For any organization looking to expand its reach, partnerships are essential. But forging the right relationships with other businesses isn’t always easy. To create a successful partner program that works for both parties, there needs to be a clear understanding of what each organization is looking to gain from the relationship.

Furthermore, it’s important to have a plan in place for how the process will be structured and operated. With these things in mind, let’s take a look at what you need to know to unlock business growth.

In this blog post, we’ll explore how you can take your partner relationships to the next level — and ensure partner success.

Three common referral strategies in partnerships

Influencer Programs

By working with influencers — that is, people with a large following on social media — businesses can reach a wider audience and promote their products or services in a more relatable way. Moreover, because influencers are typically seen as trusted sources of information, their endorsements can carry a lot of weight.

Affiliate Programs

Many businesses use affiliate programs to generate additional revenue. Under an affiliate program, a business pays a commission to an outside party in exchange for referring new clients. Referral pricing is typically a percentage of the client’s total purchase, and it provides a way for businesses to tap into new markets without incurring significant advertising costs. 

Partner Programs

A partner program is a business relationship between companies in which they agree to promote each other’s products or services. In many cases, it is also used to create a community of complementary products and services, making it easier for customers to find everything they need in one place. 

What makes a channel partner program work?

A channel partner program can be a powerful tool for accelerating growth and driving sales, but only if it is properly designed and executed.

At its core, a partner program should provide partner organizations with the resources they need to succeed, including a partner portal with product information, training materials, and access to sales and marketing tools. In addition, the program should offer financial incentives that reward partners for achieving specific milestones.

Suppose you’re a solutions provider or developer looking to build a strong business model. In that case, you need to find the right partners and support them through the entire relationship lifecycle. Here are three key elements that make it work: 

1. Solutions that solve real problems: Your potential partners are looking for solutions that will help them better serve their customers, leading to business growth. Make sure your solutions address the real challenges that your partners are facing.

2. A 90-day onboarding and education program: Your partners need to quickly learn your solutions and how to sell and support them. Provide a comprehensive onboarding program that will educate your partners on your solutions and help them get up to speed quickly.

3. Continuous support and enablement: Partnership success requires ongoing enablement and support. Make sure you have a dedicated team to provide training, sales materials, and other resources to help your partners succeed.

A program should also be designed as an ecosystem of alliances between a company and its partners. It typically includes:

• Independent Software Vendors (ISVs)
• Systems Integrators (SIs)
• Value-Added Resellers (VARs)
• Original Equipment Manufacturers (OEMs)
• Managed Service Providers (MSPs)

Partner Program Benefits

The program should be integrated with the company’s overall sales and marketing strategy to ensure that all partners work together to achieve common objectives. A partner program can be invaluable for driving sales and developing growth when these elements are in place.

Here are three key benefits of partner programs:

1. Access to essential platforms and resources

You can access relevant tools and resources that you might not otherwise have. This can include access to new markets, technology, and capital.

2. Increased capability and expertise

You can quickly gain access to new capabilities and expertise by partnering with other businesses. This can help you to grow your business more quickly and efficiently.

3. Improved efficiency and effectiveness

Partnering with other businesses can help you improve your operations’ efficiency and effectiveness. This can lead to higher profits and increased shareholder value.

Here are some of the best SaaS partner programs:

HubSpot

The Solutions Partner Program is designed for agencies and service providers looking to expand their offerings and build expertise in HubSpot. Whether your expertise is marketing, sales, customer service, web design, CRM, or IT services—if you want to advance your growth, they are available to help.

Amazon (AWS)

Whether you are just beginning to build or expand your AWS-based business, AWS offers a broad set of programs to help you innovate, expand, and differentiate your offerings. As you validate your offerings with AWS and pay the APN annual fee of $2500, you can unlock access to differentiation programs, go-to-market resources, funding benefits, and more to gain recognition with customers and grow your business.

Shopify

Whether you’re an established business or just starting out, Shopify gives you the tools and resources to earn more revenue, connect with customers, and learn the way you want.

Microsoft

The Cloud Partner Program is how you get the most out of Microsoft technology, our cloud platform investments, and a global network of customer connections. Through the program, they continue to build on their commitment to being trusted partners to organizations everywhere. 

Caspio

Partnering with Caspio enables you to grow your revenues, source new business opportunities, certify practitioners and differentiate yourself with targeted go-to-market offerings. No matter your field or focus, they can help you sell, develop or deliver world-class solutions that solve your customers’ most complex problems.

Xero

Joining the Xero Partner Program gives you everything you need to get started with growing your practice. You’ll get dedicated support from their team and access to exclusive events and training opportunities. And, of course, being part of the program entitles you to several great benefits, like discounts on products and services and early access to new features and products.

BD Paths’ Takeaway

Partner success is what your partners will use to determine whether or not they should invest time and resources into engaging with you. They are concerned about THEIR business first and foremost. Your program, onboarding, engagement, and marketing will all play a role in evaluating continuation.

Are you investing in squeezing revenue? Driving the “we” story of success? Or tracking partner success metrics? You should be. Next time you’re looking into establishing profitability and eligibility, hit that “partner with us” button and start your path to success!