How do partner leaders with lean teams decide who to partner with and how to scale those partnerships, all while maintaining the metrics that matter? In this changing ecosystem landscape, partnerships are the way forward — especially with constrained resources. It's important for teams to hone both their strategy and tech stack to be successful and drive more revenue. We’re breaking down how to streamline this approach for faster revenue growth through the power of PartnerStack and Reveal.
Related: Reveal and PartnerStack turn shared opportunities into revenue.
Tech integrations like Reveal + PartnerStack create efficiencies for partnerships
Many organizations are turning to technology solutions to streamline their partnership programs and work more efficiently with their partners. Partnerstack’s ecosystem data shows a 79% YoY increase on spend per paid customer. This indicates that companies are willing to spend on tech if the investment leads to growth and scalability. If you can justify the ROI on a tool, your team is more likely to invest. Since the need to scale while maintaining efficiency is imperative in today’s climate, investing in tools like Reveal and PartnerStack becomes essential.
So how does the partnership work to create efficiencies in your ecosystem? Together, these tools support an effective growth engine for your partner program. The integration between PartnerStack and Reveal syncs account mapping data with partnerships data, making it easy to identify common opportunities, assign those leads to a partner and track that deal through every stage.
Negar Nikaeein, the Tech Integration Channel Manager at PartnerStack, explains how she wins new partnerships by proactively pursuing high-value opportunities.
“You need to take a proactive approach to actually win new partnerships. You can’t sit around and wait for referrals from your sales team or referrals from your partner. I don't know what I did before account mapping but now that we can use Reveal on top of our platform, I can easily go in and identify key accounts we want to target and make referrals on behalf of our sales team. This has really made the difference in driving results with our partners”.
Kevin Linehan, Director of Alliances and Services Partnerships at Reveal shares his perspective on the value the data this integration provides and why he believes it’s a necessity for a solid partnership:
“Reveal takes the guesswork out of what partners to engage with and where to focus. The Nearbound data surfaced through partners sharing is an essential first step in determining where you’re trying to go, together. But that’s only step one — the next step is taking action on that data. This is why Reveal’s integration with PartnerStack is so key — it inspires action directly from the place you and your partner are doing your account planning from.”
You’ll love this: Research Lab launch: PartnerStack’s new data initiative is here.
Here’s how to champion partnership ecosystems at your company
So, we know the value of these tools, but how do you get buy-in from your organization? It’s simple: show them the results. With tools like Reveal and PartnerStack, you can easily provide data and strong reporting that demonstrates the impact of your partnerships on revenue growth.
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Reveal tracks important metrics and proves the value of your partnerships while PartnerStack consolidates your partner management admin work — from finance to reporting — in one single ecosystem platform. Together, these tools will help you get the buy-in you need to level up your partnerships and drive even more revenue. Here’s how:
Accelerate revenue growth through your ecosystem tech
Revenue is often the most important metric to prove the success of your program and garner buy-in at the leadership level. But as we know, partnership results are often lagging. Partnership sourced leads convert better; the PartnerStack Research Lab recently published these findings from PartnerStack’s ecosystem. “If we’re looking at a typical conversion rate like Google Ads (4.4%), PartnerStack outperformed this average in 2022 with our implied conversion rate of 14.3%,” the report finds. On top of that, Hubspot’s “The State of Partner Ops and Programs - 2022” report found that almost 50% of companies surveyed by Hubspot, Partnership Leaders, and Canalys made at least 26% of their revenues through partners in 2022.
Now we know those numbers are great, but we also know exec teams prefer to work off real internal numbers over industry stats. By leveraging the power of Reveal and the Nearbound strategy, partnership pros can identify high-value prospects and proactively work with partners to source the opportunities that matter. This will help deals close at faster rates and drive more revenue for your business. In a recent interview, Reveal’s customer Payfit shared that a lead coming from Reveal delivers the numbers. “We have a hundred percent better conversion rate. We're doubling our conversion.”
And now it’s PartnerStack’s time to shine — identify those leads in your partner pipeline and share data with your exec team before the deal is done. This brings us to our next point, showing the value of your partnerships.
Prove the value of your partnerships
If you manage partnerships, it’s probably safe to say you likely have pipeline and data spread across emails, spreadsheets and Slack, even if you have a proper CRM. You know it’s there, and you know the impact, but ultimately the reporting that matters to your internal stakeholders is not easy to pull and certainly not accessible without your help.
With PartnerStack and Reveal’s integration, easily track and maintain the leads that come from your partnerships and immediately see the revenue impact they have on your business. Data from Reveal shows there is a 43% increase in win rates and a 43% increase in deal size using partner-sourced deals (AKA Nearbound). This data is key in helping you prove the value of your partnerships and justify further investment in your budding partner program.
See more: What you need to drive distribution revenue in 2023.
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By having tactical data at your fingertips — like deals in pipe, projected revenue, and the value of shared customers with potential new partners, you can get the buy-in you need from internal stakeholders. Show your sales and customer success teams the potential dollar value to get time in front of them for partner training. Share with your product team the overlap of customers on a tool you believe needs an integration with your product. Let the data speak for itself on how your work is impacting your business.
Get to your partnership goals faster together
Together, Reveal + PartnerStack provides better visibility to your internal teams to leverage your partners — ultimately, accelerating growth and improving your overall sales efforts.
Sales teams understand the value of partnerships faster because they utilize partners through account mapping. Pairing account mapping with your PRM system is also crucial for supporting your internal teams.
Imagine a partner program where your sales team is empowered to source new opportunities by leveraging partners; partners are submitting leads that are visible to your entire organization, and internal teams are earning the trust of their partnership teams because there’s transparency and empowerment. Your sales team now sells better, your customer success team can upsell more effectively, and your marketing team can leverage account-based market (ABM) with ease because everything is streamlined and tracked through your partnerships team. Your impacts are easily measured and visible. That’s the dream isn’t it?
You might also like: Is PRM dead? The state of ecosystems in 2023.
Partnerships pros know they have to give to get
Sales teams often overlook potential partners who could be valuable in winning new business, underutilizing their partners and partner team. Adopting a "give first" mentality creates a positive cycle of partnership and collaboration that benefits both sides. This is another benefit to the integration — Reveal identifies potential partners and key relationships within target accounts. By leveraging this, your team can increase referrals to partners, which typically leads to an increase in referrals from partners. You know as a partner when you give first, you (usually) reap the rewards, so imagine your entire team on board with this concept. And with all of the benefits we’ve talked about so far from using Reveal and PartnerStack such as giving you time back, and providing additional resources and support for your program, you’ll be able to focus on giving first, a crucial piece to winning partnerships.
Maximize your time, streamline processes and take a proactive approach
Ultimately, tapping into the PartnerStack and Reveal integration will really make your life as a partner professional easier by allowing you to manage all your partnership work from an all-in-one platform. It allows you to:
- Track leads, payouts and partner performance all in one place
- Identify what’s working with your top partners so you can replicate those efforts with the new partners you identify through Reveal
- Deliver on important metrics like increasing customer lifetime value (LTV) and decreasing customer acquisition cost (CAC) through maximizing your time and gaining valuable insights
- Get time back to be more proactive and focus on higher impact projects, which is the real way to win new partnerships
Utilizing the integration between Partnerstack and Reveal can provide a powerful solution for driving revenue and scaling your program with a lean team, while maintaining the most impactful partnership metrics. By leveraging the strengths of both platforms, you can streamline your partnership management, prove the value of your partnerships, and get the internal buy-in you deserve. Get started with PartnerStack and Reveal today.
