Part 4: Red flags
I feel like I open every issue of this newsletter with a thank you!
But really thank you!
90% open rate for my newsletter last week 🤯
Makes every bit of the effort worth it!
I am sitting outside in my garden at my house in Utah writing this issue - the process of writing this actually makes me excited.
Excited that people are engaged!
Excited that people like partnerships and business development as much as me.
Last week I talked about the potential in partnerships as a career move, and what types of people and skills set you up for success in a partnership role.
This week, I am going to cover what to ask during an interview that will help you make the big decision:
- Whether the business is serious about partnerships.
- Whether you are going to be set up to succeed in a partnership role.
- Whether partnerships are something that the business should even be considering.
Let's begin…
The current climate has made job hunting a hot topic.
Where should I apply?
What job should I apply for?
But how about “Is this a company that I want to work for?
In my opinion, when you apply for a job, it is just as important to figure out whether the company you are applying to is a good fit rather than dive head first into a role that could be doomed to fail.
I have spoken with a lot of people looking for roles in partnerships recently.
The question I get asked the most is:
“How do I know that partnerships are going to be valued at this organization?”
In order to answer this question I have come up with a few strategies.
- During the interview process, ask the right questions.
If you are being brought in to start a partner program from scratch, dig into why that is.
Why is now the right time for partnerships?
What factors make you think partnerships are the right go-to-market strategy?
Have you seen any inbound interest from partners?
These questions will help you get to the crux of why you are being brought in, and more importantly, figure out if you are being brought in for the right reasons.
Some things that would raise red flags for me in response to these questions:
🚩 We are after some quick revenue.
🚩 We don't know why we are pursuing partnerships. Everyone else is doing it, and we need revenue.
🚩 We haven't had any inbound interest, but I am sure we will once you come in.
These responses are red flags because many business leaders don’t understand the slow burn nature that partnerships take.
If a company is looking for quick revenue, then it's going to be a highly pressurized environment that you are walking into, and there will be an immediate expectation for you to deliver on revenue goals that you might not be able to meet.
The inbound interest question can be an important one, just to gauge whether there are some partners for you to work with from day one and hopefully get some quick wins.
2. Research and look at the company itself, and also try to do a deep dive into the org structure
This one can be a little bit of a research project, but can be useful to figure out a little bit more about the company itself.
Your goal here is to understand some key points about the company you are applying to.
What has their growth been like?
Have they just raised money?
What are ex-employees saying about the company?
A good place to start is the company LinkedIn page. I will use Help Scout in this example:
From here, I can see the recent round of funding that they took on. This indicates that a company is most likely in growth mode, whilst also indicating that they probably have a little bit of a runway from a cash perspective, which is important in this current climate.
Next section to pay attention to is this one:
This section shows what the growth trajectory is looking like from a hiring perspective. The above shows that in the last 2 months Help Scout has increased head count significantly, confirming again they are in a healthy position.
If this section displayed a negative headcount growth, this would probably raise a red flag on the company's trajectory.
3. Talk to the direct sales team and understand the product and sales process
Again this is a research project, but one that will help you predetermine how easy it will be to sell through partners.
Reach out to someone on the sales team and someone in customer success.
Tell them that you are currently in an interview process and looking to get a little insight into the product.
Don't be scared.
Most people are more than willing to have this conversation.
If it turns out the sales process is super complex, or the sales team aren't exactly sure what their target customer is, that would be a red flag to me.
Imagine how difficult it's going to be for your product to be sold by your partners.
Even worse, if they don't know the ICP we sell into, this will severely hinder your ability to map out your IPP and hit the ground running.
In summary
The strategies above should give you a good indication of what to do if you are applying for roles or in the interview process.
It's really important, especially in a partnerships role, to fully understand the situation you are getting yourself into. Keep your eye out for those red flags. 🚩
There's nothing worse than to accept a job offer where you are going to be set up for failure from day one. Take accountability and do your research!
If you are in the interview process and want some advice feel free to reach out to me, I am always happy to help.
That's it for the partnership pocketbook this week.
Expect another issue next Monday!
Cheers,
Ben
