Sunday, March 7, 2010

Step 4: Prepare a Partner Proposition Worksheet

You only get one chance to make a first impression. Don't blow it by indiscriminately calling your targets and "winging it." Approach partner recruitment with the same care and preparation that you would if you were trying to land a marquee customer.

Prepare a "Partner Proposition Worksheet" (http://www.entrepreneurship.org/Resources/Detail/Default.aspx?id=12194) for each partner prospect. Start by thinking through "WIIFT" (what's in it for them). Here you must stand in the target partner's shoes. Why would they want to partner with you? Why do they need to partner with you? What capabilities do you have that they need in order to compete more effectively? Do your homework. Understand the company's goals, objectives, and strategies and what's happening to them in the market. Think through what your combined value proposition would be to customers. Identify a compelling vision for the partnership and articulate the impact of that vision on the marketplace.

Finally, clearly articulate your partnering proposition — what it is that you are proposing that you do together. Be as specific as possible. Perhaps you can even identify a few options.

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