Become a Better Technology Provider Through Partnerships
These days, there’s increased pressure on technology providers to be all things to all people. And it likely goes without saying that there’s one word to describe this expectation: unrealistic.
So, how do you bring the broadest array of services to your merchants when they are outside your business model? The answer is to partner with companies that are experts in their fields.
Developing strategic partnerships with specialists in the industry can not only help you become a better technology provider but raise your credibility among your customers and your peers.
Offer More Differentiating Products
Specialized technology companies focus on differentiating products and services that help end-users be more effective, run more efficiently, and decrease the costs of running their business. Being aware of these potential partners can be invaluable in helping you service your merchants at a higher level.
For example, if you are currently working with a merchant who wants to offer a rewards program, but that’s not among the products you offer, find a partner with an exceptional rewards product. Today, rewards programs are extremely complex, requiring automated cardholder registration; marketing through e-mail, text and the Internet; tracking customer demographics; and detailed metrics. Rather than walk away from this business, find a partner with the best rewards program on the market and provide it to your merchant.
Partnering with specialized companies also enables technology providers to remain focused on their core business. Rather than trying to accommodate every client’s needs themselves, technology providers can look to credible partners to provide unique products and services.
For example, Sterling has created strategic partnerships with technology partners to offer merchants relatively inexpensive ECRs with powerful online back office reporting capabilities that allow merchants to access this information anytime, anywhere.
It wouldn’t make sense for a reseller to try to take that on that development. It simply would not be cost-effective. This is a clear example where bringing in a trusted partner increases value, opens new markets and allows the reseller to make more money without expensive overhead.
Specialists Offer Speed, Flexibility and Quality
In addition, these specialized companies can take products and services from concept to market much faster because there is less red tape to slow them down. They can also adjust to clients’ needs and change course faster than a large company. The key is to find a partner that is nimble enough to quickly react to the twists and turns of the marketplace and still deliver a quality product.
Choose Your Partners Carefully
It’s important to remember that the company you choose as a partner is a reflection of your business. Do your research to find companies that are trustworthy, produce high quality work, and share your ethics and standards.
In developing relationships with these partners, consider the value that is brought to the table, not just from a financial perspective. Have the foresight to establish a foundation for the future, one that opens doors to new prospects and helps grow your business.
Nerino Mayer is the Executive Director of Sales for Sterling Payment Technologies. For more information, please contact him at nerino.mayer@sterlingpayment.com.
