Co-selling is the new name of the game. With the co-sell opportunity estimated to be over $300 billion, companies in the know are already capitalizing on the new partnering motion. However, you can’t just co-sell with anyone! Picking the right partners will help you build the most differentiated joint solutions, win consumer trust, and win in the market. On the other hand, picking the wrong partners can severely limit your joint solutions’ success.Recently we published our Ultimate Co-Sell Guide where we shared some key factors to consider when picking your co-sell partner. In this article, we’re taking a closer look at each factor to help you find the right partner to drive your co-sell wins!
1. Market Demands
The customer is your north star. For your company to know which partners will be the right fit, you first need to understand your target market. Consider what challenges your customers are facing, what capabilities they are lacking, and how your company can provide these solutions. Make note of the customer needs that your company can’t fulfill on their own and use this reference when choosing co-sell partners.It’s also important to project future trends and changes in your prospective customer behavior. Doing this will help you choose a partner and build a joint solution that has longevity.
2. Your Strengths and Weaknesses
The success of your joint solution will depend on how well you and your partner combine, communicate and co-sell your unique value propositions. Therefore the right partner for your company is the one that has unique IP (intellectual property) and a value proposition that synergizes well with your own unique capability. A company whose offering is redundant or does not have an easily identifiable and complementary value proposition will struggle to add to your joint solution.Additionally, using your research of the market, pick partners that can leverage their expertise capabilities and relationships with your customer. For example, if your company is looking to target a niche use case in the market, co-sell with a partner who has expertise around that vertical. Alternatively, if your joint solution has a learning curve, co-sell with a partner that can effectively communicate your offering. Pick partners who are able to make up for your limitations and vice versa.
3. Your Support Offerings
The right partner for your company is the partner that you can support and enable. Each company will have its own set of needs. Making sure that your partner’s needs align with the type of support your plan to contribute is imperative to ensure a healthy and successful partnership.If your company does not plan to offer comprehensive training, partnering with a company that doesn’t already have a strong understanding of your product might not be advisable. Similarly, a partner who does not have a large marketing resource will not succeed if you don’t plan to offer MDF funding or other marketing support. Therefore picking a partner and deciding on partner funds should be done with relation to each other. If you’re still unclear about how to create your own partner funds, check out our Ultimate MDF and Partner Incentives Guide here!
4. Co-Sell Partnership Expectation
Make sure your partner is all-in on co-selling your joint solution. The value that your partner brings comes from their engagement and commitment to the partnership. Choosing a partner that has a culture of partnership is extremely important to your co-sell success.Additionally, find partners that share complementary goals with your company. Co-selling with a partner that you share an existing customer with can be a win-win-win situation as all parties can strengthen their relationships with each other. On the other hand, co-selling with a partner that has established relationships with a different set of customers can help your company enter a new market.
The Bottom Line
In this blog, we tried to help you gain a better understanding of how to pick the right co-sell partner for your company. For more information on c0-sell, check out our Ultimate C0-Sell Guide, where we teach you everything you need to know about the what, why, and how of co-selling with your ecosystem partners.[hubspot type="form" portal="4417116" id="fbb11a4f-6db1-4f96-91f9-0a3b82f0f960"]
Nitika manages content marketing at Workspan. As a content marketer, she loves ideating, innovating, and creating all sorts of valuable content to help partner leaders grow in their business ecosystems. When not at her work desk, she can be found either enjoying a good non-fiction read or training her two adorable pups. She lives in Pauri, a hill station at the foothills of the Himalayas in India.
How to Co-Sell with Your Ecosystem Partners
We’ve developed a 40-page eBook on how to build a partner co-sell program with your ecosystem partners.
The time is now for you to work together with your partners to optimize ecosystems and address the complexity of changing customer demands, markets, and supply chains together.
- IDC estimates that by the year 2023, there will be a $7.1 trillion investment in digital transformation (DX) across the globe.
- Current estimates for companies co-selling with partners is expected to be over $300 billion!
- According to Accenture, 76% of business leaders agree that current business models will be unrecognizable in the next five years; and ecosystems will be the primary change agent.
Learn the ins and outs of co-selling your solutions with your partners.
