ROL (Return of Love) & ROI
Many business developers share the same experience. Management decides on a game changing new partnership, and as soon as the ink is dried, it falls into the lap of channel managers and sales to make it work. The initial marketing take away usually is straight forward: some joint collateral and logos all over. Sometime limited budget until we see revenue or other millstones being achieved. When the pipeline and new logos don’t come in, finger pointing starts.
Well, as with everything, don’t look at the surface, but ask.
Why do we sign a partnership agreement? Does it fit into our framework? Does the vision align? Is there a practice to support it? What is the addressable market? What is the particular challenge we can solve for clients? Where will revenue come from? Do we want a transactional partnership? What do we bring, what do the others contribute? The list goes on…
Quick win, tactical or strategic relationships?
Back to my dating example, do you look for a fun evening (quick win), a relationship to not spend another lock-down alone (tactical), or do you want a lifelong partner in crime (strategic)? I assume most would discuss this early one, just to be sure everyone gets their ROL (Return of Love) out of investing time (among other things).
Do the same thing with your B2B partnerships. Talk about what you want to get out of it. Talk to the right level. And go for it. Not sure where to start? Level up with Foxlove!
With our help, companies have been able to identify these and other questions, and became market makers for some of their offerings, genuinely transforming clients and alongside their partnership.
Get in touch with Ramona@foxlove-strategy.com