How can you use your partnership portfolio to increase revenue?

I consistently strive to complement my partners' service portfolio. A few strategies to boost revenue would be: Cross-Promotion: Promote each other's stuff. Bundling: Create joint offerings or bundles with partners to increase the overall value propositions. Referral Programs: Establish referral programs with partners. Exclusive Discounts: Offer exclusive discounts or deals to each other's customers. Co-Branding: Develop co-branded products or campaigns to attract new customers and boost sales together. Collaborative Events: Host joint events or webinars to showcase your products and services, expanding your reach and attracting new customers.

The 80/20 rule applies in partnerships too. Assessing where your current revenue comes from roday (which channels, which partners, which segment or industry) and then creating white glove experiences for the 20% that drive 80% of your business will allow you to focus on the revenue stream with highest ROI. For the remaining partners, self serve or tiered partner programs can help you manage and nurture these relationships at scale.

Maximizing revenue through partnership portfolios is about leveraging alliances. Cross-Promotion: Create bundled offers with partners to add value and attract customers. Shared Expertise: Utilize partners' strengths to enhance your offerings, leading to higher sales. Network Expansion: Tap into each other’s customer base for new leads. Co-Branding: Joint marketing efforts increase credibility and reach. Referral Programs: Encourage partners to refer clients for a mutual benefit. Collaborate, innovate, and grow together!

I am a fan of doing more with less. And in partnership this means: 1. Find a motion that works: discover a model that pays off, double down on it, scale it by rinse and repeat across different markets / solution types; 2. Test a motion: always have a test motion investing 20% of your time to discover a new model that might move to number 1. Sometimes diversifying does not mean managing many different partner models, but instead having 1 partner model that works and scaling it across geos and verticals.

This is a huge one. Many people have partnerships in place but they don’t maximise them enough. So often we run to the next partnership rather than reflecting what didn’t work with the previous one.

You can learn and improve by taking the time to have an in-person conversation with your partner in a relaxed setting. I invited ours to lunch. We talked about how the year went and where we want it to go. It was also a great opportunity to discuss an objection they previously expressed for an idea we had that would increase revenue for us both. It was overcome by listening deeply and talking, no interruptions. We agreed to progress the idea. Conversations like these build more trust, strenghthen the relationship and can improve the bottom line. Worth a try!