4 Key Benefits of Building a Partner Program and How to Do It
Unlock the potential of partner programs for mutual success. Dive into our blog to discover the 4 key benefits of building a partner program and gain actionable steps to create your own.
When building a successful SaaS business, a partner program is a must—a critical component of your go-to-market strategy. Well-known brands—like Amazon, Google, HubSpot, and Microsoft—invest in partner programs. And each has recovered profits, reach, and revenue that far outweighs the initial cost. In fact, 95% of Microsoft’s revenue comes from its channel partners.
A successful partner program requires a proper goal, structure, recruitment, and promotion. Beyond that, it demands successfully managing and engaging with your partners.
So is it worth the investment? Let’s take a look at the benefits you stand to gain.
4 Key Benefits of Building a Partner Program
A well-designed and executed SaaS partner program provides many benefits for your business.
1. Reach New Markets and Geographies
Channel programs help extend your reach into new markets and geographies and tap into new distribution channels. The most significant benefit of a partner program is that you get to choose:
- What markets do you want to target
- Who do you want to partner with
- How you want to collaborate on a deal together
Partners provide valuable expertise and knowledge about specific industries and market segments. When you partner with other reputable companies, it also lends credibility to your brand.
2. Generate High-Quality Leads and Boost Sales
Every business needs to focus on lead generation to grow and expand. Your partners might spend years nurturing and developing a database of leads or prospects that trust them. So, they are better positioned to sell to your customers than you are.
With a partner program, you generate more qualified leads and increase the conversion rate of these leads. You also forge new long-term customer relationships by building on your partner’s relationships with those customers.
By leveraging the resources of your channel partners, you can increase your sales and reach your business goals more quickly. As your relationship with your partner develops, you can also cross-sell and upsell your products or services.
3. Improve Your Marketing Campaigns
Apart from sales, partner programs help you scale partner marketing campaigns by co-branding assets and sending mass emails to your nurture database. You can also increase brand awareness by partnering with new businesses and reach previously untapped markets. And, by working with other companies, you can develop valuable relationships and gain insights into your customers’ needs.
4. Cost-effectively Grow Your Business
A channel partner program is a cost-effective way to grow your business. Hiring, training, and managing an in-house sales team can be laborious and usually doesn’t get immediate results. They also require more money, time, and effort from you. A partner program gives you the same—or even better—results at a fraction of the cost and labor.
The cost of customer acquisition is also significantly reduced. You have more well-versed, qualified people who can promote your product and answer customer questions without hiring extra marketing and customer service staff.
How to Build a Successful Partner Program
Follow these tips to build partner programs for your SaaS business.
1. Define Your Goals and Objectives
Know what you’re looking to achieve with your channel partner program. Set realistic goals that you can measure.
2. Identify the Right Partners
Not all partners are created equal. Take time to identify partners who are a good fit for your business and have the resources and expertise to help you achieve your goals.
3. Create a Robust Onboarding Process
After you identify the right partners, establish a thorough onboarding process. Having a clear process in place ensures your partners get up to speed on your products and services. It also provides the tools and resources they need to be successful.
4. Provide Ongoing Support
Partners need ongoing support to be successful. Establish a solid support infrastructure to provide the necessary training and resources to help your partners succeed.
5. Keep It Simple
Don’t overcomplicate your channel partner program. Make it easy for your partners to understand and participate in your program.
Read Next: 3 Ways to Build Strong Channel Partnerships
Boost Revenue and Scale Faster with a PRM
If you’re looking to boost revenue and scale your business faster, create a partner program. Get started by following the steps in this post. With the right program, you can expand your reach, increase sales, and grow your business more quickly.
To successfully build a partner program, you need a leading-edge partner relationship management (PRM) platform. Choose Zomentum PartnerAlign—a PRM+ that puts revenue and partners first. With PartnerAlign, you can integrate right into your partners’ workflow, making it easy for them to recommend and sell your solution. By providing all the tools your partners need, you become their favorite vendor.
Get started with the only PRM built for a partner-first ecosystem. Apply to join PartnerAlign.