Today with the digital transition, we see a lot of new businesses appearing, reshuffling existing value chains or creating totally new markets. We dare more, letting aside the freezing fear of failure, and we launch new products at an increasing pace. As a result, lots of companies are re-building technologies and tools that already exist somewhere else, losing time and money in the process, in a world where quick execution and first mover role play a key role in success.
In this third article, I’ll explain my vision on why we should set up more partnerships to go to new market.
Go to new markets
Nowadays, with the digital transition, it’s very easy to think global and build products that we could sell all around the world. But as for the product itself, the go to market is not an easy task with regards to both market penetration and market position sustainability.
An efficient way to handle new markets resides in setting up partnerships with local companies – with the same partnership spirit than mentioned above: work together to deliver stronger product. With this type of partnerships, you’ll be able to have a local partner and have your product in a middle of a more global offering.
A key question to answer is why would a client from the other end of the world use your product? It will be more difficult to get support, to pay, to ensure trust as the relationship can only be dematerialized and thus potentially virtualized… Especially large companies with lots of potential candidates to deal with may prefer local partners over you.
Setting up partnerships to build a larger offer and to innovate together allows you to come as a group of companies, which tends to generate more confidence, and to have a bigger product that matters: it already brings a significant answer to the need to integrate a complete ecosystem to remain relevant, while facilitating further market prospection (entering new markets gets much easier with local partners) and business deals (you become more relevant and considered as you become bigger).
Alone we go faster, together we go further
To summarize, this quote is so relevant: “Alone we go faster, together we go further”. I would say that we should not be afraid to work with other companies to make a bigger product and to innovate together. An idea is worthless without the execution, the team, the clients… So don’t hesitate to talk with others, to use existing technologies or existing tools.
It is much more pleasant to work on the strategy, the business, the solution you come with to solve a problem than to build your emails system, your payment system, your hammers, your nails…
Let’s innovate all together!!