Why Strategic Partnerships Could Be Your Route To Recruitment Profits

Ever feel like a six-armed octopus? "If I only had two more arms, I could accomplish so much more!"

Recruitment business owners and entrepreneurs are master multitaskers, always doing several things at once, even though the productivity experts say multi-tasking decreases our productivity.

Here is an undervalued solution for you. When resources are stretched, strategic partnerships can extend your companies reach and help your business accomplish more.

Strategic Partnership – a definition

Our simpledefinition of a successful strategic alliance is a long-term partnership. It must be win-win to be sustainable and mutually beneficial.

Strategic alliances can deliver significant benefits including providing access to each other’s client base and creating a ‘halo effect.’ This can happen when you align yourself with a company that has a strong presence and is highly regarded within your sector or market vertical you want to dominate.

But how do you determine who you should partner with? How do you evaluate potential candidates? Here’s a 5-step process for recruiting your strategic partners.

Step 1 Develop Partner Selection Criteria

As with many things, if you don't know what you're looking for, how will you know when you've found it? It’s worth sitting down and identifying the most important criteria for selecting the right partner fit for your business.                                                                         

Areas to consider:

  • Who can add value to your market that compliment your offer?
  • How quickly could you get traction with this partner in the marketplace?
  • Are the two companies compatible? Think culture fit, are their goals consistent with yours.
  • Do they have a good reputation with their partners? Do they demonstrate a commitment to partnering?

While we are all passionate about our own business, don’t assume everyone is. One of the most effective ways to check this out is to talk to one or more of the prospective company's existing partners and ask them what their experiences have been.

The more alignment there is between your company goals and the prospective partner, the greater the likelihood of creating a successful partnership. 

Step 2 Identify and Prioritise Potential Partners

When you are looking for a partner, consider checking with professional and industry organisations and parallel businesses in your industry. Trade magazines, industry websites and your own network are valuable sources of ideas. Ask clients what other types of providers do they use? Even direct competitors can establish a non-competitive relationship, pooling resources and ideas that help
each other.

Examples for Recruitment Companies

  • HR Consultancies
  • Training organisations
  • Accountants/solicitors who specialise in industry sectors
  • Software providers

Once you've defined and identified likely partners, then ask yourself the following questions:

  • What's your gut feeling about the partner you're considering?
  • Is there synergy? Is there a natural fit in terms of values, integrity, and personality?
  • Are its people the best at what they do? Could I get someone even better?
  • Do your potential partners "get it"? That is, do they have a solid understanding of your objectives and goals, and are they genuinely excited about partnering with you?

Step 3 Partner Proposition

Get clear on what you are proposing in terms of working together.

Think… "WIIFT" (what's in it for them).

This is where it’s good to step into your prospective partner's shoes.

  • Why would they want to partner with you?
  • Why do they need to partner with you?
  • What capabilities do you have that they need that will help them compete more effectively?

Do a bit of homework so that you have an idea what the company is about, it’s vision, goals, values etc. Then have some ideas on how you could work together that would bring a combined value to both company’s clients and/or your candidates.  This will help when you start having conversations.

Step 4 Make a Call

Have a list of possible partners to call and work your way through the list. It’s easy to drop a LinkedIn message outlining why you would like a call. Emphasise the WIIFT. Alternatively pick up the phone
straight away. People will either be interested or not. If it’s a no…move on…next.

Step 5 Agree an Action Plan

Once you have identified a partner, agree how you will work together and who will do what.

"The right relationship is everything" and it will take time to nurture the relationship. When it’s a good fit it’s time worth investing.

IMPORTANT:

As an ambitious recruitment organisation, one marketing strategy to master to gain strategic alliances, candidates clients and talent is email marketing.

In a special complimentary training Webinar,  we give you the template for writing emails we use for our clients and the exact 4 campaigns that are working now.
You can register here.

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