How to Form Strategic Partnerships to Penetrate New Markets

Mehrdad Nayebi

Introduction The holder of a PhD from Stanford University, Dr. Mehrdad

Nayebi is the chief executive officer of Niham Technology Group. Previously the COO of Xilinx, Dr. Mehrdad Nayebi was responsible for penetrating new markets through strategic partnerships.

Strategic partnerships are formed between players in various industries to take advantage of each other's' individual strengths while minimizing their own weaknesses. Partners can leverage each other's' customers, suppliers, or other partnerships, while sharing expenses such as marketing.

When looking to form a strategic partnership, start by identifying a list of goods and services that complement what your business offers. These commodities should not be directly competing with what you already offer.

Form Strategic Partnerships Once you conceive this list, come up with the names of some

businesses that deal in the provision of these goods and services. You can do this either on your own or with the help of your customers.

Proceed to establish contact with each of these prospective partners by sending letters or emails explaining your interest, to refer your customers to them. Inquire about the finer details of their business operations to establish whether they would meet your customers’ demands and whether they are good fits for strategic partnerships.

Review all the responses you get to pick the best businesses to partner with. Contact them directly to reaffirm your interest and also to suggest ways of forging a strong partnership. They will most likely have ideas of their own, so a meeting with them create a clear avenue to iron out the details of your joint venture.