Building a successful partnership to stay ahead of the competition

Retail Financial Services

Retail Financial Services




Moderator:  Simon Cocker, Simon Cocker Consultancy

Expert:  Tim Waterlow – Affinia Partners 

Key headlines

  • The consumer is vitally important – therefore fit and alignment between partners is critical 
  • Businesses cannot be brilliant at everything they do. Therefore setting up collaborative partnerships are the way forward.
  • You need to decide where you want to be an expert – as a manufacturer or distributor - and allocate your resources appropriately. Then align yourself with organisations whose strenghts are your weaknesses.
  • When building a successful partnerhship, it is important to make sure you understand your own risk appetite.
  • Partnerships need to be at the core of strategic thinking in organisations.
  • It is important to have a robust partner selection process and then overall governance regime.
  • If your brand is poor use the brand and distribution reach of your partner.

Key partnership success criteria include:

  • You must have the right level of resource to manage your relationships effectively.
  • It is important to have a forgiveness mentality when running partnerships. Not everything goes to plan and therefore not holding the partner constantly to account, waving the contract, is important for long term relationships.
  • However if the partnership is not working or is dwindling, it is important both parties face up to this and agree a mutual, orderly exit.
  • Find the sweet spots to work together and then craft a compelling partnership proposition.
  • It's like a marriage – there will be ups and downs.  But effective, consistent communication between the parties is vital.
  • Have frequent, open and honest engagement.
  • Have a robust partnership framework in pace.
  • Understand each other’s business and where there may be coming from.
  • When entering a partnership it is important to be fully aware of any risks as well as the benefits.
  • When building a successful partnership, retaining consumers with new propositions is just as vital as generating additional income.