How to partner with corporate giants, the Spotify+Uber partnership that fell short and measuring success
WITH A SPOTLIGHT ON SETH GODIN
Welcome to Partnership Wednesday! Here are 3 ideas from me and 1 question for you to consider this week to create partnerships you never thought possible!
3 IDEAS FROM ME
I.
When Spotify partnered with Uber to allow riders to control the music during their ride, both companies thought it was a promising concept given their scale but it didn’t fully take off as anticipated. The feature was only available to premium Spotify users, limiting its adoption and many Uber drivers also turned off the feature due to connectivity issues or found it disruptive. Eventually, this integration faded without significant fanfare.
When it comes to partnership initiatives, investing in real-world scenario planning and testing is never wasted effort.
II.
Attributing how value is created in a new partnership can be challenging, but it doesn’t have to be. Instead of entering into a new partnership as a loosely defined collaboration, imagine it as a new joint venture (JV) without incorporating a separate legal entity.
When viewing a partnership through the lens of a joint venture, metrics and measurement are more straightforward and benchmarks can be established that reflect shared goals, making it easier to quantify value creation and ensure both teams are realising a return on their investment.
III.
You're entering a partnership with a corporate giant. How will you handle the power dynamics? I was asked this question from the crowd this week. Here’s my answer:
Entering a partnership with a large corporate requires careful navigation of power dynamics:
Understand Their Objectives: Acknowledge that the larger partner’s goals will come first. Align your objectives to build mutual benefit.
Build Strong Internal Relationships: Develop key connections within the organisation who can champion and advance the partnership.
Focus on Mutual Value Creation: Understand their motivations deeply and align your goals accordingly.
Be Prepared for Increased Effort: Securing the deal is just the start. Expect to put in significant effort to manage the complexities of a large organisation.
Manage Expectations and Resources: Show meaningful early results to earn further support.
1 QUESTION FOR YOU
How are you measuring the success of partnerships?
PARTNERSHIP+ MOMENT
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Until next week,
Phil Hayes-St Clair - Partnership Expert & Coach, Host of Partnership+
SPOTLIGHT ON SETH GODIN
I love supporting people who do great work, like Seth Godin.
Seth has written 22 best selling books, including Purple Cow, Linchpin and Tribes. This is Strategy - Make Better Plans is his latest which breaks down the art of creating effective, actionable strategies that truly work. True to form, Seth shares practical tools and wisdom to help leaders and teams navigate complexity and plan with clarity and purpose.
If you want to sharpen your strategic skills and set a course for success, this is the book for you. Order it here.
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