- On March 17, 2020
P2P Ecosystems and Why You Need It
P2P (Partner to Partner) Ecosystems is not a term you hear often, if even at all. It’s not something you see all the time which makes it unique. A P2P Ecosystem is practical for small, medium, and large sized businesses. Purchasing dynamics have gotten more complex in all industries. Selling only part of a solution isn’t enough in the market these days. You need to be part of a more comprehensive solution offering exactly what your customers want. This is where a P2P Ecosystem comes into play.
What is a P2P Ecosystem?
You might be wondering what a P2P Ecosystem is. A P2P Ecosystem is essentially partnering with complementary vendor partners for your mutual benefit. Say for instance, your business solution is CRM software. You notice that your customers who purchase CRM from you are also looking for another solution such as an ERP software. You don’t offer ERP solutions – but being part of a P2P Ecosystem you are able to satisfy your customers by offering the ERP solution that your partner vendor offers. This vendor and yourself are part of a P2P Ecosystem which means you are helping them expand their customer footprint and open new markets and they help you extend the reach of your brand and generate new revenue. A mutually beneficial partnership between you and another vendor who provides solutions complementary to yours.
How do you create a P2P Ecosystem?
Does the P2P Ecosystem appeal to you? It should, there are so many benefits to your company when you create a business ecosystem like this. First you need to determine what products or services would be complementary to yours. Then you need to look for companies that provide those products or services, but don’t offer your products or services. Once you have done this, you need to reach out to those companies and determine if they can see the benefit of the P2P Ecosystem for their business. You will need to offer a solution that could benefit from having a complementary solution to present to your current and future clients. You’ll need to have the ability to be open to partnering with other companies for this to work. Be open to their suggestions and vice versa. Afterall, you are both helping each other out.
Benefits for You and Your Partner
So how does this benefit you and your partner? How about brand loyalty, partner channel growth, and an overall increase in sales? That sounds pretty impressive, right? With this in mind, there are also incentives that can be formed for these programs. Think outside the box when you are working on incentives. What would you want as an incentive? Discounted access to their products, access to their contacts, a referral fee? Put together a plan that is mutually beneficial to both organizations. This leads to a long term business relationship between both parties and also creates motivation to deliver more business. So not only are you developing strong business relationships but also building revenue on top. It’s a win-win situation for both.
Overall, you’ve got a pretty good idea of what P2P Ecosystems are and why you need them. It’s important to stay ahead of the curve and ahead of your competition. Participating in a program such as this would be extremely beneficial – not only for you but your vendor partner as well. Pioneering one of the first partner-to-partner ecosystems, we pride ourselves on being experts. We have developed a complex process that we perform in order to ensure great success for your business and your vendor partner – and you don’t have to go out finding the partners yourself, it’s all done for you. If you need additional help with P2P Ecosystems OR you are ready to get started and explore this program, click here and contact us to get started today!