Ladies and gentlemen, it’s time again for Partner Jam! (cue applause)
This week, Jeremy and I spar on partnership equality. When you’re creating a deal with a valuable partner, it may feel like you don’t have enough to offer, but the solution is to get creative. Take a second look at your resources to increase your value and leverage a better partnership.
What are some low-cost or low-effort things you can build into a deal, especially when it seems like you don’t have anything to offer in return?
Deal sweeteners will always be case-specific but there are a couple things to keep in mind as you try to think through what might work.
Remember the cereal aisle. Grocery stores put a lot of time and thought into how they arrange their shelves. For instance, kid-friendly products are at kid-eye level which makes them more likely to be picked up and bought. The lesson is that a partner’s performance can be strongly influenced by decisions entirely within your discretion and control. Offering the partner some influence over those important decisions is a truly powerful deal sweetener.
Concierge service. Everybody likes to be treated like a VIP so look for ways to treat the partner or the business opportunities they send your way in a special way. This could range from high-touch on-boarding to a higher level of customer support to early access to new features.
Connections are always your most valuable asset. A single introduction could lead to an amazing opportunity. Everyone has connections – put yourself in your partner’s shoes and think through your contacts: who might be able to help them move forward? And of course, the best thing is to ASK: what do they need most?
Social media shout outs are always good trades that are easy to do and track. Comps to an event. Free baby-sitting. Just kidding. Well, kind of… I’ve done that before. Don’t tell anyone.
Last Week: Partnership Equality
Next Week: When Partnerships Go Wrong