Too many partners, but too little business?
More does not necessarily mean good when it comes of partnerships.Business growth is dependent not on the quantity, but quality of partnerships. However, if going solo in business is brave, expecting growth without partners is downright foolhardy.
A partnership philosophy is based of five key rules. These rules will give you an understanding of how to approach partners and maintain a high-performing partnership.
Rule #1 Innovation does not thrive alone
You needs partners to propagate your business outside its comfort regions. Through joint ventures and strategic investments, you can scale the talent and other innovation-focused resources required to support transformational business models.
The ultimate aim of your partnership should be to enhance products and user experiences. This stands in stark contrast to traditional siloed approaches to innovation.
Rule #2 A single company cannot understand user preferences
One firm will not have all the tools to gather all the customer data and claim to understand customers better than themselves. It is critical that you engage with others to have complementary and complete information assets. Partners are important for building market advantage through superior knowledge capital, and robust information exchange. A CRM solution will help you build a platform to collate and put partner intelligence to use.
Rule #3 Great user experience will take precedence
Today’s most valuable partnerships are built around creating great user experiences, not just exchanging value between companies. Embracing this approach requires a human-centered design emphasis that pushes the partnership to solve a real user problem, versus concentrating entirely on transactional benefits. Having a intuitive CRM software is the first step to climb.
Rule #4 Scale and customization has to be in balance
Partners need differentiated solutions that are unique to their reference's needs. Thus, developing a partnership approach that combines scalability (maximum reach) with low-cost customization (catering to unique personalities) is critical. Here, designing technology and tools such as apps and software development kits around specific partnership objectives gives your business a broader and longer-term advantage.
Rule 5. Partnership business need dedication
To achieve the intended outcomes, you need to dedicate resources that guarantees ongoing commitment and ownership to deliver meaningful results. Achieving success with joint go-to-market or events collaboration need the right mentality to run the partnership more like a true business and less like a deal.
Re-inventing CRM and core partnerships will remain a principle agenda as customers or users jump from experience to experience with increasing speed. Traditional methods of scale and differentiation are rusting and the above five rules helps you to build capabilities for managing and delivering impactful experience to all stakeholders.