A large part of what we do over on Do the Woo is help builders with product growth. Now I am no expert in the field, but by osmosis, through our partners, our podcast guests, and yes, our show’s co-hosts, there is a wealth of knowledge that I facilitate and bring to the table.
Partnerships are a big thing
Since I have been in business, even before WordPress, I valued every partnership I grew. And when it comes to partnerships and product growth, a lot of us hear tips and insights that are helpful, but seldom do they take a twist on things. That is what I am always looking for.
My friend and colleague, Jonathan Wold, is instrumental in helping me get Do the Woo where it is at today. I could go on and on about Jonathan, but another trait I really value from him is his unique and powerful insights that he brings to the Woo and WordPress ecosystem. And recently I was revisiting a post from last year about the challenges founders face with product businesses being undervalued in the WordPress ecosystem, my ears perked up. It’s titled, Using the Loop To Grow a WordPress Product Company.
The post resonated with me initially as it applies to my own partnerships and how I can help my partners get the most out of it.
I really felt Jonathan hit the nail on the head. With as many of these product companies who are struggling with growth, they can take his thoughts and actually step back with an approach that is more refined and strategic.
Now I don’t want to give away the whole post, but I wanted to tease you with these three elements of what he calls the “loop”.
From Jonathan’s blog
Here is a small part of the post:
Our ecosystem is warming up to the idea of growing through strategic partnerships. I spoke about it at WordCamp Europe and published a framework for strategic partnerships that’s served as a starting point for founders.
Within the context of our growth strategy, the idea is that you start with a partnership. Identify another business within the WordPress ecosystem aligned with the audience you’re serving and the problem you’re focused on solving and form a partnership.
Early on, you can’t know whether a partnership will work out or to what extent. Accordingly, it’s critical to focus on your..
Work with your new partner to identify a first win. Given our emphasis on customer centricity, the ideal first win is going to be helping a mutual customer succeed.
This is where I often see partnerships go wrong. They “partner up”, and wait around for wins to happen. Stay focused on the partnership until you have a win that has all involved succeeding.
A first win is also a great way to gauge the quality of the partnership and decide how much further each of you are willing to invest.
Talk About It
Take the win and keep the customer in focus; it’s about them, not you. With the customer’s blessing, tell the story. Work with your partner to share the mutual win within your spheres of influence.
Talking about the win and keeping the customer in focus gives you an opportunity to both anchor and continuously refine your positioning.
Of course the loop is the part that is as simple as this, rinse and repeat.
Now, as I said before, this was just a teaser as there is a lot more to the post that will be helpful to any product company looking to grow, whether it’s a product for WooCommerce or the bigger WordPress ecosystem. He goes more into his thoughts around this strategy including some solid guidance. Check out Jonathan’s post here.