Partnerships can drive amazing business growth -- when done correctly.
ThirdLove recently partnered with Angel City FC, a new women's football club (a.k.a., soccer team) that will be based out of Los Angeles, CA. Angel City describes itself as "not just another football club," but rather, "a brand on a mission to make a difference in the world." Their founders hail from Hollywood (Natalie Portman), Silicon Valley (Alexis Ohanian, founder of Reddit), and the soccer world itself (Abby Wambach, Team USA).
Why did we partner with Angel City? It wasn't because of their all-star roster of cofounders. It wasn't because we were big soccer fans (though we'll probably grow to be). Fundamentally, it was because Angel City's vision and values aligned with ThirdLove's.
Angel City is laser-focused on gender equity. Community support, especially through education initiatives, is a built-in part of their operations -- not an afterthought. (They're funneling 10% of our sponsorship payment directly into L.A.-based community programs.) The same way ThirdLove disrupted the lingerie space, Angel City wants to disrupt the world of sports.
Will they? We believe so, but time will tell. A partnership is always a bit of a leap of faith, but with the right forethought and planning, it can be an informed leap of faith.
Here's how to think through potential business partnerships.
First, understand which type of partnership it is
There are three main types of business partnerships:
- Marquee. Marquee partnerships tend to be multiyear engagements in which both partners build something from the ground up. ThirdLove's partnership with Angel City is a key example. We're in it with them for the long haul -- not just for a couple months.
- Collaborations. Two or more separate entities, brands or influencers may develop a co-branded product. For example, Uber and Spotify partnered to give users the ability to develop "soundtracks for their rides." The partnerships can be longer term and up to a year in length and may have multiple layers.
- Campaign-led. Campaign-led partnerships are shorter-term projects, specific to a moment in time. For example, around Valentine's Day, ThirdLove might partner with a women's sexual wellness brand. Unlike the marquee partnership, we're not helping them build a company from the ground up; we're linking arms and raising our voices together for a finite period.
It's not always going to be marquee partnerships. Before you launch into one, first ask yourself: Which type of relationship will work best?
Then, keep these 4 things in mind when entering into a partnership:
- Make sure now is the right time and the partnership is relevant. Now could be the wrong time for a number of reasons. Maybe you don't have enough cash to invest in an Angel City-type marquee deal. Maybe a campaign-led partnership would work better at a different time of year. Be patient -- there's nothing wrong with delaying a partnership. Timing is everything!
- Stay on-brand and choose partners with clear alignment. Can you articulate their vision and values? If so, do they align with yours? There are many reasons why partnerships may seem seductive -- but seductiveness isn't always an indicator of quality. The Angel City partnership made sense largely because gender equity is a core element of what we both do. Both of us want to solve problems that disproportionately affect women. As you consider potential partnerships, ask: Are we committed to solving the same problems? Do our brand identities fit?
- Establish clear goals and open lines of communication. This starts from day one: Have real conversations, driven by meaningful questions. Create goals so that all partners feel connected and driven to success. No matter how strong the partnership is, questions and conflicts will arise. There's going to be something one partner needs that the other doesn't. There will be initiatives that don't quite pan out. When that happens, it's crucial that you're comfortable picking up the phone and hashing it out.
Ultimately, all partnerships are about a shared goal. Both of you want to amplify your brands, of course, but brand amplification should be the byproduct of a mutual project's success. Getting a football club off the ground, for example, or raising conversations around women's sexual health. If you stand up for your values, stand alongside brands that share your values, and know-how to think it all through, you've got the recipe for strong business partnerships.
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February 01, 2022 at 08:30PM
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How to Use Partnerships to Fuel Your Company's Growth | Inc.com - Inc.
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