What Is a Strategic Partnership, and How Does It Benefit Coaches?

As a coach, you help clients take great strides toward leading better lives and achieving their dreams. But what if you could help your clients go further, faster? Sounds great, right? Yes, it’s possible.

You can maintain your long-term client relationship through a strategic partnership.

Strategic partnerships rely on the logic that two heads are better than one –– just like you may collaborate with other coaches to offer your clients more comprehensive services. Or, a nutritional coach could team up with a dietician to form medically sound meal plans for a client.

Here’s all you need to know about what a strategic partnership is, how it benefits everyone involved, and how to maintain a healthy relationship with clients.  

The definition of a strategic partnership

A strategic partnership is a union between professionals or businesses that join forces to offer more robust services to clients. 

Strategic partnerships benefit clients because when professionals with complementary competencies come together, they bring more insights and knowledge. And the alliance benefits the two businesses involved, as they can help each other attract new clients and market unique services that stand out from the competition. 

The types of business partnerships

The opportunities for professionals to partner are endless. A health and a business coach could team up to help entrepreneurs live their best personal and professional lives, while a fitness coach could work with a chef to teach clients how to cook healthier meals. 

While the potential for collaboration is vast, most partnerships fall into the following few categories. Here are the main types of business partnerships: 

• Marketing partnership: In this strategic relationship model, small businesses, such as coaching practices, team up with professionals who refer their services to other clients, proving to be a win-win schema. Perhaps the recommendations are mutual (for instance, a psychologist and wellness coach recommending one another to patients and clients, respectively), or the referring party gets a monetary perk for bringing in new clients.  
• Supply chain partnership: These partnerships involve two parties who work together to execute and strengthen a supply chain. However, they’re less relevant to coaching businesses.  
• Integration partnership: This partnership model significantly benefits small operations, like coaching businesses, as two parties collaborate to offer integrated services. For example, a health coach can work with a physician to help clients dealing with particular illnesses take charge of their well-being.
• Technology partnership: In this model, tech companies join forces to improve workflows or manage data. Coaches with a massive client base can leverage this partnership to automate daily tasks and free up time to focus on sessions. 
• Financial partnership: Coaches, who have plenty of work beyond managing the administrative aspects of their practices, can benefit from a financial partnership. A good example of this alliance is hiring an accountant to manage a business’ financial data. This partnership saves the coach time, and a specialized professional correctly performs sensitive accounting work. 

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3 benefits of strategic partnerships 

Teamwork makes the dream work, but how do partnerships benefit stakeholders who collaborate? Here are three reasons to consider forming a strategic alliance with other professionals:

1. You bring in more clients: Even if you don’t have a referral agreement with your business partner, the person will likely recommend your services, bring in valuable, well-suited leads, and boost brand awareness among the right people. This prospect further increases in an integrated or a marketing partnership. That’s because the other professional clearly knows your services and target audience.
2. You can increase profitability: More leads equal increased earning potential. When you team up with another professional, you market your services to a broader audience and share the work of converting leads to clients. If you pay to acquire new clients through a social media marketing strategy, joining forces with someone else can reduce your lead cost. 
3. You can grab more market share: Cast a wider net in your niche or tap into new markets by combining your reach with another professional’s for a competitive advantage. For instance, if a top local dietician recommends your nutritional coaching services, it could significantly impact your reputation across the market. Also, clients want the most comprehensive services they can get for their money, and partnerships offer unique offerings that stand out in the market. 

Ensure successful partnership development with these 4 tips

Coaches who see the benefit of joining forces with another professional and offering one-of-a-kind services can embark on their partnerships with the following four tips: 

1. Make sure the opposite party reciprocates interest: Partnerships should be win-win. Otherwise, one party may lose motivation to help the other. Integrating services or providing mutual referrals are intelligent paths as both parties attract new clients and earn more. Sit down with your potential strategic partner and identify the alliance’s mutual benefits. Set goals you can track to ensure your joint venture pays off. 
2. Get third-party feedback on your potential partner: You probably already know the other coach’s reputation and services before collaborating. But if you seek a new accountant to manage your books or a physician to recommend health treatments to your clients, do your homework. Read online reviews and talk to their previous and current clients for a background check. Heed red flags because this other professional may work with your existing clients and influence their opinions. 
3. Have a trial period: Try your partnership on for size under a detailed agreement. Team up with the other professional for a certain period, like six months, and set milestones for the trial and use metrics to track success. If the business relationship flows and both parties meet goals, the partnership has staying power. 
4. Hold regular meetings: Whether in a trial period or a full-blown partnership, regularly check in with the other party. Be honest about issues, such as not fulfilling initiatives, and work with your business partner to overcome obstacles. Ensure you and your partner are still on the same page and comfortable in the relationship. 

Partner with Practice 

Of course, you can shake hands with another coach to strengthen your clients’ sessions. But you can also collaborate with Practice for administrative support to run your business more smoothly and safely. 

‍Practice’s Client Management Software, designed with coaches in mind, gives you a secure place to store client data, receive bookings and payments, and send messages –– all in one place. 

Practice also provides a wealth of resources that make navigating entrepreneurship easier. Learn how to grow your business with group programs or individual coaching models, choose the right niche, name your company, and promote your coaching practice for free. Try it today.