10 Best Practices for Partnerships in the IoT Market

by Benson Chan for Medium

The IoT market is in its early stages and this challenges solution vendors to remain relevant as requirements and outcomes constantly change. In this setting, knowing how to form partnerships is a critical strategic skill that can make the difference between staying relevant and going out of business.

In Part One, IoT Partnerships — A Guide to Partnerships Types and Relationships, we looked at the benefits of partnerships and the three components of a partnership — what you’re partnering for (partnership type), how you work with each other (partner relationship), and the scope of your engagement.

Now we’ll examine 10 best practices for actually developing those partnerships.

1. Find and Create Joint Value
Successful and long lasting partnerships are built on one or more strong, joint-value propositions. When considering potential partners, evaluate what each company gets from the partnership, and how these fit within each other’s overall strategy, capabilities, resources and offerings.

Understand and quantify the extent of the value provided to the solution, the channel, and the customer. Avoid “one way” partnerships — focus instead on creating a “two-way” fit in as many areas as possible — from development, go-to-market, and support.

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