That said, another 7% have partnerships for 10-12 months, 5% for 6 months, and 2% between 7-9 months.<\/p>\n
![\"how](\"https:\/\/referralrock.com\/blog\/wp-content\/uploads\/2021\/04\/how-long-do-marketing-partnerships-last-1024x577.png\" "\\"\\"")
<\/p>\n
Why should you maintain a business partnership?<\/h2>\n
Now, why exactly do businesses establish these types of partnerships? We asked our experts to pinpoint their main reasons, sharing some interesting results.<\/p>\n
The biggest segment of experts, at 41%, go into partner marketing<\/a> to reach a wider audience. The next 20% partner up to complement their offering with another business, and another 18% go in as a way to help increase brand awareness<\/a>.<\/p>\n Not surprisingly, some following reasons given by experts, at 11%, are to increase sales, and at 5%, to expand distribution. Three other reasons that got the same number of votes, 2% each, said they establish partnerships to leverage another brand\u2019s authority, enter a market they previously didn\u2019t have a place in, and boost each other\u2019s domains.<\/p>\n Let\u2019s start off our list of tips with some basic guidelines: If you put in the necessary work to set goals, understand your partner, and take other important action steps (which we cover in our post on planning partnerships<\/a>), you\u2019re already halfway down the path of a long and lasting partnership.<\/p>\n For the rest, it involves building on your relationship together with your partner. In fact, all the six tips that experts recommended revolve around building relationships.<\/p>\n \u201cIt all comes down to how you interact with one another and what your \u2018honesty policy\u2019 is,\u201d says Teri Shern from Conex Boxes<\/a>.<\/p>\n Equally important is staying transparent throughout the entire process. Why? \u201cTransparency creates trust and improves growth. If you can do this while nurturing the partnership, you\u2019ll be able to watch it strengthen and grow over time,\u201d explains Shern.<\/p>\n The idea is simple: If some aspect of a partnership doesn\u2019t suit you, or you find there\u2019s another way to do things, be honest about it. Rather than dropping the ball, go ahead and share your concerns.<\/p>\n Rachel Jones from Hope Health Supply<\/a> agrees, \u201cIf a certain facet of the partnership isn\u2019t working for you, it\u2019s important to discuss it early on so you can find mutually beneficial ways to overcome those challenges. And remember, the benefits almost always outweigh any slight inconveniences.\u201d<\/p>\n Summing up, Everlasting Comfort<\/a>\u2019s Travis Killian advises to \u201cbe upfront and honest when sustaining long partnerships. The more collaborative you can be in these situations, the more likely you are to have successful partnerships.\u201d<\/p>\n In order to be honest and upfront \u2013 to voice your concerns and share opinions \u2013 you need to communicate on a regular basis.<\/p>\n This helps combat the \u2018set it and forget it\u2019 mindset that businesses in a partnership often adopt, as Hospitable<\/a>\u2019s Pierre-Camille Hamana points out.<\/p>\n Therefore, it\u2019s essential you \u201ckeep in touch with [your partner\u2019s] team and continuously explore opportunities to communicate your partnership to your audience.\u201d<\/p>\n There are two aspects of communication in lasting partnerships:<\/p>\n \u201cWhile this may seem obvious, communication gaps are usually the backbone of most partnership problems,\u201d notes Bradley Stevens from LLC Formations<\/a>.<\/p>\n Not only that, but \u201cmaintaining very poor communication with the other party brings down the value and quality of work done together. The partnership weakens and it will no longer be a partnership,\u201d adds Akhila Ajith of StartupNameCheck<\/a>.<\/p>\n The solution? \u201cPlan weekly meetings to share new thoughts, ideas, or any concerns that may have arisen,\u201d Stevens advises.<\/p>\n \u201cMake a communication plan and discuss beforehand what communication method at what times suits you the best. Discussing what\u2019s better [for example, messaging or phone calls] is vital so the partner feels comfortable reaching out to you.\u201d<\/p>\n Bart Turczynski from ResumeLab<\/a> adds, \u201cYou don\u2019t have to give away trade secrets, of course. But don\u2019t leave your partner in the dark! If you feel like your partner is taking advantage of your expertise and not reciprocating, tell them. Try to work on something together that is mutually beneficial, while keeping communication flowing.\u201d<\/p>\n Admittedly, no relationship \u2013 and by extension partnership \u2013 is all rainbows and sunshine. Rough patches, misunderstandings, and disagreements are to be expected.<\/p>\n But an occasional disagreement doesn\u2019t mean you abort the partnership altogether. Find a way to compromise instead, as Chris Prasad from JookSMS<\/a> suggests.<\/p>\n \u201cThe most important tip when in partnerships is if you don\u2019t agree with something, always compromise. Compromising is better than leaving them empty-handed with their ideas.\u201d<\/p>\n Set aside some time to communicate your concerns and reach a middle ground that suits all the involved parties.<\/p>\n \u201cCreate multiple opportunities to increase the value of the partnership\u201d recommends Lynn Power of MASAMI<\/a>.<\/p>\n For example, you can grow your collaboration opportunities in the following ways:<\/p>\n \u201cOr you could do what one of our partners has done \u2013 create a partner section on your website to highlight like-minded brands.\u201d<\/p>\n Here\u2019s another action step for increasing collaboration Greg Gillman of MuteSix<\/a>: \u201cBe sure to establish benchmarks.<\/p>\n \u201cDon\u2019t look at collaboration as a one-time effort, but implement strategies that can be carried out in three months, six months, a year, and even beyond.<\/p>\n \u201cStructure this exactly as you would set a series of goals \u2013 except these victories will successfully impact two different parties, which lead to even more opportunities in the future.\u201d<\/p>\n It\u2019s also essential you take a friendly approach to nurture your business partnerships. As Affiliate Dove<\/a>\u2019s David Oscar puts it: \u201cHave a cheerful vibe and aim to give more value than you are getting.<\/p>\n \u201cPeople want to relate and work with others who are willing to listen to them, give them encouraging feedback, and most of all, offer them tangible value for what they are giving out.<\/p>\n \u201cIf you seek to relate to people in a cheerful way that shows you\u2019re an easy-to-get-along-with kind of person who is also modest, thoughtful, and observing all respects, people will want to relate with you more.<\/p>\n \u201cMost of the industries we\u2019re in are filled with people who are aggressive, wanting value for value, and not caring about creating relationships. You can stand out by doing slightly better than them.<\/p>\n \u201cWhen you talk to new business people, show them respect, give them a cheerful vibe, be honest, and be ready to be corrected. That will draw their attention.\u201d<\/p>\n Then once you have their attention, it\u2019s crucial to maintain it. As a means to this end, Oscar advises you to \u201cgo the extra mile and take note of the value they are offering your work and life, and aim to give back twice or thrice<\/a>.<\/p>\n \u201cAnd make an effort of checking up on them once in a while as you add more value to their lives and work. You will establish many long-lasting relationships that way.\u201d<\/p>\n While the other five tips above center around sustaining partnerships by building relationships, this one focuses entirely on relationship building.<\/p>\n Here are three ways you can go about building relationships:<\/p>\n \u201cEven if you form partnerships with brands that have similar values to you, it is highly unlikely you\u2019ll be operating in the same way,\u201d observes Nick Chernets of DataForSEO<\/a>.<\/p>\n \u201cSometimes, businesses are not tolerant of these differences and they try to micromanage the mutual activities. However, I came to realize that lasting partnerships are those in which both sides have tremendous respect for each other.\u201d<\/p>\n A golden rule to keep in mind is to not \u201cinterfere too much in the work process and show support instead of doubts. This way, you\u2019ll be giving partners enough space to operate and enough motivation to stay in the partner program,\u201d explains Chernets.<\/p>\n Tom Mumford of Undergrads LLC<\/a> says \u201ca great way to establish a lasting partnership is to keep in touch with your partners on a personal level.<\/p>\n \u201cNot every email or phone call has to be business-related. And if you can make personal connections with your clients, they\u2019ll be more likely to stick by you in the long run.<\/p>\n \u201cPlus, it\u2019s always nice to make connections with people you\u2019re working with so that you can clearly understand what they\u2019re looking for in business.\u201d<\/p>\n \u201cI have found that a little bit of vulnerability and authenticity goes far when it comes to building, establishing, and sustaining relationships between business partners,\u201d says Andrew Taylor of Net Lawman<\/a>.<\/p>\n \u201cBeing able to accurately and honestly depict that ‘I’ve got your back’ will just go further than anything more lucrative, especially in this day and age.\u201d<\/p>\n![\"reasons](\"https:\/\/referralrock.com\/blog\/wp-content\/uploads\/2021\/04\/reasons-for-lasting-partnerships-1024x577.png\" "\\"\\"")
<\/p>\n6 proven steps for building lasting partnerships<\/h2>\n
1. Be honest and transparent<\/h3>\n
2. Communicate clearly and regularly<\/h3>\n
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3. Compromise sometimes<\/h3>\n
4. Actively seek opportunities to collaborate<\/h3>\n
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5. Bring a cheerful attitude to the (partnership) table<\/h3>\n
6. Put effort into building relationships<\/h3>\n
Be respectful with your partners<\/strong><\/h4>\n
Don\u2019t make it about business all the time<\/h4>\n
Be authentic and vulnerable (sometimes)<\/h4>\n
Crack a joke or two<\/h4>\n