expand your business ecosystem

3 Steps to Boost Market Expansion with Business Ecosystems

Everyone is talking about ecosystems—including those in the boardroom. Ecosystems have become a key strategy for businesses looking to stay relevant through ongoing marketplace disruption and drive growth and innovation. 

In fact, according to an Accenture survey of C-level professionals, 76% of business leaders agree current business models will be unrecognizable in five years—and ecosystems will be the main change agent. 

And these business leaders aren’t wasting time—84% of those surveyed said ecosystems were important to their strategy of disruption & 52% say industry innovation is a great threat from competitors forming ecosystems.

Accenture Study on the rise of ecosystems

Doing nothing is costly—in future years, 30% to 70% of revenue is predicted to flow through ecosystems, and without a strategy in place to leverage partner relationships, businesses will find themselves missing out on significant revenue.

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strategic alliance definition

Strategic Alliance: What is it, Types, Benefits & Why You Need it.

Alliances and partnerships are a key staple in business strategies for organizations large and small. But while many partnerships begin with big visions and aspirations, not all alliances turn out to be strategic. 

In the last few months, I have seen various new alliances being formed among top companies of the world.

But, what is a strategic alliance, what are the types of strategic alliances, how can they be a boon—or a burden—to your company, and why are they now mandatory for success in today’s marketplace?

Let’s dive into it. 

Three Different Types of Strategic Alliances 

Alliances are business relationships. They’re about who you know in business, and like a personal network, they supplement your capabilities and weaknesses with strengths. Each alliance is a joint venture where two or more entities work together to achieve a shared goal while remaining separate and independent.

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WorkSpan Team

WorkSpan Culture: Why Your Next Adventure is at WorkSpan

At WorkSpan, our culture is a verb. To me, this means it’s a culmination of our hard work, collaboration, open communication, and the act of delivering awesomeness on a day-to-day basis―a commitment we all share with each other and our users.

I don’t need or want to give a sales pitch about why WorkSpan is a fantastic place to work. In fact, we might not be what you expect from a Silicon Valley company. For instance, we forgo a lot of the perks that are commonplace in Silicon Valley—you won’t find ping pong tables, nap rooms, kombucha on tap or any of the other latest perks here.

We don’t boast flavor-of-the-month perks because our goal is to offer more than fleeting extras. Instead, we are doing the hard work of empowering our team to act on behalf of WorkSpan as a stakeholder.

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New Features July 2019: Activate Partners, Elevate Security & Exciting Mobile Updates!

Are you ready for WorkSpan’s latest features that—wait really? That eager, huh? *saves one-liner for next time*

Activate the Right Partner with Partner Profiles

Calling all Program Owners! You understand that as your program grows, you must know what each partner brings to the table to intelligently facilitate connections & activate the right partners.

You can now set up partner profile templates in WorkSpan. When a partner company enters into your program, they complete their profile. The partner profile includes details on the company’s competencies in the program & their interests, such as target customer profile, target partner profile, etc. Participating companies can search for partners with complementary skills & similar business objectives & establish instant connections. It’s as simple as one, two—wait that’s it.

Finding the right partners & engaging in multi-partner activities has never been easier. What are you waiting for—have you activated your partners yet?

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The Three C’s Driving the Shift Toward Ecosystems

Ecosystems are driving unprecedented change in the business community. According to Accenture’s research, 76% of business leaders agree current business models will be unrecognizable in the next five years and connected ecosystems will be the main change agent.

accenture study

Furthermore, Accenture’s report states,

“Every industry is susceptible to disruption by ecosystem plays—and those who aren’t ready are at risk for value degradation.”

Whereas conventional partnership models are siloed and only focus on linear one-to-one relationships, like those with a distributor or reseller; modern ecosystems allow businesses to build rich, meaningful, multi-directional partnerships that add value to businesses and consumers. 

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Create A product first!

Create a product first please!