Top 5 predictions for partnering trends in the rest of 2024 

In slow times, companies often prefer partnering. Going indirect is cheaper and safer than building their own teams. So, there's a push to grow revenue through partners without hiring more staff. Vendors will compete more for partner attention. In 2024, it's about getting revenue faster from new partners and boosting it from existing ones.

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3 key changes in partner programs and strategy:

• Speeding up deal closure: Vendors will offer more support to partners to close deals faster. They might share tools used by their own sales teams or create special support units for partners. There will also be more focus on joint marketing and selling efforts.

• Better incentives for starting up: Vendors will introduce new perks to help partners get started quickly. The goal is to get them making money sooner.

• Easier training: Partners can expect more help with developing their skills. Vendors will offer discounted or even free training programs to make sure partners have the right skills. 

With the economy still shaky, companies are still more wary when it comes to hiring. This means they'll need to find ways to do more with less.

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3 key changes in partner programs and strategy:

• Partner focus: Without hiring more staff, vendors will prioritize partners who can make the biggest impact quickly. They'll update incentive programs to get the most out of their resources and might work with fewer partners overall

• Using automation: Successful vendors will use advanced automation and self-service tools to manage partners more efficiently. This frees up time for teams to focus on making money rather than getting bogged down on administrative tasks

• Performance analysis: Vendors will rely more on data to assess how well their partners are doing. They'll use advanced analytics to identify which partnerships are successful and profitable, and which ones aren't cutting it

Partnering is changing big time. The old linear model is out, and things are getting more complicated. We're seeing new partners, like digital agencies and cloud startups, pop up. They're doing stuff that used to be just for traditional channel partners. 

Partners are evolving too, adapting to new competition and customer needs. They're offering a wider range of services and getting involved in more parts of the customer journey, like consulting and support. To keep up, vendors are shaking up their partner programs. They're recruiting new influencers and focusing more on digital channels – the old programs just aren't cutting it anymore.

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3 key changes in partner programs and strategy:

• Simplified programs: Vendors will streamline their partner programs while still meeting partner needs

• Flexibility: Partner programs will become more open, allowing partners to join multiple types of programs at once. There will also be programs based on specific partner roles and incentives tailored to different partner contributions

• Better rewards: Incentives will become more detailed, rewarding partners based on their roles, types, and sales efforts

The shift to cloud and subscription models is changing how partners make money. Instead of one-time sales, it's all about recurring revenue. This means partners need to rethink how they sell, market, and deliver their services. 

In this model, keeping customers happy and coming back is just as vital as making the initial sale but most partner programs focus more on closing deals than on keeping customers happy. So, these programs need to adapt to the subscription-based world. 

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3 key changes in partner programs and strategy:

• Focus on NRR: Partners will put more effort into keeping existing customers happy and engaged. This means paying attention to renewals, upselling, and cross-selling. Automation will help partners track customer satisfaction and identify areas for improvement

• Beyond the sale: Vendors will rethink how they reward partners, shifting focus from just closing deals to retaining and growing customer relationships. They'll offer new incentives to encourage partners to upsell, drive usage, and build long-term connections

• Customer success: Vendors will prioritize partners who excel at keeping customers satisfied. They'll offer incentives and certifications to partners who focus on customer success. Some vendors may even measure partner success based on customer satisfaction levels

As ESG guidelines become more important, customers are looking for sustainable solutions. Suppliers meeting these standards will be top picks. Vendors, distributors, and partners, especially those selling physical products, must respond. 

Many vendors are rolling out customer-focused sustainability programs like buy-back and leasing. But few have updated partner programs to encourage partners to join in, like offering incentives for selling refurbished equipment. 

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3 key changes in partner programs and strategy:

• Partner involvement in sustainability: Partner programs will include initiatives for partners to participate in buy-back, refurbishment, and recycling of equipment. This includes offering incentives for selling refurbished gear

• Tech lifecycle management: Partners may start adopting practices for managing technology lifecycles, like offering leased IT equipment for sustainability

• ESG certifications: Partners will have access to new certifications focused on ESG. This will help partners enhance their reporting to customers. Some partners might even build IT Asset Disposition practices or partner with ITAD companies

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As we deal with the challenges of partnering in 2024, these five big trends will heavily influence our strategies and programs. Prioritizing both customers and partners will be crucial for vendors to succeed in a time marked by ongoing changes, uncertainty, and higher customer demands. 

Are you keeping pace with the ever changing partner landscape? It's not too late to maximize your partner capabilities in 2024