Successful products that continue to be client relevant and continuously innovating do last a long time; as long as all members of the partnership are striving along the same product journey, successful partnerships will span multiple generations of a product and the enterprises that formed itAs hard as it is for an enterprise to acquire new capabilities, it is even harder to build up expertise and sustained operational competence in maintaining and servicing the newly acquired capabilities. A partnership approach can significantly lower product launch risk from an investment, operational, and governance perspective. Product partnerships are really about focusing on the mutual client and bringing the best possible product experience to life over a protracted timeframe.Clients do not care about which company built what part of the product - they want (and deserve) products that are relatable, consistent, intuitive, reliable, and leaves them feeling better having used it. Ultimately, the power of partnerships is in the ability of an enterprise to deliver value beyond the sum of its capabilities.Making Partnerships SuccessfulProduct partnerships are most successful when there is the strategic alignment of enterprise intent, purpose, and goals, along with an unwavering commitment from all partners to share responsibility for the product experience, help each other succeed, and do the right thing for the client. Partnerships should not be approached as a path of last resort. Structured and executed correctly, partnerships will create a winning solution for all parties involved in the product, with the primary beneficiary being the client.It is also essential to identify and address common issues that arise when different enterprises, with varying business models, organizational structures, leadership styles, operating cultures, strategic priorities, and motivations, attempt to establish a partnership. The goal is not to force alignment through organizational and operational change; rather it is to determine the best way for all parties to bring their unique strengths and be both individually and collectively successful. The easiest way to accomplish this is to focus on the commonalities, i.e., the mutual client and the product, along with clearly defined (and mutually understood) partnership success criteria for each partner.A source of partnership breakdown is when the product fails to meet client expectations, with the largest contributors to product dissatisfaction being a subpar customer experience and lack of innovation. At the heart of product partnerships are the product, and the overall product experience must be fluid and seamless, over-indexing on client value. As with all products, clients care most about whether a product meets their needs, wants, and desires and the overall product (or service) must deliver this with the least effort and friction.Partner organizations may outgrow the product and partnership, which is most often due to a change in an organization's business strategy - all partners must have a relationship construct that accommodates this natural dynamic. Partnerships may not last forever, but successful products that continue to be client relevant and continuously innovating do last a long time; as long as all members of the partnership are striving along the same product journey, successful partnerships will span multiple generations of a product and the enterprises that formed it. 19JULY - 2023
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