Partner marketing is an essential tool for businesses to acquire new customers and increase revenue. However, the process of building a partner network can be complicated and time-consuming. If you want to make sure your business gets the most out of its partner program, follow these steps:
Step 1: Understand the Partner Landscape
There are two ways you can approach a partner network:
You can think about how you want to grow, and then find the partners who will help you achieve your goals.
Or, if you already have a partner in mind, try to understand what their goals are and if they match up with yours. If so, then maybe a deeper relationship is worth pursuing.
In any case, it's important to understand what your current customers' needs are—can a strategic partner provide added value?
Step 2: Decide What Type of Channel Partner You Want to Work With
Deciding on the type of channel partner you want to work with is the next step in building your partner network.
It's important to consider your goals, who you're targeting, and what type of product or service you're offering. For example, if you sell software-as-a-service (SaaS) products, it might make sense to work with consultants who specialize in SaaS sales. Consulting firms can help businesses prepare their infrastructure for new platforms while also helping them migrate from existing systems.
Step 3: Define Your Value Proposition
A value proposition is what you can provide to potential partners that will make them want to work with you. It’s the reason why they should choose your company over others in the same space, and why working with you will be advantageous for them. For example, if your company offers a software platform that enables people to track their finances more effectively, then one of your value propositions might be providing this service at no cost or at a reduced cost compared to competing products on the market.
A key component of defining your value proposition is understanding how it will help your partner network expand their businesses. In other words: What kinds of benefits do they stand to gain from working with you? The more tangible those benefits are (“We can help increase revenue by X amount per year!”), the better (though don't forget about intangible ones like "being part of an exciting startup culture").
Step 4: Find Potential Partners
Once you've decided what industries and customers you want to target, it's time to find out which businesses within those industries are a good fit for your product. Here's how:
Identify the market segments or audiences that align with your product and goals. If possible, focus on partnerships in which the partner has a customer base that is similar to yours (i.e., similar company size, similar industry, etc.). This will help ensure that they'll be able to refer new customers to your business who might be interested in purchasing from you as well.
Determine whether each potential partnership makes sense for both parties involved (i.e., does one benefit more than the other?). For example: if one partner doesn't have a large audience but does have access to influencers who could promote content related directly back towards another platform (like Instagram/Twitter), then this could potentially be beneficial for both parties involved!
Step 5: Contact Potential Partners
Now that you've identified potential partners, it's time to get in contact. Whether this is the first time or the 5th, follow the same process:
Identify what information you want from your partner
Create a template email with this information
Send out your emails (or conduct phone calls) and follow up with potential partners if they don't respond within 24 hours (or some other agreed upon timeframe)
Step 6: Choose the Right Partners
When choosing a partner, it is important to choose a company that is a good fit for your brand and goals. In addition to being able to help you reach your targets, they should also have complementary products or services.
In addition, it's essential that partners complement each other by offering different things so as not to compete with one another—this way both parties benefit from working together!
Step 7: Implement Your Partner Marketing Program
Step 7: Implement your partner program
Step 8: Build a Partner Advisory Board
Step 9: Measure the Results of Your Partner Program
Building a successful partner network takes time, effort and lots of communication.
Building a successful partner network takes time, effort and lots of communication.
You'll need to be willing to work with many different people and organizations. You'll also need to listen closely to your partners' needs so you can provide them with value. Finally, it's important that you're flexible when working with your partners; sometimes they will have ideas or suggestions for how you can improve the business model of your company or product!
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