Establish Partnerships with other startups
How to Grow Revenue Through Partnerships
You scratch my back, I’ll scratch yours.
This business tenet has been fundamental to the growth of companies long before The Internet was even so much as a twinkle in Tim Berners-Lee’s eyes.
Even tech startups have been using partnerships ever since Microsoft started bribing PC manufacturers into bundling their operating system with every new computer shipped.
So, what’s different for SaaS startups?
In one word: nothing. What worked hundreds of years ago still works today. That’s the good news!
However, as a growth hacker, this territory may be more foreign to you given the virtual nature of most of the BizDev activity you’re used to.
That’s OK, we’ll gently guide you through this strange land where suits are worn daily and cigars are still smoked. You better believe it…
Just Hack It:
- A little skeptical that old-school business tactics can help you growth hack your way to glory in today’s API-driven world?
- In that case, Uber is a fantastic example of how a modern tech startup has strategically used partnerships to grow at a phenomenal rate
- Partnerships are actually not as daunting as the thick stack of legal paperwork that comes part-and-parcel may make them seem
- Sure, they involve a lot more people interaction than you may be used to but growth hacking is growth hacking, whether it’s offline or online
- Here’s what you can do to sell the value of a strategic partnership to another startup:
- Sell the benefits of partnering with your startup and how your product can add value to the other startup’s business
- Align your vision around a common goal that you both share
- Carefully think through the logistical and legal aspects of the relationship. Yes, this is where it gets boring but just keep the ultimate goal in mind and have good legal advice on hand for when the deal is ready to go through
- Keep it agile! Startups operate in a world that is uncertain by definition so ensure that there is flexibility built into the relationship. This way, when the market moves, your strategic partnership will move with it and continue to make money for both you and your business partner
- Hopefully, you now see that old-school is just as effective as nu-school, as Neil Patel pointed out in his article
- Bring back the three-martini lunch we say!