Strategic Partner Management is Here to Stay

More and more frequently, businesses are evaluating the management of their partner networks and the associated return on investment. However, the value that dedicated partner management brings to companies–from startups to more established corporations–is invaluable as it offers the opportunity for exponential growth and increased profit margins. The first of this blog series will focus on what strategic partner management is and why a business should invest in partnership management. Future blogs in this series will share how to create successful partnerships and how a company can get started with partner management. 

Strategic Partner Management Defined

Strategic management of a partner network provides targeted solutions to problems that businesses encounter as time progresses, demonstrating that partnerships are a smart move for virtually all businesses. Partner management can be defined as “...identifying problems to be solved collaboratively with partners, scouting for matching partners, and then building a long-lasting relationship with them while simultaneously keeping stakeholders in the loop.”

To expand further, let's highlight four instances in which strategically developing and managing a partner network positively shapes an organization:

• The foundation of any partnership is built on the mission to collaboratively solve an underlying problem and to develop a well-crafted solution. Rallying potential partners around defined problems allows all parties to better target appropriate solutions. By bringing transparency to the selection process of a partnership shortlist, you also strengthen the structure of your partner network database - a valuable side-effect.
• Depending on the area of need, a range of partners may come into play. Larger, more established companies often have access to more funding and resources than startups, for example. Leveraging the support of startups is beneficial as it helps to alleviate internal strain and allow things to progress more quickly.
• Having dedicated software in place which provides the ability to scout for, evaluate, and filter potential partnership opportunities saves time and quickly scales your network. Additionally, management of these partnerships promotes long-lasting professional relationships that could lead to additional partnerships down the road.
• Keeping stakeholders in the loop with cohesive documentation and reporting in the partner management system serves as a single source of truth. This information can be made available across teams, departments, or entire organizations and ensures access to only the most recent, up-to-date information is being utilized. Easy access to current or past NDAs, financials, and other relevant information on your partner network is an invaluable asset for virtually all businesses.
  

Investing in Partnership Management

Why should businesses invest in partnership management? Unfortunately, many companies have been dissuaded from this because of a perceived investment of time, money, and energy without realizing and evaluating the short and long-term upside opportunities. Additionally, the management of a partner network is a challenge to implement for teams without a dedicated individual in place. However, developing strategic partnerships and using the right partner management software supports teams and businesses in perpetuity.

Four key benefits companies reap from developing new partnerships are:

• Exploring and attracting new opportunities to improve and provide proven solutions to the market. 
• Gaining new partnerships quickly to increase competitive advantage.
• Receiving additional guidance to implement more partnerships will raise efficiency and probability for success.
• Expanding a network of partnerships grants access to a more significant partner’s market. 

To reinforce the notion as to why strategic partnership management is here to stay, it is vital to highlight the following quote from Narry Singh which emphasizes the stance of many established businesses forming partnerships with other companies. 

“We can expect to see more partnerships and collaborations taking place between corporations and startups as 80% of corporations are interested in knowing more about startups and pursuing a professional relationship.”

The data presented in this quote solidifies the notion that partnerships mutually benefit both involved parties. Future blogs will explore best practices and offer examples to create successful partnerships and steps to start taking ownership of partner networks.