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7 Tips To Gain Competitive Advantage With Collaborative Partnerships
Today’s digital world is moving at light-speed. Are you on the lookout for new partners and new ways to boost business? Let us show you how.
Today’s digital world is moving at light-speed. I bet you’ve been feeling the effects on your job, business, and organization. It turns out that much like early explorers, we are on the lookout for new partners, new continents, and new ways to boost business.
Here are 7 tips for boosting your competitive advantage with collaborative partnerships.
1. Utilize Data
Digital technology is rapidly changing how we can work together. Most organizations are utilizing data to understand buyer information, supply chain, market opportunity, and customer service.
If your organization is doing this internally, it makes common sense that you’ll want to share data with your trusted strategic partners. With software for making warm introductions, you can quickly identify your top priorities for co-selling partners.
By sharing select data, you may shift towards greater alignment in understanding shared revenue opportunities. This can fuel decisions to develop products, design features, and appeal to customer tastes.
2. Define Your Vision and Strategy
With data in hand, you will have an easier time defining your vision and strategy. Simply, you are blending the hard data with the direction you’d like to see your company grow in the future.
This clarity makes it easier to see whom you want to work with to create a competitive advantage.
While each organization has specific strengths, you’ll also be on the lookout for where your assets and capabilities will be best used. The question becomes how to best enhance, obtain, or expand these strengths.
This naturally leads to strategic decisions about partnering. In classic terms, this is the moment where people ask, “Should we buy, build, or partner?”
3. Understand Advantages of Partnering
Forming collaborative partnerships offer a unique advantage: speed. You can rapidly expand with a new capability. You can enter a new market space rapidly. You won’t get lost in the weeds of building something that could take a massive investment of capital and time.
Speed changes things. We’ve just seen this in 2020, where the requirements of coping with a global pandemic transformed our way of working at an unprecedented speed.
Suddenly, we are all working remotely. Almost overnight, we became experts at running virtual teams. We all know our way around Zoom. We are working digitally in ways that we’d previously had on the drawing boards—but never with the speed or comprehensiveness that we are currently doing.
Responding to unstable conditions that require a swift response is what drives partnerships. When life is stable, known, and clear, we often tend to keep doing things the way that works. When life is unstable, unknown, and unclear…we need to expand our partnerships.
4. Embrace Agility
We’ve all been hearing about agility for some time. No doubt, you and your team are working with agile principles to master the curveballs and fail fast.
In industries and situations where things are changing fast, leaders must have the skills and tools to function well. We need to prepare our teams for high performance—especially in uncertainty.
This can look different for different organizations. But my hunch is, you are already helping your teams with resources, training, mentoring, and coaching in agility. If not, there’s no time like the present. Actively supporting your team will help you build their skills for adapting, responding, and thriving.
5. Investigate The Health of Your Current Partnerships
Many organizations are on a constant hunt for the opportunity. If the thrill of conquest is what you’re after, you know how exciting and compelling this can be.
However, looking for collaborative partners is not just about finding new prospects. It’s also about taking care of your existing relationships.
If you have some partnerships in place, you may want to consider taking a closer look. Analyze how you are working together, and identify obstacles, relationships, and decision-making practices.
Spending time, in-person and virtually, can help to align strategic intent, evaluate opportunities, and build confidence in a longer-term partnership.
6. Accelerate Speed To Market
One of the distinct beauties of partnering is you can get your ideas to market—at lightning speed. You don’t have the usual hang-ups of massive and expensive product development. You can skip past the mind-numbing investment of money and time required to cope with regulatory issues, user feedback, and technical development.
In other words, you can move fast and smartly. Why is this true? Because your partners have already done the tough work and the heavy lifting. They have put in the creativity, time, and money. This means you can build on an already existing product or service—and refine it.
As creative design teams and software developers know, this enables you to have a faster time to market. It’s not just that the groundwork is done. You’re also able to do what’s called minimum viable transformation, or MVT.
What the heck is that you wonder?
MVT is getting your product or service to market by using fast feedback, iterative design, and rapid learning cycles. It helps you use agile methods for faster innovation.
Bottom line? You and your partners can have to get your ideas to market, test out strategies, and refine your offering. Fast. The key is speed.
7. Money Likes Speed
There’s an adage in sales: “money likes speed.”
I know, sometimes opening up to the idea of collaborative partnerships can be a little mind-bending. Yet, when you look at the full value for everyone involved, things start to look different.
Money likes speed. This is something everyone can agree on.
Your team in product development. Your gang in the C-suite. Your strategic partners. Your shareholders. Everyone gets this idea. It’s a crowd-pleaser.
Collaborative partners are a key to gaining a competitive advantage. By understanding the advantages of building collaborative partnerships, you are positioning your company for success.
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 for B2B sales opportunities. 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.