Tourism Internet Marketing U

Choose Your Partners Carefully

Partnering is a powerful marketing method. You can do so much more with a partner that you can’t do without one and together the two of you can profit so much more. But you do have to choose your partners carefully. Otherwise, the experience could be a negative one.

Things to look out for when developing a partnership include:

• Philosophy – Do you have two different sets of ideas with regard to your core business agreement? If so then this could lead to a potential conflict. It’s best to know right up front what your differences are and if you can’t live with those differences then don’t enter that partnership.
• Money matters – Define your monetary relationship very carefully. Who’s going to be responsible for what? Who is going to keep track of what and who will report to whom? How will you divide the profits? Make sure you spell everything out completely.
• Get it in writing - A verbal agreement is a non-agreement. If you don’t have a written contract then you don’t have a contract that is enforceable.
• Competition – Is your partner also a competitor? It’s OK if so. Just be aware of those areas where you compete and don’t muddle the waters. Many businesses that compete in one area build successful partnerships in other areas. It can be done, but you can’t move back and forth between a partnership and competition if you let the areas that compete interfere with your partnership.
• Areas of responsibility – Know what you bring to the table. Also know your partner’s strengths and divide your responsibilities evenly.
• Respect - If either party disrespects the other, it won’t work. Show the proper respect and expect it from your partner as well.
• Integrity – Always be honest. Truthfulness coupled with respect is the only way to build a partnership.
• Goals - Define your goals early on. Know what you and your partner want out of the relationship and work hard to make both parties happy and successful.

A partnership is hard work, but there are many rewards. Go into it with your eyes open and work hard to do your part to make it successful. If you feel like you need more advice, why not pick up a copy of my Partnering Webinar?

-Written by Susan Sweeney