2024: The Year of Partnerships
Regardless of whether you’re ready for it, 2024 brings a refresh of how businesses approach direct versus partnership-led acquisition. The cause of this has been a few different reasons: sky-high costs, lackluster leads, and a sense that markets just aren’t what they used to be.
But do you know what universally works? A recommendation from someone you trust. And that’s the core of relationship selling and the reason why partnerships are where the growth opportunities now lie.
This has been proven time and again by the sheer value partnerships bring. We experienced it ourselves last year when we noticed how the number of deals driven by partner advocacy were continuing to increase organically.
In Q3 of last year, 46% of our closed won deals were attributed to partner intros, referrals, or previous existing relationships. This wasn’t a sales anomaly because in Q4 that figure still sat at 37%. This is a hugely significant proportion of revenue, and although we hadn't defined our target for referred deals, the volume of revenue that was driven compared to traditional selling sent a shockwave through the business.
So, we thought we should start practicing what we preach, follow the data, and where it’s taken us has been nothing short of transformational. Here’s what we’ve decided to do.
A partner-focused mindset
Okay so shedding the cloak and setting down the dagger: partnerships work way better than any other form of acquisition. And this isn’t just something we’ve witnessed. Businesses that have switched to a partner-led GTM have seen a 65% reduction in cost and a 55% increase in customer acquisition.
It just makes business sense to focus on what works well rather than continuing to pump money into direct acquisition.
Our strategy is now totally different, reflected in everything from our attitudes and priorities to KPIs and budgets. We’ve made a lot of changes both internally and externally, the team only has mild whiplash, and there’s a great sense of energy as we all get behind this new mindset.
So what is it we’re doing?
This pivot sees our go-to-market strategy evolve from a sole PRM provider to thought leaders in a new emerging market: ecosystem enablement.
The partner ecosystem is something we’ve been talking about for a while now, and at its core, it's about building networks of businesses that actively work together to identify mutual-value opportunities. It’s an extension of the basic co-sell principles into a co-keep/co-grow mentality. This means focusing on partner experience, using data to identify optimal growth opportunities, and nurturing relationships in a way that means they’re for the long haul.
2024 is the year Allbound creates meaningful partnerships with like-minded businesses that want to achieve maximum mutual value. Practicing what we preach, essentially… we’re using our own PRM technology to manage our relationships!
If you’re interested in learning more about ecosystem selling or partnering with us in 2024, now is a great time to reach out to the Allbound team.
Fresh branding for a fresh perspective
Beyond aesthetics, it was important to us that we mark the significance of the changes we’re making. Feel free to take a look around our new website and see what you think. We think the new Allbound brand looks pretty smart (if we do say so ourselves.)
Something that is not changing, however, is our name. Acquisition and retention is a combination of inbound, outbound, and partnerships…Allbound! So that’s definitely something we’ll be sticking with!
We’re also putting a lot of work into an industry-leading report that details why we believe 2024 is the year of partnerships. There’s a lot of noise around co-sell right now, but without much guidance on how to do it. This report distills the process we’re currently going through and gives specific actions and steps to take if you’re looking to make similar changes. So, keep an eye out for its release date and the other exciting plans we’ve got in store!
The partnership space is exploding and 2024 is the pivot point. If you’re looking to make strides with your own partnerships this year, watch this space.