Food for thought
When it comes to partnerships in SaaS, it's crucial to understand the type of collaboration you're entering.
Classifying your partners as candy, vitamins, or painkillers can help maximize potential and achieve long-lasting success:
🍭 Candy partnerships: These collaborations create buzz and excitement through activities like co-marketing but don't address a critical need. Pre-trade show events with other ISVs often fall in this category.
🍏 Vitamin partnerships: These relationships are vital for long-term health and growth. SI partnerships often fall into this category. They may not seem essential, but they drive significant value over time. Take your vitamins!
💊 Painkiller partnerships: These game-changing collaborations address major pain points or problems for your target audience, like filling a significant feature gap. Not partnering creates a major business risk, so these partnerships provide immediate relief and a clear value proposition.
Before entering into any partnership, ask yourself:
Is this a candy, vitamin, or painkiller partnership? 🤔
Thanks for contributing to this section of the PhD, Rob Rebholz!
Good partnerships require good people
Matt Dornfeld has worked in partnerships with some of the biggest names out there.
He's worked with TikTok, Amazon, and Walmart.
I asked him to tell me the secret to great partnerships.
One of the major principles is quite literally no d*ckheads." - Matt Dornfeld
He said that the key to partnerships is finding out what your partner needs.
You want to align incentives and structure your teams so that they're looking to give more than they receive.
It's not about making money right out of the gate.
Matt encouraged partner pros to:
- Spend time figuring out how THEY get paid, and how you can help THEM.
- Be curious and ask tons of questions.
- Find out what your partners are trying to do.
- Figure out what your partners really care about.
Stop fighting over half the pie. Grow the pie instead.
Arvind Krishna of IBM was recently on the Chambers Talks Podcast. He spoke about why it's necessary to see partnerships as a win-win strategy.
Partnerships isn't a zero-sum game.
Instead of fighting over the size of the slice of the pie you're getting, focus on using partners to expand the pie.
It's better to have a small slice of a large pie than fight over half of a small pie.
Check out the convo here:
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