How do organisations, that are so different in size and scope, forge a successful partnership? And not just any partnership, but one of the best in the industry. Hear the top five tips from Miguel Amaro, Partner at Deloitte and Ben Snowman, VP Partnerships & Advisory at Mambu.
Tip 1: Go with the flow: Align personal missions with those of both companies
Employees are the custodians of company strategy. They are the ones charged with the execution and implementation. When employees of both partners unite and personal missions are aligned, the partnership is poised to take on a natural life of its own and grow towards success.
As Ben points out, "When leaders come together to make company strategy a reality, personal objectives align perfectly - this sets a great foundation for long term growth.” Miguel adds, "Chemistry is another critical element of success. When objectives are aligned and chemistry is strong, the partnership's success feels inevitabile. You literally go with the flow.”
Tip 2: The zipper effect: Build deep, trusting personal relationships between both partners at each function
Executive relationships are important - without personal commitment, nothing gets done. A successful partnership, however, needs to be linked, like a zipper, at every level of the organisation. This way the partnership becomes part of the fabric of both organisations.
“It’s important for executives to connect, marketing to connect, solution specialists to connect, sales teams to connect - without this, execution will not be seamless," Miguel notes. Ben calls this the 'zipper effect,' “It's a bit like a zip - all the individual nodes of an organisation need to be linked - not just functionally, but at the level of the individual, so trust and reliance are built.”
Tip 3: Mix business with pleasure: When things get tense, personal bonds carry you through
Every relationship goes through ups and downs. There are difficult stages in a business partnership - negotiating commercials, two-speed mobilisation, underperformance against business plans, friction in the field. It is essential not to lose sight of the personal bonds that brought the organisations together.
Ben says, "After every significant review or negotiation, make sure to socialise and bring the fun back into the relationship." Miguel adds, "Always remember the long term goals - both for the partnership and the relationships they foster. We're in this ecosystem together, and everyone is trying to do their best. Staying humble and committed, helps us through the difficult moments."
Tip 4: Give/give: make sure you contribute to the commercial success of the other, by design
Some partnerships are transactional. Yet the best partnerships are strategic because they result in joint competitive advantage through differentiation. Ben says, "Mambu has a strong give/give philosophy. The more each partner gives to the other, the more successful the partnership (and individual partners) will become. As more partners adopt this philosophy, the best partnerships become self-selecting."
Miguel comments, “The give/give ethos is unique to Mambu. In the beginning, this philosophy was new to us, but today our partnership embodies it, and the results are evident."
Tip 5: Relentless execution: Every day, improve and advance the partnership step by step
While every partnership starts off with great ambition, the proof is in the pudding. This means that execution is key. The art of successful execution lies in having a growth mindset and looking obsessively for ways to excel and improve.
Miguel notes that, "There is always something that can be better - from governance, customer engagement, business development, marketing - the best partnerships seek out improvements, little by little, and then share those learnings." Ben agrees, "Big things make big differences, small things add up to big differences. Which is why everyone in the partnership must focus on small improvements.”
Deloitte & Mambu: A symbiotic alliance. This partnership combines Deloitte's expertise with Mambu's composable banking capabilities, accelerating digital transformation in banking and empowering customers to deliver excellent financial experiences. Vote for our partnership in the FF Awards.
Want to learn more about the partnership? Access the Buy Now, Pay Later guide from Deloitte and Mambu.