Some startups are on the lookout for the right partnerships to help them grow and scale. But what are the best ways to go about finding them? And once you’ve found a potential partner, what do you need to do to make the partnership successful?
As a small business owner, you must know that every partnership can be such a valuable resource. Partnerships provide access to capital, mentorship, resources, and supportive communities of like-minded entrepreneurs that can help grow your business.
In this ultimate guide, we’ll walk you through everything you need to know about partnerships for B2B startups. We’ll start by discussing some of the key benefits of partnerships, then move on to outlining different kinds of partnerships and how to find the right one for your business. Let’s get started!
Introduction to Partnerships
Creating mutually beneficial partnerships is key to success in business development. By definition, a partnership is “a win-win arrangement between two or more parties to cooperate on a project or to jointly manage a business enterprise.” In order for a partnership to be successful, each party must have something to offer that is of value to the other party.
For example, one company might have a great product but lack the necessary marketing skills to reach a wider audience. In this case, teaming up with a company that has excellent marketing resources could help both businesses achieve their goals.
Similarly, two companies that share complementary skill sets can benefit from sharing resources and knowledge. By working together, each company can focus on what they do best while still being able to offer a complete package to their existing customers. When done correctly, partnerships can be a powerful tool for business growth.
Going into any B2B partnership is a huge commitment and not one to be taken lightly. There are certain factors you must predetermine before diving in. The first 90 days are crucial in setting the tone and foundation for the entirety of the partnership.
B2B vs. B2C
Business-to-Business (B2B) and Business-to-Consumer (B2C) are two common sales models. The main difference between the two is that B2B refers to companies that sell products or services to other businesses. While B2C, on the other hand, describes companies that sell products or services directly to consumers.
There are a few key distinctions between B2B and B2C businesses. For one, B2B companies typically have longer sales cycles than B2C businesses. This is because B2B sales usually involve more decision-makers and require more time to negotiate.
Additionally, many B2B businesses tend to be more focused on building long-term relationships with their clients, while B2C businesses are more concerned with acquiring new customers.
What is a SaaS Partner Program?
It is a strategic alliance between two software as a service companies or companies that surround technology. The goals of a partner program can vary but typically include expanding each company’s customer base, cross-selling products, and developing new features or functionality.
There are different types of partner programs available, and each has its own set of benefits. For example, a reseller program could help you reach new markets, while a referral program could result in word-of-mouth marketing. The key is to find the right partner program for your business goals.
There are a lot of options out there, so it’s important to do your research and choose the one that can take your SaaS business to the next level.
What makes a successful partnership?
Here are some of the best practices you and your business partner should prioritize:
1. Find the right channel partner (and create your own Ideal Partner Profile)
A business partnership is a relationship, and like all relationships, it requires compatibility, communication, and trust. So how do you find a prospective partner who meets all of these criteria? The first step is to create an Ideal Partner Profile (IPP). This document should list the qualities that you are looking for in a partner, as well as the skills and experience that they should bring to the table.
Once you have created your IPP, you can start using it as a screening tool to evaluate potential partners. If someone doesn’t meet all of the criteria on your list, they probably aren’t the right partner for your business. However, if you find someone who ticks all the boxes on your IPP, you may have found yourself a winner!
2. Enable your new partner
Partner onboarding is the process of getting your new partner up to speed and ready to be productive. The goal is to ensure that your tech partners have the information and resources they need to be successful. The onboarding process should include training on your products and services, as well as your marketing and sales processes.
It’s also important to provide partners with access to a partner portal where they can find additional resources and support. By taking the time to enable your new business partners, you can help them hit the ground running and start generating results quickly.
3. Enable your sales team
To enable your sales team, you need to understand the ever-changing landscape of the sales process and what new skills are needed to be successful. By staying up-to-date on the latest sales techniques, your SDRs, sales managers, or sales reps can accelerate their careers and be better equipped to close deals.
Sales professionals are only as good as the tools they have at their disposal. If you want your team to be able to sell effectively and efficiently, you need to invest in their development. By equipping them with the latest tools, you can ensure that they are always prepared to meet partner needs.
4. Maximize your marketing automation
To implement a successful B2B marketing strategy and increase brand awareness, you must take into consideration digital marketing campaigns like content marketing, email marketing, and strategic partner marketing. Provide your B2B partners with the most innovative marketing tools up-to-date.
By teaming up with another company, you could potentially multiply your marketing efforts and reach an entirely new group of customers. And by pooling your resources, you can create more impactful marketing materials and mount a more effective marketing campaign.
5. Integrate sales and marketing
Both departments are working towards the same goal: generating revenue. However, in many businesses, there is a disconnect between these two departments. Sales often complain that they don’t have enough leads, while marketing bemoans the fact that their leads are not converting into sales.
To avoid this situation, it is important to establish best practices that both sales and marketing teams can follow. For example, both teams should agree on what constitutes a qualified lead. They should also agree on how leads will be passed from one team to the other.
Types of Partnerships to Consider
There are a few different types of SaaS partnerships to consider. All of these partnerships have their own benefits and drawbacks, so it’s important to carefully consider which one makes the most out of your business goals to help you grow.
Integration Partnership
As the world of business and technology become ever more intertwined, the need for software integration has never been greater. By partnering with other software providers, companies can offer a more seamless and integrated customer experience.
In many cases, integration partners share resources and expertise, which can lead to even better results. For example, CRM systems like HubSpot might integrate with a project management tool like Monday so that sales data can be automatically imported into projects.
Go-to-market Partnership
Marketing is essential for driving sales and growth, but not all businesses have the people power or expertise to invest in a full-fledged marketing team. This is where go-to-market partnerships can be helpful. Marketing partners agree to market and sell another company’s SaaS product.
A successful marketing partnership can be a great way for small companies to get their product in front of a larger and new audience through different marketing channels such as joint webinars, co-branded landing pages, or even bundling the products together.
Referral Partnership
A referral partnership is an agreement between two companies whereby one company refers its customers to another company in exchange for a commission. Referral partners can effectively grow your customer base without having to invest in marketing or sales yourself.
Referral partnerships can be an enormously effective way to generate leads and sales, but only if they are well-designed and managed. When creating a referral program, it’s important to consider what incentives you will offer to participants, how you will track referrals, and how you will pay out commissions.
BD Paths’ Takeaway
We’ve all heard the saying, “if you want something done right, you have to do it yourself.” But when it comes to business, that’s not always the best approach. As a startup, it can be difficult to know where to turn when you’re looking for partnerships. But by teaming up with other companies, startups can:
- tap into new markets
- get new ideas
- integrate new technologies
- share costs and risks
- gain access to essential resources
While partnerships may not be the silver bullet that solves all of a startup’s problems, they can definitely help get the company off the ground. So if you’re a startup looking for a little boost, don’t be afraid to reach out and ask for help. Chances are, there’s another company out there that’s looking for a partner just like you.