Alexa, play “Miami” by Will Smith.
Last week, the Allbound team attended the first annual Catalyst conference in Miami Beach. This two-day event was a true testament to how incredible the partnerships community is. Over 400 attendees from twenty countries came together to learn, meet, and discuss partnerships.
If you couldn’t attend, we’ve compiled a list of our top takeaways we recommend implementing right away to drive success in Q4:
1. Strong Relationships are Key
Partnerships are more than just revenue generation, and a partner is more than a logo to add to your Rolodex; the relationship should be the core. Both parties must be active in the relationship, value that relationship, and be aligned on goals. The partnership has to make sense.
2. Personalization is Critical
Approaching new partners requires a plethora of preparation on why a partnership is the right choice. Picture this: you’re opening up your email, and there’s a new partnership request. The message just reads: “I’m interested in partnering with you. :)” While smiley faces are kind, that message isn’t clear. Here are the things to add:
- Why you want to partner with them
- The type of partnership you’re seeking
- Your potential offering
- Anything else that came up in your initial research
3. Lean Into Partnerships in Times of Uncertainty
Industry leaders are adamant about the value of leaning into partnerships during an economic downturn. Industry standards show that a well-run channel can have amazingly efficient customer acquisition costs compared to direct sales. As a result, partnerships are an incredible way to increase ARR exponentially without exhausting additional internal resources.
4. Leverage Data & Automation to Grow
Mark Brigman, CEO of Partnernomics, stated, “partnerships still remain 90% art and 10% science.” Partnerships need more data, and they need better data. Without the help of automation, it’s hard to pull meaningful data out of the actions partners are taking, the deals they’re registering, and MDF spend. When you leverage data and automation alongside your brand, you can effectively lower your customer and partner acquisition costs, while increasing retention rates.
5. A Rising Tide Lifts All Boats
Chris Samila highlighted that Partnership Leaders was initially a community of competitors sharing their best practices for selling through the channel. Events like Catalyst are instrumental in forging connections, empowering the community, and learning about what’s happening in the channel.
6. Rubber Ducks are an Incredible Theme
If you weren’t at Catalyst, this might come as a surprise to you. Here are some photos to prove it:
The main takeaway from the event is that Catalyst has cemented itself as a must-attend conference for the partnership community. The effort the Partnership Leaders team put into Catalyst was evident during every stage of the conference, and we’re honored to have participated in the inaugural event.
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