Strategic Partner Job Description

Cultural Values and Strategic Partnership Development

While the threat of imitation should be addressed in the value channel area, the response to substitution should be based on strategies at the business model level. Changes at the strategy level, including organizational structure, processes, and commitment are important for companies to pursue strategic partnerships. Companies should clearly define the areas in which partnerships should be built based on their general strategy and objectives.

It is important to understand that cultural values are vastly affected by the negotiation process and the launch of a strategic partnership. The root cause of misunderstandings and conflicts can be mitigated by mutual respect, awareness of cultural differences and misinterpretation of the other party's behavior through your own cultural values. Equity is a substitute for trust when structuring the partnership.

How to Make a Partnership

Partnerships are always in style. Companies often seek partners with similar capabilities to gain access to new markets, share intellectual property or reduce risk. As new technologies emerge or as innovation cycles get faster, the more complex the business environment becomes, the more such relationships make sense.

The better companies manage individual relationships, the more likely they will become partners of choice and be able to build entire portfolios of practical and value-creating partnerships. It seems obvious that partner companies would try to find common ground from the start, especially in large joint ventures in which each side has a big financial stake, or in partnerships in which there are extreme differences in cultures, communications, and expectations. Good governance is the linchpin for successful partnerships, and it is important that senior executives from the partner organizations remainvolved in oversight.

The senior line executive from the company should be assigned to be the deal sponsor, as they can keep operations leaders focused on priorities, advocate for resources when needed, and generally create an environment in which everyone can act with more confidence and coordination. Sometimes partnerships need a structural shake-up. It might be less important to revisit the structure of a partnership that is focused on commercialization of products that are not related to one another than it is for a partnership that is focused on the development of new technologies.

The Strategic Supplier Partner: What Makes a Successful Relationship?

The strategic partner is the most important relationship. Not all strategic suppliers become partners. The strategic partner is at the top of the supply base hierarchy.

Over time, partnerships develop with both sides of the relationship working hard. Out-sourced software development is an example. There must be a clear understanding of intellectual property ownership, market exclusivity, and more for a relationship to be viable and value-generating.

If the partner who performs the work on behalf of the customer tries to use the work they are paid to do into their own market entry, it would undermine the relationship completely. People who win be given winners. Success in the marketplace needs to be shared all along the value chain.

The most successful supply chains are those with close, vested, and mutually-beneficial relationships at the highest levels of the supplier hierarchy. More mutual value can be generated by partnerships. There is less chance of arguing over who got what when set up correctly.

Strategic Partnerships: How to Grow Your Business

It is possible to form a strategic partnership that will help you grow your business. Many successful brands have joined forces with other businesses to help each other succeed. Think of H&M, Alexander Wang, Apple, and others.

However, strategic partnerships have their challenges. You have to cultivate and grow your relationship if you want to choose the right partner. Organizations from all over the world have formed partnerships with technology-focused companies.

Four years ago, Apple and IBM formed a strategic partnership. The relationship between the two tech companies is making waves. The two companies have nothing in common.

While Google is the most popular technology company, it is also a leading manufacturer and distributor of luxury eyewear. They formed a partnership to develop sunglasses using technology. If you're a web designer, you can work with a digital marketing agency or a web hosting provider to market each other's services.

If you work for a marketing agency, you can recommend a service that one of your clients needs. When a customer asks for web design services, they will return the favor. Forty percent of business partnerships have high failure rates.

Partner Management

There are two flavors of partnership software. The first PRM software is focused on cataloging and tracking partner relationships. The key features of PRM software interactions with key players, the distribution of collateral for co-selling and enabling partners to promote your products, and the registration of leads and referrals.

It is the central repository for tracking productivity and conversations, and it is important for turning qualitative day-to-day of partner management into qualitative outputs and Key Performance Indicators. It's another matter where and how partners impact sales. You can make a case for partnerships touch every part of the funnel, from lead generation to qualification to closing to retention.

The lead generation and closing stages are associated with partnerships. If you can get partner organizations to register or refer new leads, you can use lead generation to grow your business. The partner's willingness to refer them often says something about their goodness of fit, giving them a higher success rate than your average lead.

The career journey into partner management is not the same as the job description suggests. It is rare for a Partnership role to be a first position for someone out of college, as the role often draws skills and relationships from other areas of business. There are a few common ways to own partnership responsibility.

Being a partner manager is an exciting career step, but it requires staying on your toes. It can be hard to measure your success or feel like you are getting recognized for good work because the role varies so much. The upside of being a partner manager is tremendous.