5 Key Takeaways from the Marketplace Summit UK: Maximizing Marketplace Success
The Marketplace Summit UK, #MarketplaceSummitUK, recently brought together over 300+ Microsoft partners, including ISVs, systems integrators, and channel partners, to explore and capitalize on the rapidly growing opportunities within the Microsoft commercial marketplace. Here are 5 takeaways from the keynote which shared marketplace opportunities and insights from Jason Rook– Senior Director, Lead for channels sales for the marketplace, Andy Whyte– CEO, MEDDIC, Nick Ross– UK&I Channel leader, Wiz, and Amit Sinha– President and Co-Founder, WorkSpan.
Marketplace Growth:
- Microsoft commercial marketplace is experiencing substantial growth, with nearly 100% year-over-year sales increases from ISVs and Fortune 500 customers, particularly in the UK. This reflects a significant momentum and opportunity for partners to expand their reach and impact.
- By 2028, cloud marketplaces are projected to generate $85 billion in revenue*, underscoring the importance of joint selling and collaboration between ISVs, channel partners, and enterprise customers to capture this growth potential.
- *Hyperscale cloud marketplace sales to hit US$85 billion by 2028. Canalys, August 15, 2024.
MEDDPICC Framework:
- MEDDPICC stands for Metrics, Economic buyer, Decision criteria, Decision process, Paper process, Identify pain, Champion, and Competition.
- The MEDDPICC framework is used as a common language for co-selling across the entire customer lifecycle streamlining communication, improving collaboration, and enhancing the effectiveness of sales strategies. It emphasizes the understanding of customer pain points, decision criteria, and stakeholder engagement
Multiparty Private Offers:
- Multiparty private offers enable customers to purchase software through trusted channel partners, and ISVs to sell through channel partners, streamlining the buying experience and boosting sales opportunities. They are currently available in the US, Canada, and the UK. These offers are set to expand to Western Europe and Japan.
- Over 90% of multiparty private offer deals originate from channel partners interacting with customers.
Insights from Nick Ross of Wiz:
- Commitment to Channel Partners for Growth: Wiz has adopted a global strategy to always work with a channel partner on customer engagements, viewing it as essential for scaling, customer retention, and market expansion.
- Marketplace as a Key Growth Driver: With over 90% of revenue going through cloud marketplaces, Wiz emphasizes that adopting a marketplace-centric approach accelerates deal cycles, enhances customer reach, and is critical for sustained growth.
- Wiz’s marketplace-first, channel-first strategy accelerates scaling, shortens time-to-value for customers, and boosts deal efficiency by closely partnering with Microsoft and providing CSPs early pipeline insights. This integrated approach strengthens customer relationships and drives market expansion, providing a roadmap to becoming a leader in marketplace-driven growth.
Ecosystem Integration and Insights- Discussion with Amit Sinha from WorkSpan
- End-to-End Ecosystem Orchestration: WorkSpan serves as a platform connecting ISVs, channel partners, and service partners with Microsoft and other marketplaces, enabling seamless co-selling, co-building, and integration into existing CRM systems for a unified experience
- Enhanced Deal Velocity and Data Insight: By automating partner integrations and embedding marketplace processes into CRM systems, WorkSpan increases deal registration rates and enables data collection on sales performance, providing actionable insights in real-time.
To learn more, you can view the full Keynote session here: Marketplace Summit learnings: Maximizing marketplace success.
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