Partner Ecosystems is the space for future growth: a combinatorial offering, found at the intersection of functional areas, technologies, and...
Partner Ecosystem: Using Agility To Realize Value
Business leaders are seeking an agile approach to working with partners, testing strategies and realizing value for building successful partner ecosystems.
Innovation is rapidly altering our business landscape at an unprecedented pace. Every day we hear more stories of organizations partnering—in ways that we may never have envisioned.
Many business leaders are seeking a more agile approach to working with partners, testing strategies, and realizing value.
Let’s look at why agility creates a distinct advantage for building successful partner ecosystems.
Increasing Demand for Innovation
Several trends are contributing to this rapid shift in agile learning and business model definitions for partnerships and alliances.
Business experts note that we are seeing a consumer society that is demanding ever-evolving technology innovation and expecting new outputs at a faster and faster pace. As consumer expectations rise, organizations are creating new ways to respond to the demand.
This drives shifting strategies, developing new business models, and collaborating to support transformation.
As the trends continue, we’re seeing partnerships and partner ecosystems emerge and evolve. This is altering the way that organizations conduct business.
It’s a core shift in how leaders think, speak, and make decisions. It affects how teams perceive information, make decisions, design products, and services, and ultimately deliver value to their customers.
Increasing Evaluation of Business Functions
As a business leader, you’re always looking to balance the main issues of time and money. Taking this to an organizational level, executives are reevaluating how their organization functions.
Questions emerge such as:
- Shall we build this in-house?
- Shall we buy a company to expand operations?
- Shall we collaborate with a partner to reach our target market?
- Shall we expand our network to create an ecosystem of partners?
These questions drive key decisions about business functions.
In response to the answers to these questions, leaders are defining new business models.
Increasing Demand for Referral Partnerships
Looking closer to home, one thing is clear. There is an increasing demand for referral partnerships.
It’s no longer possible to think for most organizations to operate in a silo or on an island.
The days of solo operations are fading fast. The era of mammoth organizations run in silos is disappearing.
Most future-facing organizations are looking to expand their processes and procedures to support referral partnerships. This is no longer something to be left to chance, or only employed by an individual who is ‘good at this sort of thing.’
You’ll want to understand their definition and standards for qualifying their ideal prospects and customers. With this in hand, you’ll be able to make warm introductions that truly match the target audience they are seeking.
In many ways, understanding the target market, business goals, and unique features of their offering helps you to prepare for long-term, ongoing success as a partner.
Increasing Need To Enable Referral Partners
Once you’ve connected with referral partners, you and your team will need to find ways to keep them actively connected. This is key to keep productivity flowing and increasingly effective.
Many partnerships falter and stumble after an initial flurry of activity. You can shift this by making it profoundly easy for referral partners to make referrals.
How can you achieve this?
Organize activities for referrals using software such as CoSell. Use technology to track data at a glance. Instead of being overwhelmed with emails and calls, use a dashboard to see all referral activity, status, and success rates.
As your workflow expands, you’ll be ready for an inflow of qualified prospects.
Increasing Need for To Engage Referral Partners
Once you’ve established a connection with your referral partners, you’ll want to prepare for ongoing engagement. This requires that you have a plan for keeping them engaged.
With this goal, productivity is a top priority. It’s an area that invites creativity and innovation as you roll this out to your team and your partners.
Here are a few of the high-level actions to include in your roadmap for engagement.
1. Communicate Regularly
Regular communication keeps your partnership active and alive in the minds of your partners. If you drift off into the mists, partners may equally drift and focus on more urgent issues.
Many teams find that automating the flow of information is key to structuring communication – and not letting it fall into the cracks. Sharing updates with automated emails is a pathway to staying ‘top of mind’ and showing your partners how to stay involved.
2. Communicate Creatively
Share updates with your partners to keep them informed, interested, and engaged. By looking at ways to make your communication varied, interesting, and valuable, your partners will look forward to your status updates.
Consider changing the format to keep attention – such as adding video, visual maps, infographics, and explainer videos. Involve your clients to find out how they prefer to receive information and updates. This may lead you to create new storytelling formats such as podcasts, interviews, and open forums.
3. Communicate Success Stories
Inspire your partners by sharing your success stories. You may want to do this by offering a chance for partners to also get involved in storytelling. Making time to interview partners, reward their actions, and share their stories is very engaging for everyone involved. It’s a powerful way to motivate people to be involved.
With an agile outlook on partner ecosystems and building referral partnerships, you can prepare for the future. You can start with the end in mind of initial, mid-term, and ongoing success. As we open our thinking, we’ll see new opportunities for innovating and collaborating.
Starting with an agile, 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.