Picture this: You’ve developed excellent products or services in your niche. A steady stream of clients keeps your marketing and sales teams busy. You know you could take your B2B business to the next level with more staff, but you’re not ready to scale up. But you can’t stop thinking about all the potential customers you might miss out on.
Many B2B businesses face this scenario when product demand grows quickly. This is a good problem because it means there is plenty of room for expansion. Companies can take advantage of this growth opportunity with B2B partner programs.
B2B partner programs let you team up with outside parties to grow your business. These partners promote your brand and sell your products and services. A B2B partner program can help you boost revenue and reach new audiences. This strategy is one of the best ways to achieve quick and sustainable growth.
Introduction to B2B partner programs
A B2B partner program is a strategic alliance between a business and an outside organization or individual. These partners work together to earn revenue and grow the business.
Companies often form B2B partnerships with businesses in similar industries. Let’s say you sell dining software to healthcare organizations on the East Coast. You could partner with resellers on the West Coast to tap into new markets. You could also collaborate with kitchen equipment providers to refer your software to their clients.
Effective B2B partnerships offer benefits for both parties. Companies often use this approach to expand their business networks. Your collaborators will help you access new clients and markets, increasing your revenue. Additionally, teaming up with reputable partners builds your credibility.
Of course, partners also get rewarded for their efforts. Many businesses offer incentives for sales and referrals. For example, you could pay your partners a commission for every product they sell. Plus, you could offer training and assistance with marketing.
Understanding different types of B2B partner programs
The B2B partner programs list includes six types of collaboration. Some companies offer one kind, while others use a combination of programs to reach their goals.
Affiliate partnerships
A brand affiliate creates digital content promoting a company’s products or services. They earn incentives when their audience members become paying customers of their partner company.
Affiliate marketing may sound complicated, but the mechanics are simple. Here’s an example of how this process works:
- A B2B software company partners with a famous tech podcaster.
- The affiliate partner recommends the software in a podcast episode. They give their audience a tracking link or promo code to buy the software.
- The software company pays the podcaster 20% of every sale they generate.
You can research respected content creators in your industry and offer them an affiliate partnership. You could also include an application for people interested in becoming affiliates on your website.
Agent and broker partnerships
Agents and brokers are liaisons who connect businesses and potential clients. They earn commissions or fees for every lead or sale.
These partners often have extensive networks and industry expertise. They can help you tap into new markets and build lasting client relationships.
Agents and brokers may negotiate on behalf of their customers to help them get the best deal. For example, a financial consultant could partner with B2B companies that sell accounting software. The consultant will negotiate with their partners to get exclusive client discounts.
Referral partnerships
Clients who love your products and services may recommend them to colleagues and friends. A referral partnership lets them earn rewards for every lead or sale. These incentives typically include discounts and payments.
Reseller partnerships
A reseller has the right to sell your products and services directly to clients. You can think of them as an independent sales department. They create marketing campaigns and provide customer service.
Many B2B resellers create software-as-a-service (SaaS) marketplaces. These online stores sell products from more than one company. For instance, a B2B partner marketplace could specialize in time management tools.
Wholesaler and distributor partnerships
Wholesalers and distributors buy products and services in bulk. They sell these offerings to retailers or customers. These partners handle the logistics, allowing you to scale your business quickly.
Co-marketing programs
Co-marketing partners promote their products and services as a team. For example, Hulu and Spotify co-market their bundled services. This B2B marketing strategy raises brand awareness and increases sales for both partners.
Creating a B2B partner program: Strategy and execution
Developing a B2B partner marketing strategy takes careful planning. These steps will help you set up a successful program.
Identify the need for a B2B partner program
A B2B partner program offers many benefits for companies with specific goals and needs. Here are a few signs this strategy could be right for you:
- You want to reach new audiences or target new markets.
- You can offer appealing incentives for partners.
- Companies in other industries cater to your target audience.
- You have a limited budget for marketing and sales.
- Your team is willing to build long-term relationships with partners.
Set clear goals and objectives
Create specific goals for your B2B partnership program. Here are a few examples of potential goals:
- Build your social media following by 25%.
- Gain 100 new referrals monthly.
- Generate 10% more leads.
- Increase your annual sales by $500,000.
- Sell your products in a new country or region.
These goals will help you pick the right type of partnership program. For instance, a referral or co-marketing program can generate new leads.
Research tools for effective referral programs
You don’t need to build a referral program from scratch. Many vendors offer tools to manage these partnerships. Look for scalable platforms that fit your budget.
For example, Constant Contact uses a referral link to track recommendations. Other companies use referral software, such as InviteReferrals and PartnerStack.
Handle your new leads with customer relationship management software. This technology centralizes communication and lets you follow up with referrals.
Coordinate stakeholder actions and announcements
Get your team on the same page before you launch your partnership program.
Define each member’s responsibilities and roles. For instance, your marketing department could plan co-marketing campaigns. Meanwhile, your sales team is in charge of onboarding new partners.
You should also coordinate announcements across channels. Use consistent messaging when you promote your partner program through email, social media, and other platforms.
Develop a playbook for building strong partnerships
Strong relationships don’t develop overnight. It takes effort and time to nurture meaningful collaborations.
These strategies can help you cultivate long-term partnerships:
- Celebrate shared achievements.
- Collaborate on co-marketing and joint products.
- Develop common goals.
- Offer resources and support.
- Practice transparency.
Follow best practices for onboarding new partners
Like new employees, partners need guidance and training. Create an onboarding process to help them learn your brand quickly.
Schedule training sessions to teach partners about your customers, products, and marketing tactics. You should also create a knowledge base with FAQs, email marketing tips, and other resources.
Use effective communication strategies for partner management
Communication is key to successful partnerships. Offer several ways for collaborators to get in touch with questions and concerns. For instance, you can set up a Slack channel or email address specific to your partnership.
Schedule regular meetings with your partners to discuss progress. You can also send announcements and updates through email. These steps will help you catch problems early and keep everyone in the loop.
Track progress toward partnership goals
Use key performance indicators to track the performance of your partnership. These metrics could include:
- Conversion rates
- Customer acquisition cost
- Leads generated
- Referrals
- Sales revenue
- Social media engagement
Keep improving your partner programs
Look for ways to continuously improve your partnerships. For example, you and your collaborators can try new B2B marketing tactics. You can also ask your partners for feedback and recommendations.
Manage partner relationships with PRM software
Coordinate your collaborations with partner relationship management (PRM) software.
Constant Contact offers three PRM solutions. The Agency Program helps agencies and freelancers manage clients, while companies that want to create consistent branding should consider the Enterprise Program.
Finally, the Business Partner Program lets you collaborate with Constant Contact directly. You can earn incentives when you refer your collaborators and clients to the platform.
Best B2B partner programs: Case studies and structures
An effective B2B partnership strategy has these key elements:
- Ability to scale
- Ample resources and training
- Clear communication channels
- Emphasis on co-creation and innovation
- Valuable incentives
Analyze successful programs to learn more effective techniques. Here are three B2B partner program examples for inspiration.
Kinsta Affiliate Program
Affiliates can earn huge earnings by promoting Kinsta’s hosting services. Partners get 5% to 10% in lifetime monthly commissions for every referral.
Partners also get educational resources. Kinsta’s Affiliate Academy teaches the fundamentals of affiliate marketing. The company also has a knowledge base and monthly affiliate newsletter.
Zoom Up Program
The Zoom Up Program enables resellers to sell software directly to clients. The Zoom sales team collaborates with resellers to create custom solutions for each customer. This program empowers resellers to provide personalized service with the sales team’s assistance.
Dropbox Referral Program
Dropbox’s referral program targets individual users. Customers get free storage space when they refer their friends to the platform. Depending on the number of referrals, partners can earn up to 32 GB of storage.
Dos and don’ts of successful B2B partner programs
Follow these best practices to create effective B2B partner programs.
Do:
- Set clear expectations. Communicate your goals to your partners and explain how they can help you achieve them. You should also create realistic milestones and timelines.
- Provide support and training. Your partners are valuable team members, so give them the tools they need to succeed. Create marketing tutorials, product handbooks, and other resources.
- Regularly review your partner program. Check-in with your collaborators regularly to ask about their progress and offer support. You should also track metrics to see if you’re meeting your goals and adjust if necessary.
- Maintain clear communication. Encourage partners to communicate with you through email, phone, or virtual meetings.
Don’t:
- Accept partners without vetting them carefully.
- Give up if you don’t see instant results.
- Ignore feedback from your clients and partners.
- Place unreasonable expectations on your collaborators.
Leverage B2B partner programs for revenue growth
A B2B partner program can help you grow your business sustainably. Use these strategies to boost your revenue through partnerships:
- Ask your partners to invite their clients to subscribe to your email marketing list.
- Build loyalty by offering discounts and bundles for your partners’ customers.
- Choose partners with similar goals and values that resonate with your shared audiences.
- Combine your expertise and resources to co-develop innovative solutions.
- Pick collaborators who can help you access new customers and geographical regions.
Launch a new B2B partner program
New B2B programs can attract partners by highlighting their benefits. Create an attractive webpage explaining commissions, training resources, and other incentives.
You should also create a strategic plan for your launch. Set clear goals and timelines. And consider rolling out your program in stages so you can refine it as you go.
Finally, set realistic and achievable goals. Research similar partner programs to learn what’s attainable in your industry.
Design incentive programs for partners
Tailor your incentives for your partners. Many collaborators prefer monetary rewards, such as commissions. Others may want free products or co-marketing support.
Increase engagement by gamifying your partner programs. For example, you can create leaderboards to track top sellers and give quarterly bonuses to high achievers.
Drive success with partners
B2B partner programs are a highly effective way to grow your business. These collaborations let you join forces with talented collaborators. Together, you can reach new customers and increase revenue.
Start building your program by identifying potential partners. For example, you can invite content creators in your niche to join your affiliate program. You can also deepen your knowledge by reading David A. Yovanno’s book The Partnership Economy: How Modern Businesses Find New Customers, Grow Revenue, and Deliver Exceptional Experiences.
