In a recent Investible Partnerships podcast, I sat down with Kelly Griffin from Amazon Web Services (AWS) to discuss the key factors that channel and ecosystem leaders should consider when creating investible partnerships.
The conversation shed light on the importance of relevance, value proposition, decisiveness, predictability, and driving partner impact. Below is a summary of what we covered in the interview. To listen to the podcast in full, click here.
Relevance and Value Proposition
According to Kelly, relevance is crucial in partnerships.
Partners need to align their offerings with the specific customer outcomes and goals. By understanding the challenges and desired outcomes of the customer, partners can accelerate the achievement of those outcomes by leveraging their expertise. The value proposition should be clearly articulated and differentiated, focusing on the unique benefits the partner brings to the table. Differentiation should go beyond technical skills and encompass the tangible value delivered to the customer.
Decisiveness and Predictability
Partners should be decisive in their actions and have the confidence to say no when a request or opportunity does not align with their expertise or value proposition. It is better to decline opportunities that are not a good fit rather than taking on projects that do not provide meaningful value.
Predictability in partner operations is also essential. Partners should establish a regular cadence of communication with vendors and maintain close relationships with relevant teams to stay up to date with industry focus and product strategies.
Following the Vendor's Lead
When vendors like AWS change their industry focus, product offerings, or segment focus, partners need to adapt to maintain alignment. Understanding the vendor's strategies and priorities is crucial for partners to stay relevant and create opportunities for collaboration.
Regular communication and relationship-building with the vendor's teams, such as the partner management and partner sales teams, can help partners stay informed and adapt their own strategies accordingly.
Driving Partner Impact
Kelly highlighted the role of partnership leaders in driving partner impact. They act as matchmakers, fostering relationships between partners and vendors. They provide partners with valuable insights into the challenges faced by the vendor and encourage partners to develop solutions that address those challenges.
Additionally, partnership leaders help partners enhance their sales processes and capabilities, enabling them to have meaningful conversations with vendors and customers alike. The ultimate goal is to help partners grow, be profitable, and establish strong relationships with vendors.
What we learned
Creating investible partnerships requires a strategic approach focused on relevance, value proposition, decisiveness, predictability, and driving partner impact. Partners must align their offerings with customer outcomes, clearly articulate their value proposition, and differentiate themselves effectively. They should be decisive in accepting or declining opportunities based on their expertise and value.
Establishing a regular cadence of communication with vendors and staying informed about industry and product strategies is crucial for adaptability. Partnership leaders play a vital role in guiding partners and helping them grow, be profitable, and establish strong relationships with vendors.
By incorporating these principles into their partnership strategies, chief partnership officers can build investible partnerships that drive mutual success and deliver valuable outcomes for all parties involved.
This article is a summary of my podcast interview with Kelly and does not include the full transcript or complete conversation between us.
To listen to the podcast, subscribe wherever you listen or head to InvestiblePartnerships.com for all episode and transcripts of the show.