“Partnership” is a powerful concept—a way of thinking, a mindset, an art, and a science. This is written in the preface of a WHO Report for the prevention of TB, emphasising the old adage “two heads are better than one.” This mindset extends well beyond healthcare and offers us some useful insights for the world of revenue operations.
The Strategic Importance of Partnerships
Giants like Salesforce and HubSpot have constructed their go-to-market strategies around the strength of their partnership ecosystems. It is fundamental to their success and this strategy is set to continue within the RevOps ecosystem as more tools and technologies in the space evolve.
HubSpot’s, still relevant, State of Partner Ops & Programs 2022 Report underscores the necessity of robust partnership strategies in the commercial business environment:
- 93% of enterprise organisations and 78% of all organisations have a partner program.
- 65% of organisations view partnerships as essential to their future growth.
- 50% of organisations attribute 26% or more of their revenue to partners.
Building Strong Partnerships in Revenue Operations
At RevQore, we experience the power of solid partnerships daily. Collaborating with our vendor/technology partners and other GTM partners brings new ideas, enhances our understanding of customers, keeps us up to speed with the competitive landscape, and makes our work more enjoyable through the diverse interactions we have. We approach partnerships like we approach building the revenue engines with our customers; striving for incremental revenue growth through data insights, aligned goals and focus.
However, forging strong partnerships is challenging. Some of these challenges include:
1. Alignment of Goals and Objectives
2. Data integration & sharing (we use Crossbeam / Slack)
3. Navigating cultural differences
4. Resource Allocation
5. Communication
6. Expectation management
7. Performance management & accountability
8. Trust Building
9. Adapting to change
10. Legal/Compliance issues
All the challenges we potentially face when working directly with customers are also considerations for when we start working with a new partner too. By addressing these challenges head-on as they come up in the relationship we hope to foster a culture of open and honest communication. For a partnership to be successful it must be built in a way adds strategic value for both parties.
Manoj Bhatia recently outlines some strategies to elevate partnerships in RevOps, in an insightful article, the most relevant of which I have included here:
- Leverage smart data analytics
- Build strategic ecosystems
- Customise partner enablement programmes
- Integrate advanced technology platforms
- Drive market-led innovation
Commitment: The Key to Successful Partnerships
As Scott Brinker asserts in the HubSpot report mentioned above, “companies committed to investing in partner operations and technology will see outsized value as the business model continues to develop.” Commitment, defined as the state or quality of being dedicated to a cause or activity, is essential. Partnerships are gradual and incremental processes that need time to gain momentum and yield results but as we navigate the complexities of these relationships, commitment and strategic alignment must remain our guiding principles.
Our Philosophy at RevQore
Currently, I’m working to develop clear partnership goals and also get to grips with leveraging technology like Crossbeam to share our CRM data with partners. My focus is on two critical aspects:
- Understanding the strategy, resources, and timeline expectations with each partnership.
- Communicating effectively and regularly to ensure alignment on product, integrations, customer plans, and understanding any roadblocks.
We also firmly believe competitors can also be partners. Ray Noorda, CEO of Novell Inc, first coined the term ‘Co-opetition’ in 1992, to describe cooperation between competitors in the computer industry.
We are a strong believer of this philosophy and have found the benefits to include:
- sharing cost & risk
- sharing capabilities & resources
- sharing knowledge
- driving innovation
- problem solving to provide best solution for customers
Partnerships require a thoughtful approach and are much more than just collaborations; it is the strategic decision to invest in and nurture long-relationships, understanding that the journey, though challenging, is incredibly rewarding.
