Many factors go into solidifying the longevity of a business, but one tactic that can elevate your business is building strong, mutually beneficial partnerships.
In August of 2024, Re-Bath announced our partnership with Jenny and Dave Marrs from HGTV’s ‘Fixer to Fabulous,’ and through this partnership, the husband-wife duo has rolled out exclusive bathroom designs that our customers can incorporate into their homes. We also have long-standing relationships with national retailers, and felt the partnership with the Marrs complimented these well.
The national partnerships we have established are not just about amplifying brand recognition – they serve as a powerful endorsement that brings substantial benefits to our franchisees such as additional sales opportunities and strengthening the credibility of their business.
If a company is looking to level-up their growth goals and are considering brand partnerships, I’d advise the following best practices.
Develop Strong, Meaningful Relationships
At the heart of every successful partnership lies a strong relationship – people want to be in business with people they like and respect. Once you have developed one meaningful relationship that delivers a strong partnership, it can lead to others.
Networking also plays a big role in strategic alliances. While you may not know an individual, someone you have an existing relationship may know them, so it’s important to treat every connection with care. Relationships are a great opportunity to expand your network, and it’s something a brand should always be thinking about.
By fostering connections with key industry players, Re-Bath has been able to open doors to new opportunities that have elevated our brand.
Prioritize Conflict Resolution to Navigate the Ups and Downs
Partnerships can be incredibly rewarding, but they can also be challenging. Just like any personal relationships you have, partnerships take work. The way to navigate both the good and bad times is to be prepared and maintain open communication.
A mutual goal was set when the partnership was solidified, and that is what needs to be your guiding light when an issue arises, no matter how big or small. In fact, it’s better to deal with the small challenges instead of letting them fester and become big problems.
If the relationship was built on a strong foundation, you will be better prepared to weather any storm. And when you come out on the other side together, your bond will be stronger.
Deliver on Your Promises
You’ve built a relationship that has grown into a strong, strategic alliance, and poured into it with care. Now it’s time to solidify it with trust – this is the real foundation of a successful partnership. By consistently delivering on promises, a franchise can earn the trust and respect of its partners.
At the end of the day, it all boils down to doing what you say you are going to do – and this goes beyond the social networking events such as dinner or an afternoon of golf. When it comes to your brand partnerships, prioritize reliability and follow through on your commitments.
While a simple principle on the surface, the impact and value it can have is truly unmatched.
Consistently Evaluate the Success of the Partnership
While a partnership may start off on the right foot, things can go south quickly, or you may suddenly find yourselves on different pages of different books. A proactive measure to take to help avoid this is regularly evaluating the status and outcomes of the partnership.
Determine what success looks like for a certain strategic alliance, whether it’s increasing brand awareness, generating leads, or improving customer satisfaction, and evaluate whether those targets are being achieved. Re-Bath’s partnership with Jenny and Dave Marrs, for example, is about further establishing the credibility of our designs and making them better for consumers. On the other hand, our collaboration with national home improvement retailers drive leads for our franchisees and play a role in increasing customer satisfaction scores.
Align on your shared goals so that all efforts drive toward those objectives, and when you are evaluating the partnership, you can judge its performance against the key performance indicators (KPIs) that you’ve previously established.
The Characteristics of a Valuable Partnership
A good partnership is a win-win for all of the involved parties. After all, you can achieve more together than you could achieve alone. As you are considering a strategic partnership, remember these important factors:
- The partnership should be mutually beneficial – each company should bring value to the other.
- Determine if your cultures, beliefs and values align, as this can lead to more effective collaboration and long-lasting partnerships.
- The end goal and objectives need to match to create success, so don’t shy away from being selective throughout the vetting process.
- Ensure that you and your team, as well as the potential partner, have the resources to deliver on that end goal.
When a brand partnership is effective, both parties can leverage their collective strengths to boost their growth trajectories. By following these principles, Re-Bath has been able to forge strong partnerships that drive business growth and enhance the customer experience.
Brad Hillier is the CEO of Re-Bath, one of the nation’s largest complete bathroom remodeling companies.
