What methods can you use to evaluate the potential of a Partnership?

I typically ask myself: Is my partner’s solution better to customers after the partnership is launched? Also: Is my solution better post launch? If the answer is ‘yes’ to both questions, it is always helpful to size ‘how much better’, so you can have an objective point of view as you quantify the value exchange that will need to happen to balance out the equation between both parties (ie $ to invest on each side).

When it comes to finding the right partners, it's all about connecting values and goals. Some folks chase quick cash in sports and entertainment by teaming up with any brand. It can feel good at first, but often, it stings in the long haul. Long-lasting partnerships need a shared vision and principles, building trust and a strong reputation. While short-term money can be tempting, compromising your values can harm your reputation and prospects. Prioritizing alignment over instant riches is the key to lasting success in the lively world of sports and entertainment, creating relationships that stand the test of time.

Partnerships work across several dimensions, with product solutions being one of the many potential dimensions. Other dimensions include financial motivations. Companies may want to formalize how they buy goods and services from each other. Go to Market where the companies see value in cross-selling. Generally, partnerships are difficult to structure and often need more rigor to be performance-managed the way a direct revenue team is. When setting up a partnership engagement do you as the engagement lead, control your destiny or are you in along for the barrel ride? Who is taking the risk and who is getting the upside?

Partner Points can be a great way to monitor progress. It motivates the right actions by aligning strategy to behaviour & reward. It shines a light on partners who might not otherwise get noticed. More diverse partner programs recognise that contribution comes in different ways and not just direct revenue You can adopt tools like Performance Leader software to use pre-set points systems.

Some approaches are: - Align objectives and define clear outcomes - Credibility, track record and reputation - Cost benefit analysis - Foster good relationships and connections - Trust and transparency - Be flexible

Consider the future and sustainability of the partnership from the beginning to avoid strong external funding dependency. If not you risk the partnership ends prematurely.

Key methods you can use to evaluate the potential of a Partnerships are:- 1. Long term objective, vision & mission commonality. 2. Exponential growth perspective for collaborative mastery. 3. Exit strategy and failure analysis through understanding.

In partnerships, trust and transparency are cornerstones of success. Once partners have agreed to the terms, a fundamental component often includes an upfront payment to solidify the partnership. This upfront payment serves a dual role. Firstly, it cements trust between the partners, signaling a genuine commitment to the collaborative endeavor. Secondly, it enhances transparency by clearly outlining the initial financial investment, minimizing the potential for future disagreements or miscommunications. This initial financial commitment sets the stage for a more cooperative and secure partnership, ensuring both parties are wholeheartedly dedicated to fulfilling their respective roles and achieving their shared objectives.

I can't agree enough with Hirals third point. Exit criteria is crucial to establish & take note of. Deploying resources towards a high energy low value partnership can be a defying anchor to the entire partner program.