Many companies and organizations may find synergy by partnering with an Artificial Intelligence (AI) company. Vast exposure, access to executives, market intelligence and enhanced technology are just a few of the ways a partnership benefits everyone involved. However, when discussing a potential partnership, it’s crucial that both parties first consider how the collaboration will benefit the client. If you’re considering a partnership and the end result doesn’t help clients accomplish their goals, the partnership should be re-examined.
Although you and your partners may benefit from expanded reach, and better solution creation, the primary consideration should be how the partnership can satisfy customers; this includes collaborations that yield products designed via collaboration, improved go-to market strategies, easier implementation, lower costs and better maintenance.
In this post, we’ll discuss several ways in which partnerships can bring more value to clients, and why these factors should be the first and most critical considerations. If you’re just beginning your partnership journey, we recommend you build a team of partnership experts who can focus on these factors full time.
Better Products via Collaboration
The most productive partnerships for customers are ones in which new or improved products are delivered. This is a win-win-win scenario. The new solution should allow both companies to reach a new audience, while providing a better product to current clients. The product obviously should also be beneficial to end users who now have an additional tool in their toolbox to help accomplish their business goals.
If you find a willing partner whose technology complements your own, or whose technology allows you to augment the delivery of your services, you should jump at the opportunity immediately. In these partnerships, everyone gains value and leaves customer engagements in a better place than they were previously.
Reach a New Market
Through an effective partnership, companies can work together to introduce each other’s clients to new vendors that can provide them with new solutions or better ones than what they have now. Partners can use their influence with existing clients to help them better achieve their goals.
This is another win-win-win scenario. However, proceed with caution. You need to make sure your partner can actually deliver and maintain the goods. If you recommend a product and it fails, your clients will hold you responsible whether or not you had anything to do with the implementation.
Many companies have wonderful products that nonetheless are not set-it-and-forget-it implementations. Conversely, many services companies have expert technical skills, but need more business to help them grow. In these scenarios, it’s beneficial for both parties to work together to help end users successfully launch new technology pilots. By working with a service provider to implement your product, you’re taking some arduous work away from your team, and you can focus on reaching even more prospects. At the same time, services companies can apply their skills to a new audience and grow their business doing what they do best.
In addition, it’s essential that terms be negotiated properly for all parties involved to make sure that each partner is satisfied with expected margin and revenue from an engagement. Although each customer implementation is different with its own unique circumstances, there should be enough rigor around the contracting and deployment process that each partner is able to achieve their short- and long-term financial goals.
No matter what kind of partnership you ultimately form, you’re going to want to keep the end user top-of-mind. If your customers don’t benefit from a partnership, or achieve their objectives with your collaborative solution, then the partnership will ultimately hurt and not help your business.