Relationship 2: Power Partner

The second of the 6 business relationships is also the second of the individual relationships. It is called a power partner. Power partnerships are typically comprised of individuals who sell complementary, and sometimes competitive, offerings to similar decision makers. This type of relationship tends to produce leads of a higher quality than the average casual referral relationship.

The reason that the leads are usually better is that the parties involved often know similar people with similar needs who speak a similar language. Plus the offerings they represent are often consumed by the same client. For example, businesses who purchase health benefits often also have retirement programs. Companies concerned with marketing usually care about sales, too. So consultants and/or sales people who sell these or other offerings can usually share information and contacts with one another to ease their respective sales processes.

Everyone wins in a power partnership. Business development is easier for everyone involved, and the client usually receives qualified referrals to someone with a track record.

The downside to power partnerships is that they can be less predictable than other relationships like power groups, because there are typically no performance metrics or accountability mechanisms in place. The partners are more likely to be aligned in their goals and targets, but the relationship is usually still relatively casual.

One last note about power partners: Competitors can be a great lead source. Many people are too quick to chalk off a competitor as unimportant or even threatening to their business development efforts. This is a huge mistake. Competitors may overlap with what you do, but if they have a deal that is too small or large for them or requires special expertise – which you have – they very well may refer the opportunity to you or share it. Think about that the next time you try to keep a competitor from showing up in the same place you network. Personally, if I blocked my “competitors,” I would have to give back a lot of the money I generated over the last several years. I am just not willing to cut myself short that way.