Partner Marketing 101: three types + when you should consider each one (Newsletter #107)

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Partner Marketing Cheat Sheet

I have an embarrassing confession.

An acquaintance of mine also works in tech – her career has mostly been in sales. Her title has always been something like “senior channel partnership manager.”

My dear reader, I thought that meant something more like a marketing channel, like paid ads, or organic social. Yes, I’m cringing as I type this.

As I’ve been going through the Exit Five archives this past month, I stumbled across an interview Dave did with Miranda Babbitt, partner marketing manager at Zapier… and realized how wrong I’d been defining partnerships.

So to save you the embarrassment I currently feel, I dug into all things partner marketing to put together this handy little explainer for you on a few different types.

Channel Partnerships

These partners are usually companies or individuals that help the end-user of your product get set up and get the most out of it.

You see this a lot with companies like HubSpot, Klayvio, and Zapier. These partners help new users integrate and optimize the platform within their existing systems, ensuring a smoother and more efficient onboarding process.

Why Consider Channel Partnerships:

• Expert set up and implementation: helps customers get started quickly and with minimal friction (anyone who has ever set up HubSpot by themselves will know what I’m talking about 😅). Plus, it helps reduce the burden on your customer success/support teams if customers have a trusted partner to work with.
  
  
• Acquisition and Retention: makes it easier for new customers to get started and see value much faster than slogging it out on their own, getting frustrated, and churning. According to Forrester’s Total Economic Impact (TEI) study on AWS Marketplace, channel partners reported up to a 50% faster sales cycle.
  
  
• Word of Mouth: channel partners become great advocates, as do their happy customers. If you’ve been on LinkedIn in the last few weeks, I can almost guarantee you’ve seen Clay employ this strategy very successfully.

Tech Partnerships

This is when your product and another company join forces to integrate their functionalities, enhancing the user experience.

Think of how Zapier integrates with… well just about everything! We use it here at Exit Five with everything from HubSpot to Typeform. It’s a win-win for both platforms to give more functionality to their users.

ProfitWell crunched the numbers and found that willingness to pay is 20% higher for products with 5-10 integrations, and 30%+ for products with 11+ integrations (!!!)

Why Consider Tech Partnerships:

• Stickier products: integrations help make your favorite products more useful, which makes them likely to stay and continue using your product because it works well with other tools they already use and love.
  
  
• Co-marketing opportunities: most integrations kick off with co-marketing campaigns like webinars, case studies, and co-branded content, which can amplify your reach and lead generation efforts – while sharing the cost with your partner. According to Demand Gen Report, companies engaged in co-marketing efforts see a 25-30% increase in lead generation.
  
  
• Higher Lifetime Value: McKinsey research shows that integrated solutions can increase customer lifetime value (CLV) by 15%, as customers derive more ongoing value from a product that integrates well with their existing tech stack.

Strategic Partnerships

These are usually the types of partnerships that come with a press release. They’re larger, more comprehensive, and involve long-term collaboration and co-marketing opportunities.

A classic example is between Spotify and Uber – how you are now able to play your own playlists during rides. It creates a unique experience that enhances both brands.

Why Consider Strategic Partnerships:

• Perception is everything: working with market leaders helps position your company as a leader in the industry, increasing your reputation and brand strength. Think of Zapier’s strategic partnerships with major brands like Shopify and Slack – they reinforce its position as the leading automation tool.
  
  
• Longer Term: These partnerships aim to drive significant and sustained business impact, rather than just short-term gains.
  
  
• Resource Sharing: Strategic partnerships allow for the sharing of resources, expertise, data, and market insights, leading to more effective strategies.

But perhaps my biggest takeaway from listening to Miranda’s wisdom is that partnerships, no matter the type, are ongoing relationships, not “set it and forget it” transactions.

Think marathon, not sprint when it comes to your partnerships.

P.S. which partnerships are you finding most successful? Any tips/advice on implementing a partnership program?

Would love to hear from you on what’s worked/hasn’t in the past. Just reply to this email – I read (and cherish) every single reply.

Podcast #157: Brand | Creating Irresistible LinkedIn Posts, Creating Real-Time Feedback Loops, and What It Means To Be Authentic with Adam Robinson, CEO of Retention.com

Dave sits down with Adam Robinson, CEO of Retention.com, to go behind the scenes on how he creates so much killer content on LinkedIn and has used his platform to scale not one, but two start ups to over $1m in ARR.

Adam and Dave cover:

• Adam’s focus on creating engaging content that’s authentic
• Using LinkedIn’s quick feedback loops to refine your marketing strategy
• The patience required to achieve successful content market fit

Listen to the Episode Now on Spotify

Or find it everywhere you listen by searching "exitfive" podcast.

Podcast #158: Career | High-Pressure CMO Roles, Avoiding Burnout, and Growing your Personal Brand with Amanda Goetz

Dave is joined by Amanda Goetz, a 2x founder, 3x CMO, and the author behind the popular weekly newsletter Life's A Game. Amanda shares her expertise in personal and professional growth, brand building, and content creation.Amanda and Dave cover:

• How Amanda transformed her LinkedIn strategy to grow her following and engagement
• The impact of personal branding on social media and its role in business growth
• Creating a feedback loop to refine and improve content strategy

Listen to the Episode Now on Spotify

Or find it everywhere you listen by searching "exitfive" podcast.

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