Common Mistakes Companies Make When Launching Their Partner Program

This article was written by Eva Fayemi, Co-Founder and CEO at Bond. Eva brings a wealth of experience and a passion for cultivating meaningful connections that have shaped her unconventional professional journey. Established in 2020, Bond Agency.io specializes in Nearbound Partnerships, focusing on fostering business collaborations for B2B SaaS companies. Nearbound partnerships, as described by Eva, transcend traditional collaborations by influencing potential customers through strategic relationships and smart engagement strategies.

Step into the ever-changing world of B2B partnerships, where teamwork takes center stage, and unexpected obstacles become part of the adventure.

In this dynamic landscape, get ready for a journey where we uncover the secrets to overcoming problems and forging prosperous alliances in the fast-paced world of business expansion and creativity. Get set for valuable insights and practical tips on how to thrive in this active environment and foster successful collaborations for your partner program.

A Dive into the Partnership Pitfalls

Most people working in tech have now figured out that partnerships can be the key to unlocking exponential growth and market dominance – note the emphasis on "can be." Indeed, navigating the partnership landscape is no stroll in the park. As experts in the field, we have seen businesses stumble and soar, facing a myriad of challenges along the way.

Let’s explore together what are some of the major common mistakes businesses make when launching their partner program.

1. No Common Partnerships Objectives

Without establishing clear objectives and a strategy for your company's partner program, don't even bother to start. Partnerships require creating a shared vision and common goals among all main stakeholders in the company: Marketing, Sales, and Product – they all need to be involved and informed. Partnerships will contribute in one way or another and require collaboration among everyone to reach shared goals.

Tip: Start with a thorough alignment session with the main stakeholders, ensuring all parties have a crystal-clear understanding of the company’s objectives and expectations from partnerships.

2. Lack of Strategic Planning

Scaling partnerships without a strategic plan is like hoping to stumble upon your destination by chance. It's a recipe for getting lost in the wilderness of missed opportunities. Plan what the next 3-6-12 months should look like in terms of KPIs and goals.

Tip: KPIs and goals are not only monetary. In the beginning, lay the foundations that will set the ground for revenue success.

3. Communication Breakdown

Ever had that sinking feeling when you realize you and your partner aren't on the same page? In partnerships, communication breakdowns are the silent killers. Without transparent communication channels, misunderstandings and assumptions can quickly arise: “He is not a good partner because he is not sending leads.” Are we sure that this partner does not need help or support about something and that this is the reason why he is blocked from delivering more leads?

Tip: Establish a robust communication framework from the get-go. Foster a culture of openness and honesty, complete with regular updates and open channels.

4. No Return - No Investment

It's the classic chicken or the egg dilemma – what comes first? In the logic of a growth mindset and a scale-up company, there's a clear stance: no investment without clarity on the return.

Now, let's pause for a moment and consider this – have you ever experienced the magic of giving without expecting anything in return, only to find yourself reaping unexpected rewards? We're not here to preach, but it's a simple truth that by investing time and resources into your partnerships, they become better equipped to collaborate with you and, ultimately, achieve success.

Think about it. Would you ever refrain from having a sales pitch or a brochure ready to send to your prospects just because a contract hasn't been signed yet? Unlikely. So, why not extend the same principle to your partners?

Tip: Invest in resources such as a comprehensive knowledge base to ensure partners have all the right tools to effectively pitch your product.

5. Failure to Adapt

Ever held onto an outdated smartphone while the world moved on to the latest model? The business landscape is ever-evolving, and successful partnerships require agility. Companies that resist change and fail to adapt to market dynamics find themselves left behind as their more flexible counterparts seize new opportunities.

Tip: In the dynamic world of partnerships, agility is your ally. Regularly reassess your strategies and be open to adapting to market changes. Using a strong PRM platform like Kiflo will help you streamline communication, track progress, and keep your partnerships resilient.

6. Not Metric-Driven

Do you actually know the impact of partnerships in your organization? Companies need to measure the efficiency of Partner Relationship Management tools combined with their CRM, revenue generated from partners, and the impact of their marketing campaigns, for example.

Tip: Use Kiflo to see how well your partnerships are working for your organization. Keep an eye on metrics like revenue from partnerships and how well marketing campaigns with partners are doing. Analyzing this info helps you understand what's working and where you can make things better.

7. Activate Diesel mode ON

Last but not least! Remember, partnerships are a bit like running a car on diesel – they take time to heat up. While the return may not be instantaneous, the journey is worth it. So buckle up, enjoy the ride, and let's turn challenges into opportunities, shaping the future of tech SaaS partnerships together.

Conclusion

In the intricate dance of B2B partnerships, challenges are inevitable, but so are solutions. Companies should navigate the partnership landscape and thrive in the complex world by A/B testing but also making sure to apply these rules from the get-go!  

Remember, just because a particular strategy didn't work for your company doesn't mean it won't work at all. It's a journey of learning and adapting. Seeking guidance from professionals who have experience and insights into the dos and don'ts of partnerships can be invaluable. Their expertise can provide a fresh perspective, helping you overcome challenges and ensuring your B2B collaborations are built on a solid framework for success.

Connect with Bond and explore how they can help your SaaS company build lasting, impactful partnerships. Bond, with its team of partnership experts, growth leads, and creatives is dedicated to creating the foremost Nearbound Agency for Partner-Led Growth in B2B Tech.