Partnerships in 2023
Both emerging and established businesses have historically built value with the help of their partners. Today, in the most successful companies, you’ll find a group of innovators who are convinced that the future of technology and business shines bright for those who invest in a partner program and partner ecosystems. Partnering with a company that specializes in solving a problem that complements your own product can be one of the most efficient ways to fill gaps and introduce improvements for clients. Let’s take a closer look at the history of partnerships and what they'll look like in 2023.
Partnerships of yesterday
We are at a time when partnerships are evolving faster than ever and are coming to the forefront of all interactions in business. But that hasn’t always been the case. In the past, partnerships were more linear in nature where the value of having them took time to be realized. Moreover, the number of vendors on the market was very limited. These vendors, or technology-driven companies, had a hard time understanding the value of partners. Their limitations did not allow for mutual innovation and the value of having partnerships was being overlooked. Luckily, this has all drastically changed.
Partnerships of today and tomorrow
Over the past decade, we have witnessed an increase in collaboration between partners. Why? Because companies have started to realize the immediate value of partnerships. Year after year, research shows that partner-driven initiatives directly impact revenue in many ways. 2022 has shown us that deals close in half the time when a partner is involved. Moreover, the chances of a deal closing are much higher when a partner is involved. These are the benefits of collaboration through co-marketing, co-selling, and co-innovation. It’s all about working together to better understand and address shared clients. Check out Storyblok’s Partner Playbook to see how we are working hard to set the example for creative, effective, and future-focused collaboration with our partners.
Quote from Jamie Laing, Partner Success Team Manager @ Storyblok
Partners now work together to create new products, services, or solutions that combine their strengths and expertise. This has increased transparency between partners. Today, sharing of information, feedback, and insights helps all parties involved work together more effectively and deliver the best possible outcomes for clients.
We strongly suggest watching Jamie Laing’s talk on Partnerships in 2023, part of Storyblok’s 11th edition of Stories from the Blok titled Bountiful Beginnings.
So, how will partnerships encourage growth in the current market? Well, if it’s not clear yet, partnerships improve every go-to-market motion with a much lower investment than hiring large teams of sales representatives. There is data from multiple research to support this notion. Therefore, 2023 is going to be marked by the impact, not the potential of partnerships.
The shift to Ecosystems
An ecosystem is a network of organizations, individuals, and technologies that work together to create value for customers. For more detailed information on ecosystems, the benefits they bring, and Storyblok’s partnerships read our Partner Ecosystem article.
The past few years have been dedicated to building technology ecosystems that focus on the integration of products and solutions to make individual offerings more attractive by easing use and accessibility. At Storyblok, we have built a technology ecosystem that consists of many proven enterprise-graded solutions to help customers create the best digital experiences. Check it out here.
Quote from Jamie Laing, Partner Success Team Manager @ Storyblok
The beauty of technology-focused ecosystems is that customers can build their own platforms based on their specific business needs. In the world of content, we see that our clients start by choosing their CMS first to easily and effectively manage and deliver their content. And as their needs for localization, personalization, optimization, etc. come to the surface, they can easily integrate solutions to address those needs thanks to the API first architecture. In the current economy, this allows them to be far more agile.
So, what’s big in the technology ecosystem landscape these days?
The future shines bright for those that invest in partner ecosystems
-Organizations acting outside of the ecosystem are going to find it extremely difficult to compete against those that do. The level of innovation, size of offerings, and diversity within an ecosystem are impossible to replicate.
Integrations are the future
-Over the past few years, the number of users that leverage integrations has grown drastically. Therefore, 2023 is going to be the year of integrations. These solutions are usually built in-house by software companies. The biggest benefits are that they cut development time and save on costs.
Co-selling is king
-Because tech partnerships help create higher contract value and faster sales cycles, sales reps find the sales approach of using these partnerships when closing deals very attractive. Therefore, organizations are starting to realize the direct value partnerships bring to revenue.
Managing an economic crisis together
-It’s no secret that we are facing an economic downturn. However, partnerships can help. Partnerships allow us to do more with less. Why? Because partnerships are like a lever: the more partnerships we grow, the more heavy lifting we can do. They allow us to focus on what we do best and rely on our partners for the rest. Read more about how we at Storyblok help our partners in times of uncertainty in this article.
Quote from Alin Tanase, Technology Partner Manager @ Storyblok
Storyblok’s technology ecosystem is a strong example of effective collaboration between tech providers. Over the past year, we managed to build a strong partnership program with many innovative tech partners that help us both extend the value we deliver to our customers. In 2023, our focus is on efficiency and functionality: to continue building effective and functional integrations through collaboration and innovation with our valued partners.
2023 is about co-doing. We cannot be everything to everyone, which means we have to collaborate to leverage what’s missing in delivering exceptional value. Co-innovating, co-selling, and co-marketing are going to be at the core of partnerships in the future. Especially, as we shift more towards ecosystems. Organizations must work together to increase innovation, the size of offerings, and diversity in the market. It’s what is going to help us all grow and manage the current economic climate. At Storyblok, 2023 is about growing our partnerships and expanding the offerings of our technology ecosystem. We are excited to build the future of digital storytelling together.