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Know the customer, build the solution

October 21, 2019

The first step in building a good BD partnership is to focus on a problem/solution statement; what problem is a customer facing and how do two (or more) companies working together uniquely solve that problem.

Understanding the customer demand is the Big Bang, the explosion of information from which the universe of partner opportunities is formed (OK, I really pushed that analogy). Once you have a strong grasp of what pains customers are feeling, you can go out into the market and find the right partner to work with and develop the right solutions.

Developing a solution with a partner company is the product strategy part of BD. Like a product manager, a good BD professional must know market trends, must know customer demands, and must know what is in-scope and out-of-scope for their own products.

Additionally, however, BD must have the same understanding of the partner’s market, customers and product scope as well.

Once you’ve identified the customer pain and developed a solution thesis that is aligned with the corporate and product strategy of your company and your partner’s, the BD teams can then move on to the next step which is to work together to loop in the right teams to build and market the solution.

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