Key Partners are relationships that a company have with other entities that help the business model to work (for instance, suppliers, manufacturers or advisors). These partnerships are a helping hand needed to succeed in areas that would be inefficient for the company to take care by itself.

Key partners help your business run smoothly and effectively, they also supply you with lots of resources, services and support you need to grow and succeed.

Make a list of resources and services you need

The resources are needed to create value for your customers. They are considered your assets and they are needed to sustain and support your business. These resources can be categorized into four main categories:

Physical resources, such as raw material, buildings, vehicles,
transportation, storage facility, machines and factory.

Human resources, or staff, such as a talented engineer or marketing experts. These resources are more important in companies in the knowledge-intensive and creative sectors.

Intellectual resources, such as your brand, patents, copyrights, partnerships, and customer databases. This can include recipes for those who deals with food. Or it can include a particular way of doing things (that maybe only you know).
Financial resources, such as cash, credit etc.

It’s important to start off your business with the right resources to help your business to succeed. Of course, not all resources are the same. You will need resources for marketing, operations, finance as well as creating your product or service.

Research potential partners online

Before you start looking for potential partners, you need to have a clear idea of what you want to achieve from the partnership. What are your goals, expectations, and criteria for success? How will you measure the value and impact of the partnership? What are the benefits and risks of partnering with another organization? Having a clear vision of your partnership objectives will help you narrow down your search and focus on the most relevant and promising prospects.

One of the easiest ways to find potential partners is to use online tools and platforms that can help you discover and connect with organizations that share your interests, values, and objectives. For example, you can use social media, blogs, podcasts, webinars, newsletters, and online communities to find out who is talking about your industry, niche, or topic.

You can also use online directories, databases, and search engines to find organizations that offer complementary products, services, or solutions to your target market. You can also use online reviews, ratings, and testimonials to get a sense of their reputation and customer satisfaction.

Reach out to potential partners directly and ask questions

Once you have a list of potential partners, you need to visit their websites and learn more about them. Their websites can tell you a lot about their mission, vision, values, culture, and personality. You can also find out about their products, services, solutions, features, benefits, and pricing. You can also check their portfolio, case studies, testimonials, and awards to see their track record and results.

You can also look for their contact information, social media links, and press releases to see how they communicate and engage with their audience.

Consider price, cost and quality

A competitive analysis is a process of comparing and contrasting your potential partners with your competitors and yourself. It can help you identify their unique selling proposition, value proposition, competitive advantage, and differentiation. It can also help you understand their market position, market share, market size, and market growth. A competitive analysis can help you evaluate how your potential partners fit into your industry landscape and how they can help you achieve your partnership objectives.

Check out also what would be profitable for them as well, it has to be a deal where both partners gain, not a one sided agreement that benefits one partner.

Hope this would help you to get a partner for your business

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