Nearbound Daily #560: How Pigment Increased Win Rates 5-10% with a Nearbound Overlay & Reveal
Just one year after launching its formal partner program, Pigment was able to see incredible results. Including: Partner-attached deals had a 5-10% increased win rate and 16% of new logos won were partner-sourced.
Welcome to the Nearbound Daily Newsletter—the #1 partnerships newsletter in the world keeping thousands of partner professionals on top of the latest industry principles, tactics, and trends. nearbound.com is a project of Reveal.co aimed to bring about the decade of the ecosystem. Join the movement here.
PRINCIPLES
When customers win, you win
Chelsea Berlucchi (Head of Google Subregional Co-Sell North America) was chatting with Vince Menzione on the Ultimate Guide to Partnering podcast and he asked her to explain the difference between reselling and co-selling.
She said,
With co-selling it really comes to the “partnership.” We both get to be invested in the process and support each other through it…and the customer comes out on top.
Reselling is more transactional. Co-selling requires that both partners pull their weight to help customers come out on top.
Old world: Selling used to be done to customers.
New world: Selling is dictated by customers.
Old world: Sellers targeted customers.
New world: Customers tell you what solutions they want to be stitched together, and you make it happen.
In this new world, you won’t win unless your obsession is helping your customers win first.
Check out the full podcast to hear more about Google and their co-selling strategies.
TACTICS
How Pigment Increased Win Rates 5-10% with a Nearbound Overlay & Reveal
Just one year after launching its formal partner program, Pigment was able to see incredible results.
Including:
- Partner-attached deals had a 5-10% increased win rate
- 16% of new logos won were partner-sourced
- 40% of closed-won co-sell deals had a partner attached
- 80% of deployment deals had a partner attached
- At the end of Q2, they were at a 31% partner attach rate for co-sell deals. They implemented Reveal at the beginning of Q3 and ended Q4 with a 64% partner attach rate.
How did they do this?
Wendy Wen, Global Partner Operations at Pigment, shared the full story here.
Today, we’re going to zoom in on the process that made this possible.
Pigment’s partner program is made up in large part of consultant and SI partnerships—two categories of partnerships that have traditionally been difficult to connect with on tools like Reveal due to their CRM structures and company objectives.
Wendy and her team knew that going all in on their nearbound overlay plan would require incentivizing their partners to work with them on Reveal.
They did this in 4 key ways:
1. They used offline account mapping.
Wendy and her team utilize Reveal’s offline account mapping capabilities as an alternative to data sharing through the partner’s CRM. This gives the partner peace of mind knowing that they can still reap the benefits of account mapping on Reveal without needing to connect their CRM.
2. They prioritized partners who connect on Reveal.
They make it clear to partners from the very beginning that they will consider partners on Reveal for opportunities before they look at those who aren’t connected. This incentivizes consultants and SIs to share their data.
3. They shared intel with their partners connected on Reveal.
Pigment partners on Reveal automatically receive powerful nearbound intel that Wendy and her team pull from various sources, such as G2 and Zoominfo. Learn more about very cool use case here.
4. They stayed consistent.
Pigment’s PAMs work with top-tier partners biweekly to maintain the relationships, discuss opportunities, and ensure that data is constantly being cleaned and updated in both the CRM and Reveal.
Read more here.
RESOURCE OF THE DAY
Our friends over at PartnerStack put together this awesome guide to help you achieve your revenue targets this year.
Learn how to:
- Set KPIs for your business segment and maturity
- Track total revenue generated by partners
- Check the ROI of the partner program
UPCOMING EVENTS
Stuff you don’t want to miss!
- April 24th—Partnerships Secrets: Cory Snyder Teaches Partner Recruitment—Teamwork.com’s Head of Partnerships, Cory Snyder, spills the tea on how he’s growing his partner program in 2024. Powered by PartnerStack. Register here.
- May 2nd—The Era of Ecosystem Orchestration is (Nearly) Here—360insights will be launching their Ecosystem, a groundbreaking project that will enable new levels of ecosystem orchestration success for enterprises in multiple industries. Register here.
- May 7th—MartechDay 2024—Join Scott Brinker (VP Platform Ecosystems at HubSpot) and Frans Riemersma (Founder, MartechTribe) to release the latest Marketing Technology Landscape graphic. It’s a celebration of the thousands of talented people working in martech, at brands, vendors, and across the community. Scott and Frans will also be interviewing key leaders for their deep domain-specific knowledge. Register here.
- Nearbound Summit 2023 Recordings—The future of GTM is Nearbound. Watch the recordings to hear how B2B leaders across departments unite with Nearbound strategies and tactics. Listen here.
You’re all caught up.
RECENTLY PUBLISHED ON NEARBOUND.COM
- Nearbound and the Rhythm of Business by Jared Fuller
- A Deep Dive Into the Nearbound Book, with Mike Midgley
- How Pigment Increased Win Rates 5-10% with a Nearbound Overlay & Reveal by Shawnie Hamer
- Unleashing the Power of Nearbound: The Stats You Need to Know by Andrea Vallejo
- Nearbound Podcast #160: How Open Source Unlocked Our Ecosystem - with Clint Oram
- The Future of Sales Enablement: Integrating the Nearbound Strategy in Your Cold Outreach Efforts by Jeremy Chatelaine
- Integrations as a Growth Lever by Jessica Fewless
- The Role of Nearbound Partnerships for Customer Success by Alper Yuder
- How Nearbound Can Help Keep and Win Back Customers by Delphine Le Person and Isaac Morehouse
See you tomorrow
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