- 90% of B2B leaders believe customer experience is crucial to their companies’ strategic priorities
- 91% of B2B leaders believe that channel partners will have more responsibility in driving customer experience in the next two years
- Expanding your partnership ecosystem with other brands can have a 10X return on investment.
According to Accenture, 91% of B2B leaders believe that channel partners will have more responsibility in driving CX in the next two years, but 84% don’t have clear visibility into their partners’ opportunity pipelines.
“Selling in the digital age has become more complex than many B2B leaders had anticipated. Buyers are demanding more and different solutions and forms of engagement,” according to HBR. “They are more fickle and less loyal. And there are more of them. The average number of customers that participate in a B2B buying decision now stands at seven.”
The big idea: Make the switch from partner management to ecosystem creation
Some of the most successful brands – think Coca-Cola, Apple and Oracle – have used the partner ecosystem as a key to unlock unprecedented growth over the last 10 years. Once you have accurately established which partners will drive the most success, you’re poised to have up to a 10X return on investment.
“A B2B company’s use of indirect channel partners is a key determinant of its overall success – or failure,” according to research by Accenture. “The new focus is not on ensuring territory coverage or sales volume, but on co-creating value by delivering exceptional customer experiences.”
What’s in it for you: Up to a 10X return on investment
If done right, extending your partner ecosystem is a 10X idea that can drive customer adoption, stickiness, and an entire industry emerging in your backyard, according to Sangram Vajre, co-founder and CMO of Terminus.
“Once you’ve found your next big 10X thing, then double down,” says Vajre. “If you know that this is a game-changing ‘massive action’ that will drive significant results for your business, it requires 2000% of your time, energy, and focus.”
Make it happen
B2B buyers today are more selective, less loyal and demand more unique solutions and engagement. Here are 3 ways to create and capitalise on the profit-driving partner ecosystem:
- Collaborate with reputable brands. 8 out of 10 customers will not do business with companies they don’t trust. “You can start by evaluating the landscape you’re a part of, identifying which solutions are complementary,” says Julie Ritchie, Sr. Partner Marketing Manager at Marketo
- Adopt a connected growth mindset. Take time to understand your ecosystem partners’ businesses, because they are co-creators of value
- Remain committed to the partnership. “When done wrong, it’s just PR and a lack of commitment to becoming a big company in the long run,” says Vajre.