Financial companies have it hard when talking about finding the right strategic business partners. While they understand that in order to succeed, one must need the right partner. They also acknowledge the fact that it’s not as easy as picking somebody and praying it will work out fine. The financial sector has many regulations and to consider when choosing an incentive partner.
So, as a financial professional, you create a shortlist of the people/brands you want to work with and you prepare a pitch. Your heart races as you hit send and wait for a reply. But wait, what if they do reply? Does this mean you will be reaching your goals in record time?
Most of the time, the answer is a resounding NO. It’s all about incentive alignment. So before you get all giddy about working with a partner, make sure you know how to do it right in the first place.
How to Look for the Right Strategic Partner
- Look beyond the obvious – When choosing strategic partners, most don’t go beyond a brand’s strength and reach. We think that if we get a strong partner then we are good to go. This is not true. You have to remember that a company (even yours as well!) is a complex machine composed of various working parts. If you want to create a successful custom channel incentive program for them, you must dig deeper and find out if they have goals that are not too obvious from the outside looking in.
- Don’t be afraid to play second fiddle – If you are a financial company that just started out, you understand that you may not be able to control a strategic partnership. While you may be offering partner incentives, it’s not an assurance that you are controlling the ship. Remember that this is OK and it will all be worth in in time. Just don’t forget to make it clear on what your business needs from the venture and work on that. You may not get the perfect partnership but as long as it helps you move closer to your goal then it’s much better than being stagnant.
- Work harder – Just because you have a strategic partner and you have a custom channel incentive program in place doesn’t mean you can slow down. In contrary, you must work twice as hard. Remember that your success depends on how much you can prove that you are a valuable strategic partner to your counterpart.
- Learn to wait – Most partnerships take time before you see any results. There might also be some speedbumps but all of these things happen even to the best of partners. Understand that while it may take time, it will be more than worth it in the end.
Creating a partner is already a challenge and so is coming up with a custom channel incentive program to help foster that partnership. If you are having a hard time on partner incentives, you might want to check Online Rewards at https://online-rewards.com/. They can help you come up with your own custom channel incentive program.