Apple, Amazon, Google, and many other companies understand the opportunities of a strong partner ecosystem. Noticing the competitive edge it brings, many companies have become interested in building & strengthening their own ecosystems or joining someone else’s. However, most companies are yet to reach their full potential in partnership development.
Meanwhile, the economic uncertainty the world is experiencing in 2020 doesn’t resemble anything that has ever been experienced before. The COVID-19 outbreak has drastically changed the landscape of the business world, as well as economic, social, and political trends. Still navigating in the sea of uncertainty, companies all over the world have mainly entered defense mode – since under today’s conditions, no company is safe from the waves the future may bring.
Despite all the uncertainty, one thing is certain – companies with a strong partner ecosystem are more likely to achieve growth even during these difficult times.
So, what is a partner ecosystem?
At the most basic level, it is a network of partnerships a company builds to create or unlock new market opportunities. Both the quantity and quality of those partnerships matter in terms of the overall success of a business.
All partner ecosystems have unique capabilities and shortcomings, as well as varied customer bases and requirements. In other words, its structure can vary notably from one company to another. What remains the same is the leverage and competitive edge partner ecosystems bring to companies.
Why do you need a strong partner ecosystem?
The value a partner ecosystem generates is larger than the combined value each of the companies could ever create individually.
A strong partner ecosystem:
- Provides access to a wider customer base
- Creates more value for customers
- Increases loyalty and satisfaction
- Generates more leads
- Amplifies market share and grows top-line revenue
- Provides a unique competitive edge
Why does it matter more than ever?
The values we listed above are the pillars your business needs to build up resilience in times of absolute uncertainty. Just as a team of people is larger than its individuals, an ecosystem is much more resilient and resourceful than its individual companies.
Ecosystems are expected to generate $100 trillion of value for business and wider society over the next 10 years. We suggest that companies don’t risk losing their competitive edge by ignoring the enormous potential an ecosystem could potentially provide.
Strong partner ecosystems are more needed than ever – to ensure companies will not only survive but also thrive in the future.
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