Strategic Partnership Enablement
One of the more difficult business challenges that larger, mid-sized, and startup companies face is the enablement of strategic partnerships to accelerate the development and feature breathe of their solutions, as well as to dramatically expand the sales coverage for their solutions into new and existing markets.
At Let’s Transition, we can start off by working together to access the need for a strategic partnership, as well as identify which benefits you can expect to achieve by doing so.
Some of those benefits include:
- cost reductions in staff and solution development
- increased brand recognition and credibility
- improved competitive positioning in the market
Working together, we can help ensure success by quickly establishing the necessary transparency and trust, as well as ensure that there are significant benefits for all parties involved in the partnership. Establishing trust is the most difficult task and will require focus and nurturing to establish. We are masters at this and will help make sure your organization clearly understands how best to establish this important element in your new strategic relationship, especially at the beginning.
Clear Communication Channels and an Agreed-upon Cadence for Updates
At the core of all successful partnerships is the need for clearly defined and enabled communication channels between all parties involved. Together, we will identify who within the organization will be part of the regular communication meetings that will be scheduled, what the frequency of the meetings will be, pre-defined and agreed-upon agendas for each meeting, and most importantly, who will be responsible for recording and ensuring all identified action items are completed and closed within the agreed-upon timeframe.
Complex Business Categories to Be Addressed
When enabling a partner’s sales teams to sell, your solutions can be a very complex challenge to tackle. There are a number of important items that need to be addressed to ensure the maximum success with the strategic partnership.
Knowledge Transfer and Education
It is imperative that the partner clearly understand your product, the value and benefit it brings to their customer, and most importantly, how will it affect their current sales cycle. We can work closely with your product management and sales leads to ensure this is done quickly and accurately.
We will also establish a clear communication channel, including an escalation process, for the sales team when challenges arise that they do not know how to resolve on their own.
Compensation, Forecasting, and Incentives
We can never lose sight that the sales team is most interested in retiring quota in the most efficient way to get compensated. With this in mind, we will make sure that the addition of your solutions will not negatively affect the sales teams selling efficiency.
Compensation, especially of a partner’s sales team, is normally a very difficult discussion to have. Working together, we will:
- Be open and transparent with our thoughts on how best to compensate the partner’s sales teams.
- Share our thoughts and willingness to offer sales incentives for the closure of business.
- Agree upon the time frame, agenda, and cadence for regular business review meetings, typically held quarterly, where all of the key stakeholders from within the strategic partnership are present.
Making This Happen
We at Let’s Transition have more than 25 years of experience successfully identifying, enabling, and managing successful strategic partnerships. Let’s schedule a time and determine how we can best help you.