Due Diligence in B2B Partnerships
Hiring a marketing agency—or any other B2B company—can be stressful. It’s not just that you perceive marketing agencies to be ineffective money wasters; it’s that everyone has a bad reputation of being ineffective money wasters.
It’s true you can find a negative story for every good one, which makes it all the more important to find a good fit. Making strategic B2B partnerships is a vital piece of a strong business model. Before entering a B2B partnership, do your due diligence.
You may have heard the term “due diligence” before now, especially if your background is in legal or accounting. The phrase is originally a legal one, but the same principles can apply to any aspect of business. Doing your due diligence really boils down to this simple truth: know everything first so you enter into a partnership with no reservations.
My husband works for a commercial lender, and their business model demands that they perform due diligence on every prospective lendee. They’ve already seen their financial statements by the time they get to this point. But their due diligence policy requires someone from the company to go out to visit the potential lendee on site. Among other things, they look at background checks on every employee, they check books/financials, they verify the existence of any inventory/machinery, and they listen to their gut. They are basically checking to see that everything they say is true: that it’s present and in the condition they described. Physical presence isn’t a legal requirement, but they value their partnerships—and their money—more than their convenience.
Don’t be afraid to do the same thing with the marketing agency you’re hiring. Have a personal meeting with the management team and evaluate their competence. Pay a visit to their offices. Go with your gut.
Sometimes you take a gamble, and it pays off. But most of the time you just end up with an empty wallet and wasted time. Don’t gamble with your B2B partnerships. Do your due diligence, and enter into a partnership you can trust.
Farmore invites you to stop by our offices anytime. We’re happy to show you around and chat with you about what a partnership with us would look like. We want to be a good fit for you and your company.
About the author
I'm Autumn Nicholson. I earned my Bachelor’s degree in English and took the first editing job I could find, at a marketing company in South Carolina, and have been in the digital marketing field ever since. I'm passionate about high-quality content, impeccable grammar, and cute shoes. You can connect with me here:
Marketing should bring in more leads, should bring in more money, should grow your business. Reporting is how we prove those things are—or aren’t—happening.
Making strategic B2B partnerships is a vital piece of a strong business model. Before entering a B2B partnership, do your due diligence.
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