Partnerships are integral to any company's success, requiring seamless collaboration across departments. A strong partnerships team thrives on its relationships with cross-functional leaders and their teams, as these alliances can either propel or hinder deals. Investing time in cultivating these connections, both personally and professionally, is paramount. Understanding how these teams define success is crucial; demonstrating how partnerships can support their goals fosters symbiotic relationships.
Mission-Critical Teams:
1) Sales
Sales alignment is foundational to a robust partnerships strategy. You must know the exact targets this team is prioritizing and just as important, which targets they've decided to avoid. Identify not only the sales leaders but the Account Executives who are in the trenches everyday. These people are your best source to understand what messaging is resonating in the market and which targets on the list are plausible and which targets are unlikely. I was told at Affirm that we'd never onboard Nordstrom and then through a VC connection of mine, we were introduced to their head of BD and we made that deal happen so remember to take the "no" column as directional rather than definitive. Nothing is impossible.
2) Product
You might not have a product partnership in mind but when you do, this team will be critical to your success. At Affirm, we decided to roll out in person payments across Westfield Malls nationally with QR codes via the Affirm app. At that time (2018) the app was someone's side project and because we invested time with the product team, it was a relatively easy pitch to product. We were able to communicate the multi-faceted value to them 1) The first time Affirm would be used in person, opening up a new user acquisition strategy 2) Creating a valuable tool for the sales team because they could show that customers were using Affirm to pay over time in-store 3) Loan volume generation from a new source.
3) Executive
Engaging executives regularly with updates ensures alignment and secures crucial support. Bi-monthly presentations can secure buy-in for ambitious initiatives, offering leverage during challenging phases, such as navigating risk concerns from other teams. When we wanted to bring Affirm in-store into Westfield mall I presented to exec and got their OK which provided me with much needed firepower through the difficult early stages of that partnership like when the fraud team said, "no way, too risky" but, that's a story for another time. Keep exec in the loop. They can also put you back on course if you start pursuing initiatives that don't align with the ever-evolving company goals.
4) Marketing and Communications
No matter how big or small the company is, these teams will have some kind of process. It's not a great look to barge in and tell them you need collateral in two days, something I have certainly done and expended valuable capital doing so. It's best to know their process and follow it the best you can. Show these teams respect and they should show you the same.
Effective partnerships hinge on strong strategy development before execution. Rushing into action without a clear roadmap risks wasted effort and missed opportunities. Define goals upfront to measure success accurately; a well-crafted partnerships strategy requires collaborative effort and careful planning. In a recent corporate experience I saw a lot of hustle and execution without much strategy put into place first. We were spinning our wheels with no chance of an outcome. You'll never get to where you're going if you don't have a goal and you'll never be able to measure success if you haven't defined what success is. A great partnerships strategy takes time to create and it’s time very well spent.
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