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. Join the movement here.
PRINCIPLES
Data isn’t extra, it’s part of the story
Data is information.
Strategy is choice.
There are two steps involved in any decision: learning and deciding.
But you must learn before you can decide.
Leaders look to data to help them make informed decisions, because data tells a compelling story.
When partner pros approach their stakeholders with a JVP but no data, it’s like writing half of a book and calling it done.
Telling the full partnerships story requires that you use data.
TACTICS
Every stat to help prove the value of partnerships
We combed through every resource that’s been published in the last year and compiled every stat we could to help you prove the value of your nearbound program.
Successfully implementing a nearbound overlay in your organization requires the buy-in of every team. But each of your internal teams has different goals and they don’t care about metrics like the "number of partners" if they can’t (or don’t know how to) leverage them.
Here are a couple of stats that you can share with your internal teams to show the potential of your nearbound program:
Revenue and pipeline (partner attached)
- Daniel O’Leary, Director of Partnerships at Box, achieved a 55% higher potential ARR closed, (meaning they won more of the seats) by leveraging a nearbound motion in tandem with Reveal and Allbound.
- Maya Connet, VP Inside Sales at Clari stated that partners impacted 41 % of their new logo business in the last 24 months.
- PartnerStack and Monday.com have experienced 200% growth in partner-led revenue.
Retention rates
- 70% of users who join through Help Scout’s startup partner program convert to paying customers
- Rollworks found out that their customers with four or more integrations are 35% less likely to churn compared with those with just one integration enabled.
- Forrester’s report shows that partnered vendors have 10% higher customer lifetime value and nearly 14% lower churn.
Upsell opportunities influenced by partners
- According to Canalys, companies with strong partner programs enjoy a 15% higher renewal rate and a 20% increase in upsell revenue.
- Forrester stated that customers who work with partners are 57% more likely to renew their contracts.
- Rollworks customers using four or more integrations had a 135% likelihood to renew vs. customers using one integration.
Integration activation and product usage growth with partner involvement
- Integration is the most important factor for buyers purchasing partner technology. 74.2% of buyers report that a system’s ability to integrate is either a very or extremely important consideration.
- As reported by E&Y, those who have made the switch to ecosystem-first GTM have experienced a 47% accelerated product-to-market.
- AssessFirst had an increase of 4x in client integration and increased their lead generation by 100%.
Find more nearbound sales, marketing, customer success, and product stats by clicking here.
QUESTION OF THE DAY
The case for partner attach?
Some people believe that partner sourced is the best way to attribute partner impact. Others like Qualtrics, Reveal, and HubSpot are more focused on partner attach.
Which camp do you fall in? Do you think it’s better to focus on sourced or attach?
If you’ve historically been a fan of partner sourced, here are some thoughts from the community on partner attach.
Allan Adler (Managing Partner at Digital Bridge Partners) explained partner attach can include one or more of the following activities:
- BD: Joint opportunity selection and targeting.
- Solutions: Creation of shared use cases.
- Influence: Shared positioning, messaging, and value stories.
- Pilot Customers: Initially shared customer sell-through and sell-with.
- Scale Customers: Sell-through and sell-with at scale.
- Customer Success: Joint customer upsell/cross-sell.
Partner attach is easy to scale. It’s a management metric that orchestrates the impact if you’re the partner leader, inside your business and across your teams.
And Aaron McGarry (Executive Vice President and Chief Ecosystem Officer at Qualtrics) shared, “It’s a team effort metric. It reflects if you’re effectively working with partners across your company.”
Learn more about partner attach here.
Reminder: Conversations about attribution can get fiery, but let this LinkedIn post from Greg Portnoy (CEO at Euler) serve as a reminder—this isn’t the Hunger Games.
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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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nearbound.com is a project of Reveal.co
