If your Sales and Partnerships/Business Development teams operate in silos, you’re essentially pouring money down the drain.
Partnerships should function as a critical support arm for Sales, with sales targets serving as the definitive roadmap for the Partnerships team. The strategy for Partnerships begins and ends with aligning to these goals.
Think of these teams as rowers in the same boat—each one must be in sync, rowing in the same direction. If they aren’t, the boat will simply go in circles, wasting time and resources. Meanwhile, your competitors will be the only ones celebrating.
Once sales targets are established and prioritized, the Partnerships team can then craft their short, medium, and long-term strategies to convert these targets into real clients.
Ideally, the strategy should include various types of partnerships, each designed to engage multiple targets simultaneously. These could range from cross-promotions and product collaborations to event sponsorships. By approaching targets from multiple angles, you increase the chances of success. Additionally, having multiple targets ensures that if roadblocks arise with one, the team can quickly pivot to focus on another.
With a solid strategy in place, one of the most valuable actions you can take is to be ruthless in saying “no.” One of the biggest pitfalls for Partnerships teams is becoming scattered by chasing every new opportunity. While flexibility is important—dogmatism is never advisable—it’s crucial to remember that partnerships require significant effort across multiple teams. They’re complex and resource-intensive, demanding talent, focus, and dedication.
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