Do you know those times when you just can’t quite seem to hit that sales quota on your own, no matter how hard you try? Or when it feels like every lead wants to go elsewhere? It might be time to co-sell with partners. Every partnership is different, but co-selling can help broaden your reach to potential buyers, and it’s a great way to build relationships with other businesses in your industry. 

You can also jump into these introductory articles to get a grasp of the basics of partnerships and business development.

• Business Development 101: An Introduction To Sales And Partnerships
• Business Development 101: Tech Partnerships
• Business Development 101: Strategic Partnerships
• Business Development 101: Introduction to Account Mapping
• Business Development 101: Qualifying Possible Partnerships 

Introduction

Do you ever feel like you need to wear a cape? You know, the kind with the big S on the front. Well, I don’t mean because you’re a superhero (we both know you are). I mean because it seems like every day you take on more and more responsibilities. And it feels like sometimes you have to do it all yourself. But what if there were other superheroes out there that could help lighten your load? Enter co-selling with partners.

Sales teams are always looking for new ways to increase their number of sales opportunities. Often, this means working with SaaS partners to co-sell and create a win-win situation for everyone involved. In this blog post, we’ll explore some of the benefits of co-selling and how to make your business co-sell ready!

What is Co-Selling?

If you’re in sales, you know the drill: You reach out to potential customers, give them your best pitch, and hope they bite. But what if there was a way to close deals without all the cold-calling, emailing, and arm-twisting?

Co-selling is a sales technique where two companies work together to sell each other’s products and services. It’s a win-win situation: when two or more companies collaborate, they can get exposure to new markets, drive revenue growth, and they can focus on selling products that complement each other.

It’s a way to team up with another company to sell products or services to customers that they wouldn’t have otherwise had access to. For example, if you’re a software company, you could team up with a hardware company and offer a bundle of your software pre-installed on their devices. Or, if you’re a bookkeeping service, you could team up with an e-commerce platform and offer your services to their merchants. 

By partnering with other businesses that offer complementary products or services, you can take advantage of their customer base to reach new people and grow your own business at the same time!

Who must be involved?

 In order to be successful, it is essential to involve the right people in the process. 

1. Co-sell with your partner’s sales team

The sales team of the partner you will co-sell with must be on board. This includes both the partner’s sales team and your own sales reps. They are the ones who will be doing the actual selling, so it is important that they understand the products and the benefits that they can offer to customers.

2. Partner managers

There’s a lot of coordination involved, and a Partner Manager needs to make sure that everyone is on the same page. The goal of partnership management is to create a long-lasting and mutually beneficial relationship between two companies. That means the partner manager needs to be more than just a go-between; they need to be a true partner in the relationship. They need to understand the goals and objectives of both companies and must be able to align those goals in a way that benefits both parties.

In short, the partner manager needs to be someone who can see the big picture and who is always working towards the best interests of both companies.

3. Sales and marketing team

The sales and marketing team needs to be involved in creating efficient co-selling strategies. They are the ones who understand the product or service inside and out, know what features are most important to highlight, and what benefits will speak most directly to potential customers.

In addition, the sales and marketing team is uniquely positioned to understand any objections that potential customers might have. As a result, they can develop messaging that effectively addresses those objections. Then, they can provide valuable feedback on the efficacy of marketing materials. Without their input, it would be difficult to ensure that the message is getting out to potential customers in an effective way.

By involving all of these key players in co-selling efforts, companies can increase their chances of success.

Co-Selling vs. Reselling

There’s an age-old debate in the world of sales: is it better to co-sell or resell? On one side, resellers argue that they can offer a wider range of products and services than their co-selling counterparts. And on the other side, co-sellers maintain that they can provide a more comprehensive solution to their customers’ needs. But which approach is truly superior? In order to answer this question, we must first understand the difference between co-selling and reselling.

Co-sell opportunities involve partnering with another company in order to sell its products or services. For example, if you’re a software company, you might partner with a hardware company in order to sell your products as a bundle. The advantage of this approach is that it allows you to tap into a new market that you might not have otherwise had access to. However, the downside is that you now have to share the profits with your partner, but in reality, the long-term clients that you (both) gain become invaluable to the business, so these costs are typically very worth it.

Reselling, on the other hand, involves selling someone else’s products or services without having a deep partnership with them (i.e, if you’re a software company, you might resell someone else’s hardware). The advantage of this approach is that you don’t have to share the profits with anyone, and you effectively have a sales force outside of your organization (meaning less overhead).

Co-Selling vs. Co-Marketing

Co-selling is when two companies team up to sell each other’s products. For example, if Company A sells software and Company B sells hardware, they might co-sell by bundling their products together. On the other hand, co-marketing is when two companies promote each other’s products without necessarily selling them. For example, Company A and Company B might co-market by doing a joint webinar or blog post.

So, which one is better? Well, it depends on your goals. If you’re looking to increase sales, then co-selling is the way to go. But if you’re looking to build awareness or generate leads, then co-marketing might be a better option. Ultimately, the best strategy is to use both approaches in tandem. By co-selling and co-marketing with complementary businesses, you can maximize your reach and achieve your sales goals.

Benefits of Co-Sell Partnerships

If you’re considering entering into a co-sell partnership, you’re likely wondering what’s in it for you. And rightfully so! Any business relationship requires time, effort, and resources. So what are the benefits of co-selling together with another company to sell products or services?

You can expand your reach

For starters, co-selling partnerships can help expand your reach. By teaming up with another business, you can tap into their customer base and introduce your products or services to a whole new group of people. And since customers are more likely to buy from a company they already know and trust, co-selling can be a great way to boost sales and grow your business. 

You can accelerate the sales process

Think about it this way: when you’re working on a deal by yourself, you can only move as fast as you can think. But when you’re selling with your partners’ sales team to bounce ideas off of, suddenly you can think twice as fast and come up with twice as many solutions. That’s the power of co-selling.

If you’re looking for a way to close more deals, co-selling is definitely worth exploring. With the help of a partner, you’ll be able to move through the sales process faster and close more business than ever before.

You can build trust and credibility

Word-of-mouth is one of the most powerful marketing tools available, and co-selling is a great way to harness its potential. When customers see that two businesses are working together, they’ll be more likely to view both companies as being reputable and trustworthy.

Co-sell motions can help build relationships between salespeople and customers, making it more likely that customers will return in the future. It can also lead to referral business, as satisfied customers are more likely to recommend the products or services to their friends and family.

You can increase sales revenue and indirect revenue

Finally, co-selling can lead to increased sales revenue. Partners can help you boost your sales figures and grow your business more quickly. Not only from the above two but because partnerships historically have increased the size of deals that come in. That means revenue closes faster and at a higher dollar amount. When you combine trust with more people involved—the power of two entire organizations—your best bet is that your companies will thrive.

So if you’re looking for a way to take your business to the next level, ask your partner: “Are you ready to co-sell together?”

What are the best practices for successful co-selling?

If you’re looking to form new partnerships and sell more products, a go-to-market strategy for co-selling is a must. By having a plan in place, you’ll be able to more easily identify potential partners who fit within your ecosystem platform. And when it comes time to actually sell the product, you’ll have a better chance of success if both organizations are working together towards a common goal.

If you want to ensure success with your partners for co-selling, consider the following tips for building strong partnerships that will result in co-selling success.

Choose the right partner

If you’re looking to get into co-selling, you’ll need to choose your partners wisely. After all, they’ll be representing your brand and products, so you’ll want to make sure they’re a good fit. Account mapping can also be useful for identifying potential co-selling partners. Here are a few things to look for in a potential co-seller:

They should have a similar target market to you. This way, you can reach more customers through their existing networks. It’s best if it’s not exact, but depending on your stage, that can be OK too

They should have complementary products or services. This way, you can offer your customers a complete solution and increase the chances of making a sale. This is called the “Joint Value Proposition” that compels clients to work with both you and your partner at the same time.

They should be reputable and trustworthy. After all, you’re putting your brand in their hands—so you need to be confident that they’ll represent it well. And as we know, trust is the new data A.K.A., one of the most valuable resources a business can have today.

If you find a partner that ticks all of these boxes, you’re well on your way to successful co-selling!

Build a strong partner ecosystem

This means partnering with complementary companies in order to offer a complete solution to customers but also doing so within the places clients already naturally engage. That’s why it’s called an ecosystem. You can think of it as the local watering hole where all walks of life congregate to. Your partner should play just as important of a role as your company when you team up. 

There are many benefits to co-selling, but one of the most important is that it helps you build a partner ecosystem. When you co-sell with another company, you’re effectively saying that you trust them and you’re willing to work with them. This builds trust and loyalty between the companies, and it helps you create a network of trusted partners that can help you succeed. That network then connects to other networks, and you start to tap into network effects. This is the ecosystem strategy.

Have a clear value proposition

This means that you need to be able to clearly articulate what your company can offer potential partners and why partnering with you makes sense for them (but most importantly, how the client wins when they work with both you and your partner). Without a strong value proposition, it will be difficult to work with partners and convince companies to invest in your products or services.

You also need to be able to effectively communicate your value proposition. This means being able to clearly and concisely explain why your company is the best option for potential partners. Make sure that you are always putting your best foot forward. This means making sure that your products and services are up to par and that your customer service is top-notch.

If you don’t do these things, it will be difficult to convince companies that they should partner with you and be on board with your co-selling efforts. 

Have a clear sales target in mind

What are you hoping to achieve through co-selling? Whether it’s two sales per week or a certain percentage of your direct sales force, having a goal will help you measure success and increase selling opportunities.

This will not only help you allocate resources but also set expectations for your partner on what programs will need to be run and when.

Incentivize

Identify opportunities to properly incentivize sales representatives from both companies to work together. After all, they’re the ones on the front lines making sales happen. A good incentive structure will ensure that sales reps are adequately motivated to close deals with co-sellers.

Don’t forget the power of co-sell relationships

Co-selling is all about building relationships and trust. By taking the time to get to know your co-sellers, you’ll be in a better position to forge strong partnerships that lead to success.

At the end of the day, you’re dealing with people. Salespeople, clients, and partner managers. They are all individually motivated and go through their own stresses and ebbs and flows. When you focus on the relationship, you win.

Focus on customer success

Sales representatives, partners, and vendors should focus on addressing customer needs rather than simply trying to sell their own products. By taking the time to understand the customer’s problem and devising a solution that incorporates both products, representatives will be more likely to win the sale. This means ensuring that your partner’s products and services meet the needs of your customers and help them achieve their desired outcomes. By following these best practices, your company can be sure to find success in co-selling.

Co-sell Program with Partners

BD Paths has the experience and expertise to help you develop a co-sell program with the right partners. We’ll work with you to identify potential partners, develop co-selling strategies, and create programs that maximize sales and profits. We’ve helped countless companies create successful co-sell programs, and we can do the same for you. Contact us today to learn more about our services and how we can help you grow your business.