How do you ensure you’re going in with eyes open and a clear plan of action when choosing a technology partner?
A myriad of articles out there expound on the benefits of partnering with like-minded businesses, and businesses often partner with Independent Software Vendors (ISVs) for the following benefits:
- Add a differentiator from your competitors
- Fill a gap for your customers that your core business doesn’t support developing
- Increase average revenue per client
- Open up new markets and verticals
Before you seal the deal, here are five things to consider first.
#1 Know your buddy
Like any budding relationship, getting to know your potential ‘significant other’ is critical.
Do they share your values and goals? It’s tough if you’re looking for growth amongst new clients and they’re focusing on consolidating and upselling to existing clients.
A mutually beneficial relationship is built on the foundations that you’re both driving towards the same outcomes, following the same key ideals.
#2 Have a plan
Even if it’s a ‘back of napkin ‘ quick calculation, ensure you’re going in with at least a broad idea of what you want to achieve. Your first conversation should explore some of the How’s and Why’s to ascertain if that partner is aligned with your vision.
#3 Share your plan
Don’t secret squirrel your plan from your partner! There’s probably a hundred and one experiences they can share with you, to help you along the journey and point you in the right direction, or point out the potential pitfalls of your approach.
#4 Leverage their resources
It’s highly likely that an ISV with a publicised Partner Program will have at least one dedicated resource on hand to be your go-to person. Go to them! They’ll likely have already developed some training, or information that will be invaluable to you moving forward. They probably have templates or assets that you can quickly adapt without reinventing the wheel. Use what they have - and ask for more!
#5 Keep communicating
I’ve written before about the importance of communication, so I couldn’t have a Top Tips without calling it out again. Two-way feedback is the only way to keep this partnership moving in the right direction for you both.
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