How would you identify and launch a new strategic partnership?
What the interviewer wants to hear
- Pick partners who share the same customers but are not competitors
- Define mutual value for both sides
- Choose the right model: referral, reseller, co-sell, integration
- Agree clear terms, goals and responsibilities
- Enable the partner and track joint results
Model answer
I start by finding companies that serve the same ideal customers but do not compete with us, for example a payroll software company partnering with an HR consultancy. I look at overlap in customer base, reputation and willingness to invest. Then I define the value for both sides: more revenue, better retention, or a more complete solution for customers. Based on that, I choose a model such as referral, reseller, co-selling or a product integration. I agree clear terms in writing: commission, deal registration, roles and joint goals. Launch is not the end; I train their team, create simple co-branded material, and run a few joint deals together. Finally I track partner-sourced pipeline and revenue every month and review with the partner each quarter.
Can you answer it under time pressure?
Take a timed medium round and get scored on every answer.
More medium Business Development Manager questions
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- A prospect says a competitor offers the same thing for less. How do you respond?
- You are given a new territory with 500 accounts. How do you plan your first 90 days?
- What goes into a strong business proposal?
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- How do you build a business case or ROI model for a prospect?
- How would you work with marketing on an account-based campaign for 30 target accounts?
- What are the key terms you would negotiate in a reseller or referral agreement?
- How do you make sure your forecast is accurate?