88% of executives surveyed by Accenture highlighted that đ° selling a partnerâs products is a major priority for them over the next 3 years.
However, a striking contrast exists.
Only 1 in 5 companies say they are selling their partner's products and services âvery wellâ. Why is mastering partnerships crucial?
đ Boosting Profitability
To begin with, partnerships unlock an extra 5% in EBIT growth per year, as per Accenture's findings.
It means better profitability and enhanced operational efficiency - businesses not only amplify sales but improve their cost structures as well.
đŻ Meeting Customers Where They Are
In a previous study, Accenture engaged 1,700 global CXOs. A resounding 95% across B2C and B2B believe their customers are changing faster than they can change their businesses.
When customer needs go beyond a companyâs capabilities, partnerships offer a way to meet them with minimal cost.
đ The Trust Quotient in Partnerships
These partnerships, however, only work when companies deliver products and services
that customers trust as much as the original brand.
This trust paradigm underscores the rise of B2B marketplaces that offer vetted products and services with better customer experience and under a unified bill, that improves procurement efficiency among other things.
Companies are also increasingly embedding third-party products in their SaaS to improve monetization, enhance customer experience and engagement.
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