The 3 Principles of Ecosystem Partnering Success

3 most important principles that should be the foundation of any strategy for a partner ecosystem as well as their Business Support System capabilities that enables them.

1 Partner Experience is equivalent to Customer Experience

Customers' experience is frequently identified as main driver of digital transformation activities in all the industries. It's crucial that service companies make it easy for customers to understand the benefits and advantages of their services and purchase the items they desire in self-service mode, which is enabled by greater automation.

A lot of these attributes should be a part of the partner experiences that a well-designed partner portal - an essential BSS component - must provide. Partner portals must be easy to navigate and use, to help remove the obstacles that make partners to think twice about joining, and most importantly, to actively participate with the partner community. Partner portals should allow them to integrate their services into catalogues with a self-service approach. They must be able to browse catalogues to find out what other partners are offerings, in order to differentiate their offerings as well as to develop ideas to create new services that blend different capabilities of other partners.

2 Innovation Driven Partner Collaboration

One of the advantages of a positive partner experience is improved partner collaboration. An ecosystem must not only create one-to-one relationships between service providers and its partners but also encourage them to collaborate and develop new services by combining their skills together along with the service provider.

The type of service created and go-to-market collaboration is largely dependent on Business Support System capabilities the services provider provides to its partners, these capabilities are essential in providing partners with the tools to work together, to present their ideas to the market and meet market demands throughout the entire duration of any multi-partner product.

3 Partner Benefits on Monetary Terms

Every partner must be compensated in the right proportion for the services they provide. Furthermore, the more visibility that a service provider can give to its partners in demand for their services and projected revenue, the more proactive they will be in establishing and achieving business objectives as part of the ecosystem.

An essential component of any partnership ecosystem is a solid multi-party settlement system that can handle complex relationships among various stakeholders as well as new and sometimes sophisticated business models, like emerging IoT solutions that will become more important as the digital age is advancing.

Many factors will determine the success or failure of a partnership ecosystem. It is important for service providers to outfit their ecosystems with top tools, knowledge, and compensation mechanisms that not only combine partner services with their own, but to encourage their partner communities to develop new products, rapid go-to-market strategy, and increase revenue collectively quarter after quarter and long into the future.

Overall, partnership ecosystem is a good idea, if applied with proper research and the best methods. Combining services and products together with other industry professionals could be very profitable and beneficial for business partners, and countless clients across the spectrum. By joining forces, service provider can offer their customers more comprehensive and sophisticated solutions. Partnerships can help expand business not only with regard to potential customers, but also potential offerings. Going alone isn’t always the best choice and, with the growth of partner ecosystem, the most innovative and fastest-growing companies are recognizing this.