Partner marketing is about collaborating with a person or business because they have a relationship with an area of a market that you're interested in selling to. By partnering with another person or business, you're able to introduce your brand to a new audience.
Types of Partner Marketing
There are many types of partnership marketing that your company can utilize. For example:
- Affiliate marketing partners
- Podcasts, articles, and videos with partners
- Bundled products and services with distribution partners
- Retention marketing techniques and loyalty programs
- Partnering with a company that can help offer additional products and services in your industry you otherwise wouldn’t be able to offer
Benefits of Partner Marketing
There are many benefits your company will discover when working on partner marketing. Some examples include:
- Broadens the reach of a company's target audience
- Increases marketing exposure
- Extends your marketing budget
- Broadens the scope and purpose of marketing strategy, allowing a company to market in a variety of new ways
- Saves money long term
- Help in gaining new customers in new market segments
Benefits of Becoming a Partner
Channel partners are able to focus on using practices that sustain your business’s growth and unique goals. Together, you are able to leverage growth for both businesses involved and increase mindshare. Other benefits include:
- Provide a full suite of products and services
- Take advantage of additional expertise and resources
- Receive more leads
- Increased margins
- Benefits of working with an established name
Partnership Relationship Management (PRM) is software designed to maintain your customer relationships in a healthy way that focuses on delighting customers and growing sales. By using a PRM, such as Zinfi, your company is able to manage data and automate marketing functions to build and retain customer relationships.
- Access to robust training and certification tools
- Efficient process around new product introductions
- Access to performance management tools
What’s A Channel Partner?
A channel partner is a company that sells products and services for a manufacturer or vendor using technology such as traditional software, Software as a Service (SaaS), or cloud computing solutions.
Different types of channel partners include:
- Original Equipment Manufacturer (OEM)
- Systems Integrator (SI)
- Value Added Reseller (VAR)
- Managed Service Provider (MSP)
- IT Consultant
The Value of Partner Marketing
In today’s modern marketplace, it’s important to have an online presence. In fact, 9 out of 10 buyers say online content has a moderate to major effect on purchasing decisions and 67% of the buyer’s journey is now done digitally. Partnership marketing leverages inbound marketing tools, techniques, and strategies to move your customers along the buyer’s journey, while keeping them delighted and retained.
Prior to PRM and CRM systems, data was stored on spreadsheets, Rolodexes, and leads lists. It was difficult to connect information with the proper contact and maintain information.
PRM platforms make it easy to organize contact information, communication, customer service, sales, revenue tracking, reporting, and analysis all in a single system.
Cloud databases are used widely in CRM and PRM software. By storing information on the cloud, sales and marketing teams are able to seamlessly share client information, reports, and data throughout the channel
CRM software creates an increased visibility on the pipeline of leads, future, and current customers. Consolidating customer information is crucial to maximizing sales strategies and activities.
Quick And Efficient Onboarding Of New Partners
PRMs provide your business with the correct tools to quickly authorize and equip your new channel partner. By giving them access to a system that is quick to implement, robust, and easy-to-use, they can breeze through training and focus on selling. Zinfi uses a single partner portal that your channel partners can use to interface with your company.
Avoiding Channel Conflict
PRM technology, like Zinfi, provides tools for managing leads and avoiding channel conflict. Today’s modern PRM systems have workflows for lead registration and approval to avoid distribution issues among partners. Zinfi’s PRM platforms will also seamlessly integrate with a CRM platform, allowing your channel partners to manage indirect and direct selling efforts on one cloud-based platform.
Leverage Channel Partners To Grow Revenue
Channel partners are extremely valuable for your business. Partners are a great way to step up your sales expansion and grow your revenue. In fact, on average 75% of your business comes from channel partners. Establishing the right channel partners allows you to reach an expanded market at a fast pace.
Channel partners dedicate time to building their market knowledge in their respective industries. By using a channel partner, you take advantage of their knowledge and already established relationships they’ve accumulated.
Rather than investing your money into keeping and managing a large sales team, you can choose to have a stronger but smaller sales team working on the most critical sales for your business. The rest can be delegated to channel partners.
Additionally, a channel partner is able to increase revenue by cross-selling or upselling a new product to its existing customers and by acquiring additional customers who are interested in the new offering.
How to Structure Your Channel Sales Partnership
- Sell through your partner
- Sell together with your partner
- Your partner can sell for you
Find The Right Partner
If you want to increase sales in your niche and access new markets, finding the right partners is essential. A strong strategic partner is a complementary business that can help grow your outreach and build your strategies.
When ManoByte helps you find your channel partner, we focus on combining partner knowledge with our practices designed to sustain your business’s growth and unique goals. We have years of experience building relationships and client channels, while leveraging technology to ensure steady growth. Contact one of our Business Growth Consultants to find out how we can help your company.