ReWork Consulting

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The benefits of investing in tech partnerships

ReWork consulting

The benefits of investing in tech partnerships

People talk about a ‘partnership approach’ but what does it actually mean in reality?

And why does it matter?

If you can identify with the majority of the words listed below when thinking about the relationships between operators/technology providers, then the chances are you’re experiencing the many benefits that come from a ‘partnership-led’ approach.

  • Relationship
  • collaboration
  • cooperation
  • connection
  • union
  • Interaction
  • Integration
  • Solidarity
  • incorporation
  • interconnection
  • unity
  • affinity
  • togetherness
  • oneness
  • companionship
  • sympathy
  • Closeness

From a first greeting or handshake to ongoing collaborative conversations, mutual respect and understanding are key to maximising a relationship that promotes commercially successful partnerships.

But what makes a good partner and a successful partnership?

These are the key questions you should ask yourself each time you are evaluating partnerships for your business to ensure growth and productivity.

Here are five characteristics you should seek in a successful partnership:

  • Open Communication
  • People Centrix
  • Flexibility
  • Mutual Benefit
  • Measurable Results

We’ve found that partnerships work best when they’re mutually beneficial and both/ all parties should be clear about what they want to get out of the partnership and what they can offer the partnership.

Therefore, creating an environment from the offset that builds greater awareness of all businesses involved in the partnership is a key contributing factor to their success.

This can be from the style of communication, or how you chose to collaborate on a project. One thing is for certain, create a platform where companies can openly share organisational challenges, as well as key business goals and objectives.

Whether you’re a tech company preparing for a demonstration or an operator planning a procurement project, increasing knowledge and understanding of the other business can shape the partnership’s success from the outset.

That could be as simple as an open conversation across a working lunch, to client user forums that allow sharing of ideas and creating an opportunity for inclusion, and togetherness.

This is not a one-way relationship!

Both have to be equally invested and this requires work and flexibility. (NB yes that’s right passive relationships don’t lead to productive partnerships).

If you’re an operator, you may have previously considered it a good sign if you’ve not heard from your ticketing partner for some time, or vice versa, but what does that really tell you? And how will that silence impact your business?

When you’re equally invested in a partnership it reduces the blame game. Yes, that’s right, people start to take responsibility.

ReWork recommends 10 simple tips to create successful partnerships that are mutually beneficial;

  1. Start from the offset – how do your actions ‘now’ have a positive impact on this future partnership? (This could be as simple as providing lunch/refreshments during products demonstrations/lengthy meetings, or ‘money can’t buy’ services that show you’re serious about your investment in the partnership approach)
  2. How would you like to be treated if you were the other part of the partnership?
  3. Shared your organisation’s vision with the partner
  4. Share your organisation’s progress to realise that vision
  5. Share the challenges you face and what steps you’re taking to overcome them
  6. Agree on how you’re going to address the success of the partnership
  7. Work with like-minded organisations and individuals that share your vision for partnership collaboration
  8. Build the partnership approach into your ‘values’ proposition, the people you employ and the training you provide
  9. Measuring the success of the partnership approach to your business – what do your team think, and how has impacted them?
  10. Put time aside to invest in training – it takes more than one person to live and breathe the partnership approach, it needs to be adopted across the organisation to ultimately be successful

Why does the partnership approach matter?

The simple answer is, it makes you more money!

Working in collaboration, as a well-oiled partnership provides key benefits, some of which we have listed here;

  • Better services/products for clients
  • Improved client retention
  • Improved staff retention
  • Higher referral rates
  • Higher standards of customer service
  • Improved reputation within the industry
  • Improved reviews
  • Better sales conversation rates

Together they will increase your profits, grow productivity and allow you to realise your goals

In certain parts of the visitor attraction industry, it sometimes seems that commerciality can be a dirty word, but whether you form part of a trust/charity or you’re completely privately owned, we are in the business of making money.

Once we have that money, we can invest it back into our businesses, which ultimately allows our customers/visitors/audiences to have fun!

In conclusion, every partnership will be unique, but all partnerships should include the above qualities to ensure mutual success. Remember both parties should be communicative, People Centrix, flexible, provide mutual, and have measurable results.

These qualities are crucial in optimising your partnerships

If you need help finding solutions to improve your partnerships, ReWork can help!

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