4 Steps to Ensure Your Technology Partnerships Thrive

Third-party partnerships are crucial for expanding market reach and driving revenue growth. By leveraging partnerships, companies can quickly expand their capabilities without the time and resource investment of building new products and services themselves.

But signing up partners and expecting them to immediately offer you a pipeline to new customers and revenue streams is a recipe for disappointment. Technology partnerships must be well-structured — and that requires careful planning, execution and continuous nurturing to create value for all parties involved.

Well-structured partnerships can elevate your brand, broaden your service offerings and enhance customer success. Conversely, poorly built partnerships can lead to dissatisfied customers, lost revenue and a damaged brand.

Strategies for Creating Thriving Partnerships

With so much at stake, it's essential to understand the key elements that contribute to a thriving partnership. Here are four strategies for constructing successful relationships with channel partners and creating lasting value for your business.

1. Consider curated private labeling.

Private labeling can be a powerful tool in your partner program, offering numerous benefits for both your business and your customers. By integrating third-party solutions under your brand, you create a unified experience that simplifies the customer journey and strengthens your value proposition.

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Customers don't want to deal with a dozen different vendors, they want one point of contact they can trust to take care of everything. One key advantage of private labeling is the ability to streamline support. In our case, we provide direct support for all the partner solutions we provide, giving customers a single point of contact for their needs.

It's crucial to recognize that private labeling involves a delicate balance of give and take. Changes to branding within backend applications demand careful consideration and compromise. Early in the partnership evaluation, it's essential to curate and agree on which elements need modification and which aspects each party can accept. This collaborative approach lays the foundation for long-term success.

We're also big believers in success-based pricing. We've implemented pricing models in which customers only pay for private-labeled solutions when they achieve success, making adoption more attractive and cost-effective.

2. Do your due diligence.

Don't think about signing up new partners without first putting them through a formal vetting process. We view our global partnership team as the talent agents identifying the most innovative, best-in-industry solution offering in the space. Done right, it's time-consuming, but the process is essential to ensure that potential partners align with your company's standards and can deliver value to your customers.

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Begin by identifying leading and innovative organizations in the marketplace. Utilize industry tools and reports to understand where potential partners stand in their respective markets. Also, create a detailed comparison of each potential partner's features, capabilities and benefits. This helps you understand how well they align with your needs and how they compare to other options.

Customer references are also critical. Request to speak with a potential partner's active customers. This provides valuable insight into the actual customer experience and helps verify if the partner delivers on its promises. Additionally, engage in detailed conversations with potential partners about their security policies, operational procedures and other aspects of their business. For instance, you may want to ensure that potential partners are in compliance with relevant security standards and certifications, such as ISO, SOC, PCI, GDPR and HIPAA. If they are, they're more likely to protect your business and customers.

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3. Nurture the relationship.

Bumps along the way are a natural part of any relationship. That's why successful partnerships require ongoing effort and open lines of communication. Set up regular meetings with your partners. Initially, aim for biweekly syncs, then adjust the frequency as needed, potentially moving to monthly check-ins as the relationship stabilizes. This consistent communication helps address issues promptly and keeps both parties aligned.

I'm also a big proponent of quarterly partner reviews. QPRs allow you to assess performance metrics, identify high-performing partners and determine if product offerings need refreshing or repositioning. Further, QPRs can help pinpoint underperforming relationships. When issues arise, you can use your regular check-ins and QPRs as platforms to discuss concerns and develop solutions.

4. Look for nimble partners.

When developing your partner program, do your best to identify and collaborate with partners who demonstrate flexibility and adaptability. Such nimble partners can significantly enhance your ability to deliver customized solutions and maintain a positive brand presence.

For instance, look for partners who are open to white labeling or private labeling their products or services. This flexibility allows you to present a unified front to your customers, reinforcing your brand identity across all offerings. Ideal partners should be willing to adapt their back-end user interfaces and adjust their branding to align with your requirements.

Additionally, try to develop relationships with companies that are receptive to customization and collaborative go-to-market strategies. These are partners who are open to adjusting their pricing models, bundling options and sales approaches to fit your needs. By contrast, steer clear of rigid partners who insist on fixed pricing, inflexible packaging or mandatory involvement of their own personnel in customer interactions. Remember, the best relationships are characterized by a willingness to engage in give-and-take, enabling both parties to adapt and evolve together.

Final Takeaway

As you build and refine your program, focus on creating an environment of mutual success where both your organization and your partners can thrive. With the right approach, your technology partner program can become a cornerstone of your business strategy, driving sustainable growth and establishing your company as a leader in your industry.