The tech world’s popular kids are, once again, reigniting their fight for industry dominance. Normally, this fight would entail one company’s single-sided strategy that targets another individual foe in order to surpass them in rank and recognition. The new fight for dominance by Google and Walmart, however, is a joint advance against the e-commerce giant Amazon.
Walmart will be allowing Google the chance to sell their sought-after inventory within their e-market, Google Express. In addition, Walmart’s products will gain more online shopping exposure through Google and have access to voice recognition purchasing functions, a tech element that will undoubtedly rival Amazon’s Alexa.
Walmart’s new collaboration with Google is a surprising yet wise tactic. This news also may inspire smaller tech businesses to craft a business partnership themselves, but is it really feasible for still-growing businesses to pursue an active partnership?
There is a discouraging reality in the world of partnerships. As highlighted by The Balance, up to 70% of business partnerships eventually end in failure. The larger causes to this result tend to be a mixture of disagreements on partnership next steps and lack of clarity in terms of what accomplishments must be made by each partner.
In order to prevent your partnership from becoming another negative statistic, consider adding these action items to your partnership plan.
Highlight Each Partner’s Potential Benefits
Generally, partnerships are meant to be mutually beneficial relationships in the business ecosystem. The point is to onboard an outside company in order to advance your company’s and that partner’s target goals. Since you’ll already be aware of the positive impacts the partnership will give your business, the key is to emphasize how this collaboration will impact your partner.
Research what areas matter to your desired partner, either through independent investigation or direct conversation between parties. Include your discovers in your pitch, emphasizing how the overall partnership can improve your partner's’ goals or issues. Taking a non-selfish stance betters your chances of convincing a partner to join your cause.
Identify Your Partnership Champions
A project is just an idea until someone executes it. Decide which figures within your organization need to anchor your side of the partnership. Whether it’s a team or an individual member of your business, assigning responsibility adds legitimacy and overall clarity to which roles will pivot the partnership’s success.
Divide and Conquer Tasks
There’s a slim chance your partnership will become an overnight success just by completing one activity. Outline what tasks need to be completed to better your partnership’s productivity and longevity. Such tasks can range from developing new product features to organizing an alternative sales lead list to informing press of the joint business endeavor. Once both parties layout priority tasks, divvy them among the chosen representatives to ensure no work is left unassigned.
Develop a Project Timeline
Once all tasks are given to the appropriate recipients, document a set timeline that leads up to progress end goals. The timeline can be simple, such as marking completion dates and times per task, or can include more thorough details such as pre-scheduled progress follow-up meetings and backup tactics to do in case certain tasks fall behind schedule.
Smaller tech businesses are wise to take note of Google and Walmart’s joint attack against their common competition. Despite there being statistical odds against partnership success, growing companies can, too, execute their own game-changing partnerships if they are diligent in formulating an efficient plan of action.