A partner ecosystem is often a secondary thought when starting a business or running a small business. Like everything else, it takes resources and investments. However, when done correctly, it can be very profitable for the business. So, where should you begin?
There are generally five components to setting a strategy for partnerships:
- Type(s) of partnerships: determine which one to pursue first. Is it for sales or to expand your brand?
- Prioritize the types of partnerships: Allocate time and resources accordingly.
- Identify shared KPIs: Make sure you capture the partner’s value. This is crucial, especially if they do not have a partner program or if what you’re suggesting is different from what they offer.
- Outline partnership structure: Define the form the partnership will take, like a joint
- Determine actions/next steps: Decide who will ensure these actions are completed.
Once the planning is done, you’re ready for execution. Some organizations, especially larger ones like Amazon and Google, already have formal programs in place. Despite their structure and goals, having your own plan to measure against, is still vital for your organization. Tracking goals, targets, and actions becomes more crucial as your company grows and you hire people to manage these partnerships. For smaller companies without formal programs, components 3 and 4 are key.
If the task still seems overwhelming or you lack time or resources, consider outsourcing. Market consultants can assist at various stages of the journey. Whether you need help establishing a foundation or developing a go-to-market strategy, this can be a quick, cost-effective way to create a plan.