You’ve probably spent some time thinking about the qualities you’d like to see in a potential partner. But have you taken the time to actually put those qualities down on paper? Having an ideal partner profile can help you focus your search and better assess potential partners as they come along. So how do you go about creating one? Here are a few tips. 

But first, what is an Ideal Partner Profile?

Also known as Ideal Partner Persona or IPP, it is the characteristics and qualifications of an ideal business partner. An IPP typically includes information such as the type of business, location, size, industry, and other factors that are important to the business. By having a clear idea of what they are looking for in a partner, businesses can save time and resources in their search for the perfect match.

Do you need a partner who is well-connected? Someone with a lot of financial capital? Or maybe a partner who shares your vision and business goals? Whatever your needs may be, it’s important to consider what an ideal profile would look like. Only then will you be able to find the right partner selection.

Create an Ideal Partner Profile in 3 Simple Steps

Avoid wasting time and resources on a fruitless channel, technology, strategic, or other partnerships. You have to reduce complexity, keep an open mind, focus on action, and be sure you’re on the same page about your long-term goals. How?

1. Find company types that also service your ICP

You know your Ideal Customer Profile (ICP) like the back of your hand. You could give a presentation on them in your sleep. This is why finding other companies that service your ICP can be a goldmine for business opportunities. Why limit yourself to trying to convert individuals when you could go after entire companies?

It’s a numbers game—the more people you can reach with your product or service, the better. And what easier way to reach a large group of people than by targeting the companies that are already servicing them? There are already multiple touchpoints between these companies and your ICP, so you just need to find a way to insert yourself into the equation. Of course, this is easier said than done. But it’s not impossible, and it’s definitely worth the effort.

So, if you’re looking for a new company to service your ICP, ask yourself. Who do they:

• Already/could use as a solution?
• Need consulting, coaching, & training from?
• Listen to, engage with, and watch on a regular basis?

By casting a wider net, you’ll be able to bring in more business than ever before. So start brainstorming which companies service your ICP and start making some calls.

2. Determine how the CLIENT wins through working with both of your businesses

This is here at this stage for a reason. The client value and end result are necessary. A successful channel, technology, strategic, or other partnership is built on a foundation of mutual respect and a shared commitment to success. Further, if there is no client success through the interaction, then there is no business value on either side. The client matters most. In order to determine how the client wins through working with both of your businesses, it is important to understand the strengths and weaknesses of each partner.

Think… How is the client benefited:

• Operationally? (technology)
• Strategically? (services)
• Intellectually/through entertainment? (creator/influencer)

By collaborating with another individual or business, you can pool resources and knowledge to create a stronger sales team that is better equipped to close deals and generate a wider customer base.

3. Determine how your PARTNER wins through the interaction

It’s not enough to simply identify your partner’s needs and wants. You also need to understand how they win through the interaction. That’s because different partners have different motivations, and what works for one partner might not work for another. Understanding how your partner wins will help you develop an effective partner program that meets their needs and drives results for your business.

Ask yourself, is your partner’s:

• Solution stickier? (technology)
• Service stack more robust? (services)
• Content better diversified and enhanced? (creator/influencer)

Consider the partner ecosystem. What other partners do they work with? How is your partner positioned within that ecosystem? Also, think about your partner’s marketing strategy. What are their goals and objectives? What are their pain points? And finally, attribute best practices. What have other companies done that has been successful?

By taking the time to understand how your partner wins, you can develop a partner program that is truly mutually beneficial.

Bonus: Look at how they market to + engage with the ecosystem

When you’re looking for a new business partner, it’s important to have a clear idea of what you’re looking for. Otherwise, you might end up being disappointed or, even worse, make a bad decision that could cost you dearly.

Think…

• Do they like videos?
• Is their brand amazing?
• Do they have a great blog?
• Are their customer stories awesome?

While considering what their strengths are, also keep note of what their weaknesses are. This will inform what gives are relevant to their current strategy, but what could also supplement that current strategy by filling the gaps.

By taking the time to assess these three areas, you’ll be able to weed out the partners who are not a good fit and focus on those who are more likely to help your business succeed.

So go ahead and note this down because it’ll be easier to make a “give” to them.

So, how do you use your Ideal Partner Profile?

Putting those steps to use looks like this:

Outreach

So you’ve got the spiel down, and you’re feeling pretty good about it. But how do you put all of this newfound knowledge to use? You take it on your next call, of course!

When you’re reaching out to new partners, keep your new elevator pitch in mind. Craft a custom pitch for each company that highlights how your joint value proposition and partnering together benefits their clients, which in turn benefits their business. Work on sounding confident and concise—you want to make a good impression and leave them wanting more.

Here’s an example:

“Hey {{partner}}! We just did {{your give to them}} – hearing great things about your team, so we wanted to highlight you.

There’s a path to our clients getting {{benefit for client}} through working together, resulting in {{benefit for partner}}…”

You’re forced to focus on them—as you should!

Partner Onboarding and Activation

Entering into a conversation with your channel, technology, strategic, or another partner should always start with what they care about and how they win (through the client winning). Any program you build should be anchored on this. Find alignment on that joint value.

Note this down before every call. Ask questions about it. Ask yourself, “does this tie back to that North Star?” If it doesn’t, the interaction will start to crumble.

In using your ideal partner profile (IPP) to set the stage for the onboarding and activation, you are able to more effectively:

• Set better expectations
• Develop programs together
• Create messaging around your partnership
• Develop clearer, more aligned goals and KPIs

Internal team alignment with partners

You now know the criterion and exactly why customers and partners want to engage.

By allocating resources with your team, you now can:

• Explain the impact to the customer can influence the bottom line
• Explain what partners care about and why they engage
• Coordinate with the right individuals

You already have it simplified for yourself, so what’s the next step? Bring that simplicity to onboarding your team. We’ll dive into this topic in other articles for how you can achieve internal alignment and drive action.

Start with the client’s win, then the partner.

Then your business. It will change your approach every step of the way. It’s not exhaustive, nor a silver bullet. But we still see outreach that focuses on an individual’s own business versus the other.

At BD paths, we always start with the client’s win. That’s because we know that ecosystem success starts with a clear understanding of what the client wants to achieve and can achieve by playing in the ecosystem. Only then can we develop partnerships and ecosystem strategies that will recruit the right partners and drive sales and success.