How a successful business partnership should work
A partner relationship and channel should ultimately benefit both parties. Any business that sells through channel understands the importance of revenue stream, and every partner that enters a business partnership with a vendor wants to expand their own business and attract more satisfied customers. Unfortunately, not all business partnerships achieve the goals established by each party at the outset, as there is often a lack of knowledge and understanding of how a successful business partnership should work.
For a business partnership to work between both vendor and partner, some fundamental things must exist between the two parties:
Defined shared goals
Defining a common goal is the first step to a successful partnership. Behind a partnership, there are people on both sides with aspirations and emotions, so understanding what is most important to both parties is integral.
When the shared goals are set, a good partnership should involve both parties actively looking for ways they can work together to attain them. Whether that be driving a campaign, creating new collateral or running an event together – creativity and teamwork is always key.
A partner platform
Building a relationship that works means investing plenty of time to create a well-structured, well-organised and clearly defined partner platform. The platform should allow the vendor to share collateral, news, pricing, and legal content at ease. With the right information at their disposal, a partner becomes as self-sufficient as possible, which should be the vendor’s goal.
It is important to remember that a partner platform should be fluid, allowing for continual tweaks and adjustments where necessary. A partner platform exists to evolve, just like the market – it can be one thing today, but something else in a year.
When a partner chooses to resell products, they will naturally invest substantial time and resource to make the venture successful. So, a vendor should match the investment by giving the partner all the time and support they need.
A vendor should always be looking for new ways that a partner can be an ambassador for the product and should provide them with the tools necessary to succeed. For example, if something is missing in the partner platform, a vendor should offer creative solutions to help the partner move forward, while they work to fill the gaps in the background.
Partners will proactively promote the vendor’s brand and products if a vendor is proactive in developing the relationship. A vendor who puts in the time and effort will ensure both parties are successful, both financially and in reputation. It is a win-win.
Having an open and honest relationship is the only way both parties can reach their joint goals. Working as equals, trusting each other, and communicating openly, offers a positive space that allows for creativity and productivity.
Transparent communication likewise benefits both parties, as feedback from partners on the frontline is key to the vendor’s product development. With improved services, a partner can service clients better, thus attracting new customers and increasing business growth.
A partner community
A partner community is something a vendor should always strive towards. If partners can communicate with each other they can freely discuss issues, team up, attack new verticals and ultimately find ways to win more business.
A community where partners can share knowledge and collaborate also benefits the vendor, as partners bring new ideas to the table which invariably improves product development while enabling the vendor to keep tabs on what is happening.
The premise of a successful business partnership is clear cut – connection and reciprocity. Partnerships require time, dedication, and a lot of nurturing. But, when this is conducted well, both parties will emerge more successful.
At Xledger, how we treat our channel partnerships is fundamental to our continued success. If you think that partnering with Xledger could be a great fit for your company, let’s discuss how to form an exciting partnership that achieves both of our business objectives.
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