Some of the Common Mistakes Made in Business Partnerships
The partner doesn’t truly believe in the product and therefore does not
represent the brand wholeheartedly
The partner is not really a salesperson and is not willing to push the
partner’s products and make sales. Choose products you are passionate
about and partners who you really support: then the sales will come from
your enthusiasm. Think of it as helping your customers rather than selling
to them
Products end up being “forced” upon customers who do not require them
or need them, creating a bad reputation for the coach and bad advertising
for the brand
No measurements or sales targets are agreed upon between the partners,
which will monitor success of the partnership. This leads to a breakdown in
trust between the two parties and the partnership ends prematurely.
Always agree on exactly how the success of the partnership will be
measured before signing the contract
The partner misrepresents the company in a way to try and keep more
income for his or herself, which in the end is always discovered and the
coach loses the trust of both his or her customer base and the partner
The partner represents too many products or too many companies at the
same time, which weakens the value of their products and services and
leads customers to believe their interests are no longer at the heart of
things
The company is only intent on getting direct access to the partner’s
customer base and is not interesting in investing time and energy in the
relationship
The partner represents products and services which are of no benefit to his
or her customer base and therefore almost impossible to promote
The partner makes impossible sales promises to the company at the
outset which he or she can never achieve, leading to a breakdown of trust
in the relationship between the two parties
The partner does not actively promote the company’s products and
therefore is not adding value to the partnership. Define exactly what is
expected from both parties and what is your role in the partnership at the
beginning
The partner only contacts the company when he or she has an invoice
which needs paying. As with any partnership in life, it is important that
there is ongoing dialogue between the two parties
Here are some other things to consider in business partnerships
Relationships are Give and Take
If you want to build sustainable long-term business partnerships they must be
built on a “win win” foundation. If you are not in it for the long run, then it is not
a partnership so, as with your own coaching customers you must be prepared to
build a relationship with your business partners.
In my experience you must believe in the products and services you are
representing, and hold your business partner’s interests close at heart. If this is
the case, you will have no problem recommending their products and services to
your customers because you will genuinely be passionate and enthusiastic about
the benefits they provide.
If everything you communicate to your customer base is simply a sales pitch,
then they will start to try and avoid you and unsubscribe from your mails and
newsletters. Try to see yourself as a problem solver rather than a salesperson
and demonstrate how you benefit from your partner’s products and services
Even if sales initially don’t go well, as long as you are upholding your side of the
agreement and continually working hard to promote your partner then that is
OK.
Be the Energy and Creation in the Partnership
As with all successful partnerships in life, it is important to work continually on
what you are bringing to the relationship. I have found that if I am continually
communicating new and interesting “win win” ideas to my partners, it really
strengthens the relationship between us. Do not forget that you are the expert in
your field and you have the knowledge of what your customer base likes and
dislikes. So, it is up to you to bring the ideas forward on how the partnership can
flourish.
If you want to generate extra income, you need to be creative and proactive
when it comes to proposing new ideas and activities, and never being afraid if an
idea does not work. Your business partners will appreciate the energy and
commitment you are bringing to the relationship, so they will generally try and
support you as much as they can.