Partner Relationship Management Leads To Optimal Returns For All Partners

By Author: Madeleine Duke
Total Articles: 47
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A successful partner marketing arrangement requires careful management to make certain the partners work in a coordinated fashion that meets the partnership's and each individual member's objectives over the long-term.

Partner marketing typically brings together two or more businesses or sales professionals who serve common markets but offer complementary products or services.

Put careful thought into which organizations or individuals you partner with. A key to good partner relationship management is establishing and maintaining working affiliations with reputable businesses or individuals.

You may practice the strictest business ethics and provide the best customer service possible, but if you set up a partner marketing relationship with a business or individual who is lax in customer service or business ethics, their poor reputation will very likely poorly reflect on you. You may suffer the consequences of guilt by association.

So, scrutinize potential partners to make certain they offer excellent customer service, products and services that will reflect well on your business. And, of course, ...
... strive to maintain a business that will reflect well on your partners so they will reap the benefits.

Partner relationship management is essential to keeping the partnership fresh, active and valuable to each member of the relationship. Just like a chain, a partner marketing relationship is only as strong as its weakest link. If the partnership isn't showing a return for one member or if one member is not pulling its weight in promoting the alliance, the partnership is likely in danger of breaking.

If you are the one to initiate a partnership you have the advantage of handpicking associates that have attained a reputation for quality products and services that is compatible with your own and will strengthen the partnership.

However, you will have the challenge of selling the concept to your prospective partners, proving to them that partner marketing will pay dividends for them—not just for you. This will require pitching your idea to potential clients who could benefit from the type of partner marketing that you want to establish. Then, to help close the deal with your potential partners, it's a good idea to secure an agreement with a client or two that will result in immediate business for the partnership.

One partner management strategy that is often successful is creating a new service that draws on the specialties of each of the partners. An example of this would be creating a turnkey wedding planning service that involves partners such as a planner, caterer, photographer and florist.

Another example could be an estate planning service built on a partner management relationship of a financial planner, lawyer and accountant.

A successful partnership, while benefitting each member when they work together, also has the potential for opening additional avenues of business for each partner outside the partnership. For instance, in the wedding planning example, the bride and groom, impressed by the photographer's work, may later engage him or her separately to take family portraits. Or they could hire the caterer for another special event.

Good partner management practices can help track the return each partner gains from the relationship to make certain that the partnership is not benefitting just one party. And if that's the case, then the partners need to work together to correct the situation.

Find out more about partner marketing. Get more information on partner management and partner relationship management.