Nov 3, 2020 | 4 min read

Digital Industry Insight #42

How to Ensure Your Partner Strategy is on Point

As venture capital and private equity firms are looking to allocate and reallocate capital to their portfolio companies in Digital Industry, a key consideration is coaching portfolios executives on cost optimization. Cost optimization isn’t about cost reduction - rather it is about sustained improvements in business processes, productivity, time to market, etc. Today’s economic climate, more than ever, as a result of a pandemic, poses a major challenge in the short run, but also offers the opportunity to transform an organization’s sales and partner go to market strategy.   

To Partner or not to Partner? That is the question! The usual answer: Hire a full-time business development and channel team. An effective, cost prudent approach however, may not be to hire a fully burdened full-time partner/channel executive right away. An alternative is to engage with experienced, cost-effective resources that can apply a proven methodology to assess your GTM strategy and validate if investing in partner/channel strategy makes sense based on your company's goals and objectives.  

 

A very common Partner strategy execution plan: Fire, Ready, Aim! So let’s say it does make sense to move to the next step of leveraging the partner/channel ecosystem. First, ensure that the goals and objectives of the partner strategy align with the company’s overall plan. Then create a plan that includes the prioritization of target partners that can deliver against the partner strategy KPIs.  

 

Would You Buy a Car without a Test Drive? Most people would not. Then why would you start a Partner or Channel program without a test market of your GTM strategy and plan? The stakes are much higher for the future of your company when it comes to effectively working with Partners. In today’s cost conscious, fast moving business environment, you’ll likely only get one “at bat” to ensure that your partner strategy is on point. As such, make sure you test market/validate your partner strategy before a “full on” investment.  

 

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