In whale hunting, we talk about a whale as a deal that is 10 to 20 times the size of your average deal. Several people have asked me recently, “Is a deal always a sale? Is a whale always a customer?”
Actually it’s fruitful to think of a whale as any big opportunity that allows you to grow geometrically.
A strategic alliance may be a whale for you. Do you need a new distribution channel? A new product line? A new mailing list? One of the best ways to grow is to align with an organization whose reach greatly exceeds your own. And the way to align is to add value to that whale’s bottom line.
As a business development strategy, strategic alliance is hot right now. Your company is a machine that produces “x” product or service. During this recession, demand for your “x” may be very slow. How could you put your company’s engine to work for another product or service without a big upfront investment? One way is to locate a strategic ally who needs a “machine” like yours to produce a different set of products or services.
P. S. That strategic ally may be a competitor.
Have you aligned with a much bigger partner? I’d love to hear about your experience.