The era of the ecosystem is here
Traditional acquisition strategies are no longer cost-effective. Acquisition costs are rising and aren’t a sustainable way for businesses to generate their entire sales pipeline.
It now takes more interactions to convert a lead, and yet the most powerful sales tool will always be a recommendation from someone you trust. Why not start focusing on that?
It now takes more interactions to convert a lead, and yet the most powerful sales tool will always be a recommendation from someone you trust. Why not start focusing on that?
Today, the average direct acquisition cost for sales and marketing has returned to 37-40% of revenue (pre- COVID levels.)
Yet, despite the same spending levels, the average revenue growth has dropped from 37% in 2018 to 26% in 2022. It’s time for things to change.
This is why businesses such as Dell and Rapid7 have shifted from primarily focusing on direct acquisition to partner-led growth.
This rapid pivot has given birth to the partner ecosystem; this ecosystem is different from the traditional ‘sell-through’ model of indirect acquisition.
What’s next for partnership selling?
What’s next for partnership selling?
Unlocking the spider’s web
There’s been a change in the way business is conducted via relationships.
The old partnership model centered around one vendor who managed several partners that advocated on their behalf.
This created multiple challenges surrounding scalability, and needing an independent vendor sales force. It also often removed the vendor from their customers which had a downstream effect on retention.
The old partnership model centered around one vendor who managed several partners that advocated on their behalf.
This created multiple challenges surrounding scalability, and needing an independent vendor sales force. It also often removed the vendor from their customers which had a downstream effect on retention.
This model is quickly evolving from a static ‘hub and spoke’ to something that more resembles a spider’s web.
There is no longer one central vendor, but rather all parties have equal status. The value is generated from the interconnection of all businesses. They have full transparency into one another’s goals & work together to achieve them.
There is no longer one central vendor, but rather all parties have equal status. The value is generated from the interconnection of all businesses. They have full transparency into one another’s goals & work together to achieve them.
This is the emerging partner ecosystem.
Co-sell and beyond
Co-selling can be very transactional in nature. Often it focuses on generating revenue rather than providing partners with a superior experience, and many partnerships miss out on achieving their full potential because of this.
If the vendor, partner, and customer are equally invested in driving valuable opportunities, then stronger relationships and better results will naturally happen.
So to make serious revenue from partnership selling, it’s not enough to simply co-sell. To unlock the true value, you need to co-keep and co-grow.
If the vendor, partner, and customer are equally invested in driving valuable opportunities, then stronger relationships and better results will naturally happen.
So to make serious revenue from partnership selling, it’s not enough to simply co-sell. To unlock the true value, you need to co-keep and co-grow.
The value of partnerships
Businesses report that by moving to an ecosystem-first GTM, they typically see:
Keeping partners engaged with co-keep
It’s imperative you show your partners you’re dedicated to them by providing an unparalleled experience.
Typically, 20% of your partners typically generate 80% of your revenue. But every partner in your ecosystem could easily generate a multitude of opportunities if they were fully engaged.
As a result, nurturing and growing your partner relationships should be high on your list of priorities. If you try to create an ecosystem without a compelling partner experience, your spider’s web will unravel quickly.
Co-keep focuses on retaining partners. This is what PRM technology has been helping businesses achieve for many years.
Typically, 20% of your partners typically generate 80% of your revenue. But every partner in your ecosystem could easily generate a multitude of opportunities if they were fully engaged.
As a result, nurturing and growing your partner relationships should be high on your list of priorities. If you try to create an ecosystem without a compelling partner experience, your spider’s web will unravel quickly.
Co-keep focuses on retaining partners. This is what PRM technology has been helping businesses achieve for many years.
Co-growing a resilient future
Co-grow is all about creating genuine value and mutually beneficial success by boosting partner engagement and identifying the best partners for you.
How do we achieve this? Let’s introduce the co-sell flywheel.
How do we achieve this? Let’s introduce the co-sell flywheel.
What does this mean for PRM?
The success of the ecosystem is wholly dependent upon the strength of the relationships between the businesses that comprise it. So, it’s time to start prioritizing the partner experience.
The partnership revolution is here
By pushing what it means to create and nurture a partnership through the principles of co-sell, co-keep, and co-grow, businesses can create an ecosystem of mutually-beneficial partnerships that continue to strengthen and evolve over time.
Allbound is committed to closely collaborating with businesses to enable you to harness the full potential of your PRM.
All you need to do is unlock the tools that can support your new partnership ecosystem.
Allbound is committed to closely collaborating with businesses to enable you to harness the full potential of your PRM.
All you need to do is unlock the tools that can support your new partnership ecosystem.
Why Allbound?
We’re the strategic advantage that unlocks the true potential of partnerships.
Having helped businesses manage partner relationships for years, we know exactly what it takes to grow high-value partnerships.
With a shift in your approach to partnerships and the right technology on your side, you’ll be well-positioned to make the most of this emerging ecosystem.
To stay ahead of the competition you need more than just a PRM platform – you need Allbound.
Having helped businesses manage partner relationships for years, we know exactly what it takes to grow high-value partnerships.
With a shift in your approach to partnerships and the right technology on your side, you’ll be well-positioned to make the most of this emerging ecosystem.
To stay ahead of the competition you need more than just a PRM platform – you need Allbound.
