Join Brad Batesole for an in-depth discussion in this video Creating partnerships, part of Marketing Foundations: Growth Hacking.
- Partnering is a powerful tool. A solid relationship with another company can help you grow your business in an unlikely way. This is especially true if you can identify a partner that is already connected with your target market or has access to an audience that does. Partnerships have to be mutually beneficial, and if you're the smaller company, then you've really got to work to establish what that benefit is. Partnerships can be everything from providing added value to a company's existing customer base to providing a technological enhancement for an existing product.
As you explore partnerships, be sure to ask yourself three questions. What does my business get? What does their business get? And what does the customer get? Let's explore the first question in more depth. You'll start by determining what's in it for your business. Time is money and wasting it on an unbalanced partnership isn't a smart decision. You wanna start by figuring out what you'll get out of a strategic partnership. Is it access to a larger audience? Do you gain credibility or validation? Or maybe you'll be receiving a new feature for your customer.
Decide on the most important element you need out of a partnership. Not only will that help in negotiation, but it's also necessary as you begin to research potential partners. Now once you identify a partner, you'll wanna figure out what's in it for them. Put yourself in their shoes. They're going to be motivated by something. What is it? You have to look at your product offering closely and decide what you can contribute. Is it your existing traffic? Your personal expertise? Or perhaps it's a piece of technology that you can bring to the table. Make a list of what you anticipate their demands being, as this will help when you make your pitch.
Put a few bullet points together of why you're the best option for each of their needs. It'll help tremendously as you begin your discussion. Finally, always consider the customer. You wanna make sure that the strategic partnership has their best interest in mind, too. At the end of the day the customer is the whole motivation behind the partnership. Keep a list of what you see being the biggest benefit for them. Use this list as the foundation for your negotiations. You can't compromise the needs of the customer, so if the partner can't commit to something they need, you'll have to pull the plug.
Growth hacking is all about leverage, and a partnership is just another area to gain that leverage, so explore opportunities and negotiate wisely.
The course concludes with growth-hacking case studies, highlighting the growth-hacking techniques that helped propel such companies as Airbnb, Uber, and Tinder to explosive growth.
- What is growth hacking?
- Understanding the funnel
- Setting up tracking and analytics
- Leveraging customers and existing users
- Testing ideas
- Generating an audience
- Creating an incentive strategy
- Real-world examples of successful growth hacking