than anything, it increased our visibility and amplified our credibility in different circles. It was 100% worth the effort it took to lay the foundation and hammer out all the working details.
One final thing I’ll say about the benefits: new data is showing how strategic partnerships can extend far beyond the partnership itself. Insights from the UN Global Compact and Accenture Strategy Study, in addition to the B Corporation Impact Report, affirm the pivotal role partnerships play in achieving sustainability goals and fostering impactful transformations. In fact, 87% of CEOs believe that partnerships are essential to achieving their sustainability goals and B Corps that engage in collaborations and partnerships with other businesses report higher levels of positive social impact.
Creating Win-Win Strategic Partnerships
As you think about potential partnerships as a tool to fuel your growth and amplify your impact, make sure you and your potential collaborators are clear on your organization’s purpose. I know I talk about this a lot, but it’s one of the most important elements of your business. When you align with partners whose values don't resonate with your mission, it’s easy to get pulled off track, and then the benefits of the partnership you were hoping for fall by the wayside.
To help you navigate this, consider working through the following questions:
As you prepare to reach out to potential collaborators, take some time to evaluate the following:
1. With whom do you want to collaborate? Why? Be specific.
2. Determine your goals. What do you hope to achieve by collaborating with this person/entity?
3. What’s the timeline you’re targeting?
4. What is your overarching strategy and the key goals (1-3) for the event?
5. What are the key roles and how do you envision each party contributing?
Once you’ve done some initial brainstorming, think about the following:
1. Why would this person/entity want to collaborate with you?
2. What’s the win-win (value proposition) for you both?
3. How do you plan to engage with them and propose your idea?
4. Are you open to revamping your plan based on their input?
After you’ve reached out and determined a mutually agreeable strategy, shared goals, and value proposition for you both, it’s time to set the plan in motion.
1. Develop an execution plan and document it. Be specific about who does what and when, pre/during/post-event.
2. Once the event has concluded, take the time to do an after-action review. Debrief what went well, what could have gone differently, and what could be improved for next time.
3. Determine next steps and the path forward.
These questions are just a starting point, but having gone through a number of partnerships, some that worked and others that didn’t, I can say with certainty that the ones that were a success, the ones that had the most positive impact on me and my business, had their foundation in these questions.
What dream impact are you trying to make and who can you partner with to make it happen?
