This insights post is a summary of the blog post published by Standing Partnership. View the full post at: Melissa Lackey Discusses Five Best Practices for a Successful Partner Marketing Strategy. This article was originally done with St. Louis Business Journal Leadership Trust.
When two or more companies join forces to promote and sell, whether a product or a service for mutual benefit, that is called Partner Marketing. The practice is gaining momentum in current marketing landscape. If the companies can plan and execute strategically, partner marketing can be an important part of the growth engine for companies. With these partnerships, the companies are able to reach more customers and maximize their resources.
In Demand Gen’s 2024 Channel Partner Marketing Benchmark Survey, “71% of respondents … anticipated that partner-generated revenue will climb more than 10% this year, while one-quarter anticipated more modest increases between 1% and 10%.”
Group President of Standing Partnership, Melissa Lackey says these survey findings reflect a broader trend she is seeing in organizations. It is also being seen across many diverse industries.
“Our firm focuses on how to help companies grow sustainably, and we’re seeing a lot of our clients start to lean into partner marketing more than they have in the past,” says Lackey. “Technology companies, in particular, have evolved the concept of partnerships into partner ecosystems where companies don’t just sell each other’s products but collaborate on developing new technologies together. Co-creation enables them to provide more value to customers, achieve efficiencies and develop new revenue streams.”
Sometimes, these collaborations can come with frustration and misalignment. Lackey highlights two essential elements to create and maintain a healthy partner relationship: (1) Choosing a partner that is the right fit, with similar values, goals and marketing strategies; and (2) setting clear expectations from the beginning to foster a win-win mindset and avoid disappointment or inequity. In addition, Lackey outlines five key steps business leaders can take to create an effective partner marketing strategy.
The 5 Best Practices Include:
- Achieve clarity around your own unique value proposition.
- Identify a partner that complements your solutions and strategy.
- Develop joint messaging and supporting materials.
- Maintain close communication with your partner’s teams.
- Continuously measure your ROI.
To get more details about the best practices and read more of the insight go to: Melissa Lackey Discusses Five Best Practices for a Successful Partner Marketing Strategy.
