When it comes to growing a successful business, partnerships are a key ingredient.
Strategic business partnerships are a type of relationship between two businesses that are working together to achieve mutual goals.
This can take many different forms, but all strategic business partnerships have one thing in common: they help both businesses achieve more than they could on their own.
Helpful article: How to create a partnership program
If your company has formed a series of partner relationships, you've established a partner ecosystem. Congrats - you've discovered the secret to driving revenue through efficient customer acquisition.
If you're looking to create one, don't worry - we know just how to help.
A partner ecosystem is a group of companies that work together and are members of an affiliate, referral, and/or reseller programs. These are relationships that you form with non-competitors who offer complimentary products or services.
The best way to determine who should be in your ecosystem is by evaluating three factors:
The last criterion to evaluate is if they are a technology partner. This was not on our original list as it is not essential for all businesses, but it will result in exponential value. Technology partners develop integrations with your product, share data and capture insights that enable you to deliver value to your customers.
There are four key benefits of having a partner ecosystem:
For example, a cloud-based telephony company, a project management tool, and CRM software are three companies that target similar audiences but are not deemed each other's competition. If these companies were to form a partnership, they might benefit from creating a channel partner program in addition to an integration.
As digital transformation continues to intensify, businesses are looking for new ways to stay ahead of the curve. One way they’re doing this is by forming partner ecosystems.
A partner ecosystem is a collaborative network of organizations that work together to create value for their customers. By pooling their resources and expertise, companies can offer a more comprehensive solution than they could on their own.