April 10, 2019

How would you approach a potential partnership?

I've identified a potential partner to help me grow my current project, SalaryPOP (https://www.salarypop.com), and I'm looking for insight on how to approach this person. I've sent them a brief introduction (without mentioning interest in a partnership) on LinkedIn which was accepted and have an idea on steps to move forward, but want to see if anyone has any advice before doing so.

For context I've developed SalaryPOP alone to this point and I'm interested in the potential partner's marketing and community management/growth skillset.

#ask-ih

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    When you say partnership, are you thinking about having him work together with you as a co-founder? Or as a marketing channel partner?

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      Could be either. We're both providing a similar service, but bring different value to the table. My approach is to help users negotiate their salary through the app itself whereas this person is more of a 1-1 coach and creates excellent educational content (videos, blogs, etc). Do you think one option is better than the other?

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        I see. Asking someone to be a co-founder is a MUCH higher commitment. It's not just about having a similar TA, but you need to know if you can work with this person on a very "intimate" level so to speak.

        My advice is to work on a channel partner basis. Make the goal clear. Are you looking to get more leads via referral? Is it traffic or brand exposure?

        And then, figure out the story. How can your service complement each other? What incentives can you give to this person for this partnership? How can you help this person? I always believe in "giving first", try to figure out what he/she might want, and see if you can potentially offer that. This is quite a high-level advice, but happy to share more thoughts!

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          Great advice! This is all new territory for me and your feedback helps me pare down my approach to hopefully start things off simply in a way that benefits both our services and go from there.

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            Yep! When it comes to partnership, from my experience, don't be afraid to just hit 'em with the potential ways you guys can partner together, right from the start. Basically, you'd want to help them realize the potentials of working together.

            "Here's how I thought we can work together:

            a. Referral partnership: ($$$ per leads referred?)

            b. Content partnership: (webinars? blog post?)

            c. ???

            Would love to hear what you think!"

            btw SalaryPOP looks cool! Good luck and feel free to hit me up on here, Twitter, or LinkedIn if you have any questions.

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    This comment was deleted 6 months ago.

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      No-one ever worries about these things until they go wrong and then they go badly, badly wrong if they have not been considered and agreed up front.

      A thousand times this.

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      Thanks for the thorough response! Definitely a lot to consider and plan on taking it slow to begin with. Still in the very early stages of all this, so the less complicated the partnership can be the better. Will likely start with just attempting to promote each other's services with potential kick-backs for any sales produced and see if I can re-use any educational content freely.