Every business, large and small, has a list of great white sharks they would love to reel in. Phil Bolton, director of Outside Innovation at Reckitt Benckiser (RB), a British maker of hygiene and home products, says we are in an era when you don’t necessarily need the biggest boat to land the prize catches.
“Big, established businesses are actively looking for innovative partners to help grow and expand…It’s a huge step-change from the previous internalization, where you had to knock on door after door to secure a meeting that eventually led to nothing,” he stated in recent post on ITProPortal.com about becoming a partner of choice. He offers a 10-point list of principles to ensure that you are attractive to big business. These include:
- Strategic fit is crucial — do your homework! One size doesn’t fit all. Rather than blanket pitching to a group of companies that you think are similar, you need to really do your homework to make sure you are the right fit. Do you understand the company culture, brands and approach to partnering?
- Be honest about the commercial opportunity. Big companies are interested in big commercial opportunities, so show them how you can help them tap into one.
- Understand the competitive landscape. Don’t be naive. The key here is explaining how you are different than the other players on the market and why customers will choose you instead of one of them. Show that you understand the competition.
- Sell your company, not just your product. Sell yourself and your key team members — what experience you have that others don’t. We buy as much into people as we do companies.
