A successful business requires a carefully crafted strategy with the right implementation approach. Here at 22nd, we have been able to achieve tremendous success through the partner strategies we have established for our clients. Through our strategies, we have been able to continuously achieve growth and success. From strategy to successful growth, we understand the importance of developing sustainable strategies for our partners.
First good question to ask is “Why does a good partner strategy play such an important role in sales strategy”:
- growth opportunity: partners will act as lever in expanding a company’s reach & create new opportunities for growth while minimizing the internal resource needs and CAC
- increasing revenues: partnering with established companies provides businesses access to their customers and leads, which can be beneficial for lead generation
- brand awareness: having a partner selling your products or services keeps your brand at top of mind and encourages more customers to purchase from your business.
How we implemented a successful strategy
We recently had the great privilege of supporting a client in their partner management project and are excited to share the success of their journey with you in this case study. Initially, our client had implemented worldwide a large untransparent, variation of business partner models and contracts, with uncountable pricing models. They sought to create a harmonized partner model that would provide value to their partners and bring them closer to their business goals. In order to make this possible, they enlisted the help of 22nd, our expert team dedicated to implementing effective partner management strategies. Together they set out to create attractive partner models and establish the necessary steps and roadmap for becoming the best-in-class European Payment Partner.
Through this process, we have helped its client to leverage Partner Management as an effective sales channel to generate new leads and customers. In addition to clear, structured, harmonized but locally adapted partner models and pricing strategy, we created a new Partner Loyalty Program. The client was able to build a strong relationship with their Partners and offer them attractive value-added services. This increased the loyalty of the Partners and reinforced brand awareness for the Payment Provider.
The 3-months project began with gathering an understanding of the Partners’ basic needs and proposing a competitive Partnership offer. We then identified the main value-added services Partners were seeking for and drew up a harmonization plan of the Partner Models across all countries covered by its client. To complete the partnership process, we created a new attractive Partner Loyalty Program along with the new Partner Models and outlined the next steps and implementation roadmap necessary to become the best-in-class European Payment Partner. A part of the go to market strategy we used our partner database to identify new potential and perfectly fitting partners to be integrated into the customers partner network.
Our efforts paid off, providing European Payment Providers with a business case showing an increase of €260mio in potential net revenues above and beyond their current activities. This was made possible through our Partner Management strategy implementation, proving our success in the field of partner strategies.
Our success can be attributed to our expertise in payments and growth strategies, our dedication to creating an attractive Partner Loyalty Program & Network, and our determination to become the best-in-class European Payment consulting advisor. This success story is an example of what we can achieve with careful planning, strong commitment to success and working closely with our clients.
Written by Markus Melching