Direct selling is no longer as effective as it once was, but prioritizing partnerships as a go-to-market strategy offers businesses an economical and sustainable way of generating revenue.
This is the Allbound vision for the future of the partner ecosystem.
The ecosystem is here
Today, median sales and marketing spend for direct acquisition has returned to 37-40% of revenue which was where they sat before COVID-19.
However, the median revenue growth has dropped from 37% in 2018 to just 26% in 2022, with the same spend. These are clear indicators that things have to change.
This is why many businesses, such as Dell and Rapid7, have shifted from primarily focusing on direct acquisition to partner-led growth.
This rapid pivot has given birth to the partner ecosystem; this ecosystem is different from the traditional ‘sell-through’ model of indirect acquisition.
Let’s look at what’s next for partnership selling.
This only works if everyone – the vendor, partner, and customer – are all equally invested in driving valuable opportunities for all.
This means building strong, resilient relationships is more important than ever. After all, the web is only as strong as the threads that hold it together.
The value of partnerships
Businesses report that by moving to an ecosystem model of trading, they typically see:
If you’re looking to make serious revenue from partnership selling, it’s not enough to simply co-sell. To unlock the true value, you need to co-keep and co-grow.
As a result, nurturing and growing your partner relationships should be high on your list of priorities. If you try to create an ecosystem without a compelling partner experience, your web will unravel quickly.
Co-keep focuses on retaining partners. This is what PRM technology has been helping businesses achieve for many years.
The co-sell flywheel starts with identifying and recruiting partners based on referrals, recommendations, and resell activities. These businesses become part of your ecosystem (and you part of theirs!)
With a co-keep solution in place, the partner experience ensures an enduring and valuable relationship, driven by transparency, ease of interaction and mutual responsibility. This makes for a resilient ecosystem.
The co-keep stage also provides tremendous opportunity to identify other ideal partners. There are many AI-driven insights such as partner activity, deal frequency, velocity and value, engagement indicators, and user behavior, that can be used to identify the very best partners to add to your ecosystem through the co-sell motion.
Co-keep intelligence is fed into co-sell activities to further increase acquisition momentum and build a stronger ecosystem. This is what the co-sell flywheel represents.
At Allbound, we believe this is a key shift that needs to happen in the partner ecosystem. Our mission is to be the glue that holds your partnerships together, and allows you to nurture them to their full potential.
There’s been a clear acceleration in co-selling to create mutual value between businesses. After all, people buy from people they know – trust has always been the most powerful marketing tool.
However, the current co-sell motions primarily focus on the acquisition of new partnerships, and less so on how to maintain and nurture these relationships. This is imperative to achieving the maximum value a partnership has to offer.
This is the key to ecosystem growth and the new evolution of PRM.
So what is Allbound all about?
We see Allbound as the ecosystem glue that helps kick-start, protect and feed co-sell activities to nurture and scale relationships and in turn, the broader ecosystem.
Allbound is a PRM technology stack that provides capabilities needed to nurture engaging partner experiences. We know what it takes to ensure a compelling and resilient relationship between businesses and have evolved our technology solution to achieve just that.
revolution is here
Allbound is transforming the future of the PRM space.
By pushing what it means to create and nurture a partnership through the principles of co-sell, co-keep, and co-grow, businesses can create an ecosystem of mutually-beneficial partnerships that continue to strengthen and evolve over time.
Allbound is committed to closely collaborating with businesses to enable you to harness the full potential of your PRM.
All you need to do is unlock the tools that can support your new partnership ecosystem.
Grow and engage your ecosystem partners with PRM
Easily prioritize your partner relationships by automating and analyzing each step of your partnership lifestyle