Companies that want to move into a new market faster and more efficiently are increasingly turning to a sales strategy known as partner marketing to do so. This refers to a business forming a relationship with another business that already has an established relationship with a specific marketplace, community, or group.
The partnership between companies can be especially beneficial when one uses the trust it has built up to introduce or recommend another company to the same circle of people.
Start by Establishing a Profile of the Perfect Marketing Partner
Before forming a marketing partnership with any organization, it’s helpful to create a list of what it does well that the new company would like to emulate. The person creating the list should score the potential partner based on industry standards and actual performance standards. It’s especially important to consider if the partner has a dedicated marketing function. Meeting the same level of capability ensures that each partner can continue to enter new markets and geographical areas.
Create a Cloud-Based Application Where Members of Both Teams Can Stay Engaged
The collaboration will only work if sales teams from both organizations stay in frequent contact with one another. One way to enable this to happen is to create an online group where members can post information regarding pricing, demos, presentations, recent successes, challenging customers, and related details.
One they have readied the information to be presented to a new client, the sales representative can communicate with a member of the partner organization directly to help prepare for the upcoming meeting. It is also a good space for brainstorming sessions between partner organizations.
Enlist Marketing Partners to Create Specific Sales Plays
Many sales organizations focus on selling specific items to specific clients every quarter. To ensure the likelihood of success, a company should consider inviting its marketing partner to help discover new opportunities. This can happen through webinars prior to the start of the new quarter and the new sales focus. By passing qualified leads onto a sales partner, organizations can help to expedite top deals that will bring in the majority of income for that sales period.
Look at the Arrangement from the Marketing Partner’s Viewpoint
An organization can be willing to help but still say no if leadership doesn’t view the partnership as mutually beneficial. In most cases, the company approached to create a partnership will desire financial compensation. The most common scenario is for the organization that has an established relationship with the customer to split the profits of a transaction via a partner introduction. Whatever the two businesses decide to do in terms of compensation, creating a written contract outlining the details of the agreement is vital.
This may seem like a risky proposition to the company attempting to establish a partnership. After all, it must draw up a contract with specific reimbursement details before receiving a single introduction. However, the same company must consider that its potential new partner will have no incentive to leverage its relationship with an existing customer unless a pre-existing contract guarantees them compensation.
Partner marketing is a trend only expected to grow larger in 2019. Businesses wanting to benefit from these new relationships should start to implement these tips as soon as possible.