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5 Myths About Partner Ecosystems To Say Goodbye To In 2021
False ideas keep partnerships from reaching their potential. Let’s expose 5 myths that could be in the way of achieving a successful partnership.
Collaborating with partners should be wonderful, yet sometimes false ideas keep partnerships from reaching their potential.
Sales experts advise potential partners to focus on building trust. They recommend actively evaluating your partner’s vision, culture, and strategies to assess potential overlaps and compatibility.
Let’s expose 5 myths that could be in the way of achieving a successful partnership.
Myth 1: “We Can Do It On Our Own”
In many organizations, teams work behind a wall of privacy. This shows up in relationships with their associates, industry, partners, and vendors.
In cultures where extreme privacy prevails, there is often a long-standing belief that this way is the Right Way. There are no exceptions. There are no alternatives. There is nothing that could be enhanced, improved, or refined.
It sounds kind of totalitarian, doesn’t it? Yet many people working in established institutions believe that they are correct in continuing to do things on their own.
If you notice signs of this in your department, senior team, or CEO, what can you do?
Well, if you and I were having a confidential conversation, I’d say, “Get your resume in order.” This kind of our-way-is-the-only-way thinking is often a set up of the pride that comes before the fall.
It may have worked 50 years ago. Heck, it may have worked a few years ago.
But in today’s environment, believing that you can go it alone and that’s the only way to do it…I don’t give it much chance of survival.
Of course, that’s just my personal opinion.
If you don’t think your job is at risk, check out this post Partnership Ecosystems. You may decide to share this with your boss and open the conversation.
Myth 2: “Our Industry Will Never Change”
Are you sure? Many organizations that were in business for over 100 years are now gone. Have you noticed how successful organizations evolve their business models?
In the last year, we’ve seen how drastically our work environment can and does change.
While your industry and business may not show signs of imminent change, your customers are steadily changing. What is your customer roadmap? How do prospects and customers find you? How do they interact with your customer service department? How do they find, use, order, and share stories about your products and services?
As we all work within an ever-changing landscape, it is no longer logical to say, “It will never change.” Just look at all the unprecedented changes in the last months or last year.
No one imagined that so many people would be working remotely. No one envisioned that partner ecosystems would be more than an idea on a concept map.
Is it true that we can say, “it will never change” and believe ourselves? I don’t think so.
Myth 3: “We Can Do It Better”
We all have this idea that we can do it better. Perhaps pride is an automatic default setting.
Why can your organization do it better?
Maybe you’re part of a global organization with vast resources, and a gigantic legal department. You don’t see the value in working with a scrappy startup and feel that creative designers just waste your time.
At least that’s why you believe you can do it better.
But is it true, or is it a myth?
That scrappy start-up team is hungry. They’re staying up all night. They’re on fire and filled with exuberance to change the world for the better.
Now, ask yourself. Does your executive team stay up all night iterating concepts, sketches, and models? Does your C-suite teamwork through the weekend, living on take-out?
If you honestly have to say, “No. We have families, lives, and an organized schedule.”
In partners who have very different cultures, the belief that you do it better is often the primary myth. Especially at the beginning of working together.
It isn’t just one-directional.
Scrappy start-up teams often are infused with an equal amount of pride. Often entrepreneurs are filled with visions for transforming the world. They are proud of their ideas, methods, and processes.
The start-up team may not yet have the same structures in place. They may not have developed internal diligence of protocols, accountability, and reporting.
People who have been schooled in multi-national organizations know the value and importance of structure.
For both partners, the myth is the same.
When partners start to value the insights, skills, and strengths of their partners, the real partnership begins.
Myth 4: “Faster Is Better”
Entrepreneurs love speed. They often live on the principle: “money likes speed.” If this is true for you and your organization, it can affect your decision-making process.
Sometimes speed needs to be adjusted.
Informing a partnership, there are times when you’ll want to slow down and check for alignment. While it feels great to go fast and move things forward, it’s important to know that you are focusing on the right things, and moving in the right direction.
Explore the upsides and downsides of big decisions. Ask difficult questions and have tough conversations. It may not be easy, but taking time to evaluate partnership decisions is critical for success. It allows you to expose and resolve potential threats before they become real-life problems.
Myth 5: “They Wouldn’t Be Interested in That”
Are you in a partnership with a channel partner? If so, you want to prepare your partner to fully understand your products and services. They can make the biggest impact on the customer.
With this in mind, many B2B companies are exploring ways to share product knowledge and build confidence for customer-facing partners. How to achieve this? Take a closer look at ways to offer training, provide sales coaching, and develop online training tools.
Think about your training offerings – is the material relevant for participants? Does it help them do their job better, easier, or faster? Keep looking at ways to update your pieces of training to offer the greatest benefit. Many companies coordinate training with an immediate need such as new releases, new features, and seasonal offers.
As you work with your channel partners, keep the lines of communication open. Make sure that it’s easy to reach you via text, live chat, Zoom, and email. Offer your partners direct access so you can answer their questions as quickly as possible.
Partner ecosystems are built on open communication and trust. As you expose these 5 myths, you’ll see new ways to build trust and define your partnership goals.
By starting with a collaborative mindset, you can join successful businesses that are shaping the market and realizing significant revenue potential. Partnership Co-Selling is how you can virtually qualify B2B sales opportunity. You can use this to boost sales, expand your network, and grow profitability.
Using a platform like CoSell is the simplest way to get your sales team on board. CoSell is a robust platform that makes it easy and fast to automate and scale collaborative co-selling across sales teams.
If you’d like to explore how partnership co-selling can help you and your team boost sales and win major clients fast - check out our selection of free eBooks.