5 Ways for Technology Partnership Teams to Show Value During Tough Economic Times
We outline 5 ways technology partnership teams can strategically position themselves for success and effectively demonstrate their value to their organization and partners.
Elizabeth Garcia, Product Marketing Manager
July 11, 2023
The last few years have been hard on SaaS companies. Budgets are tighter than ever. Employees are dealing with higher workloads after layoffs. And leadership is paying close attention to which departments generate ROI.
Despite these challenges, expectations inside organizations remain high. Teams are still responsible for hitting KPIs. Projects must hit deadlines. Customers still need support.
Partnership teams have it especially hard
If you’re a technology partnership professional, you probably have it even worse than the average worker. Why? Because you have two extra obstacles to overcome.
The extra obstacles most partnership departments face
1. Your organization hasn’t clearly defined how partnerships fit into the company’s go-to-market (GTM) strategy.
2. You have KPIs that require:
A lot of technical support from engineering teams.
A lot of time.
A lot of collaboration with other departments. And usually, those departments aren’t properly incentivized to help you hit your KPIs. From their perspective, they have their own projects and KPIs to worry about!
That was the bad news. But here’s the good news: partnership leaders can overcome these challenges!
Here are five strategies to demonstrate partnerships' value to the organization, even in difficult economic times.
The five ways Partnership teams can show value
1) Educate and empower other departments
You need to make other departments in your organization aware of the value of partnerships. Partnerships can positively impact sales, marketing, product, and customer-facing teams like account management and customer experience (CX).
That said, it’s not always clear to other departments what the partnership team does and how your work impacts the company.
You must keep other departments in your organization informed about new and upcoming tech partnerships and how they affect performance. Understand how each team is measured and their goals. That way, you can outline how your goals align with theirs.
Here are some actions you could take to better collaborate with different departments inside your organization:
Keep them informed about new and existing partnerships. Give them talking points to use with prospects.
Create sales collateral promoting popular integrations.
Track and report on integrations' impact on customer retention and churn.
2) Create champions inside other departments
Creating and running a solid partnership program is a group effort. It requires collaboration with other departments and cross-functional teams.
You need to create strong relationships with leaders in other departments. This way, they can act as your champions and support and advocate for you from inside their departments.
3) Craft a data-driven story
You need to present a compelling business case to secure internal support.
List the specific benefits you’ve already achieved and show how they tie back to your organization's strategic goals. Compare your results to industry benchmarks to make your case even more compelling.
Then craft a story around these results. Paints the picture of why partnerships are a clear pathway toward achieving company goals.
If you’re stuck and not sure what kind of data to report on, try some of these examples:
% increase in average deal size due to partner integrations.
% increase in lifetime customer value due to partner integrations.
% increase in conversion rate due to partner integrations.
% increase in customer satisfaction and retention due to partner integrations.
Integration adoption rate.
# of projects ahead of schedule due to using existing partnerships and integrations.
Dollars saved through automation and integrations.
Additional revenue from new customer segments sourced via tech partnerships.
In times of economic uncertainty, you must be more efficient than ever. Be very deliberate when choosing what to spend resources on. Only invest time or money in your focus areas.
Technology partnership teams must decide where to focus their efforts. Be strategic with your choices.
When setting priorities, consider two key aspects: strategic alignment and value creation.
Align your focus areas with the organization's strategic objectives and long-term vision.
Stack rank partnerships based on which have the highest potential to drive growth, enhance competitive advantages, or address critical business needs.
Establish a vetting process before entering into a new partnership or investing in integration development. Outline how it will generate value for all parties involved, including the company, the partner, and, most importantly, the customer.
Value creation can take various forms, such as increased revenue, improved operational efficiency, enhanced customer experience, or access to new markets and resources.
For more help prioritizing, check out this shared integration prioritization framework from the Director of Tech Partnerships at Yotpo. He includes how to analyze customer overlap, product synergy, product strategy, and co-marketing/co-selling opportunities.
Access the framework here and an integration prioritization template here.
5) Invest in the right tools
Obtaining the resources and investment you need to bring integrations to market can be daunting. And if your organization doesn't have a dedicated integration development team, it can feel next to impossible.
Building and launching integrations can feel complicated. But with the right planning process, you can set yourself up from the very beginning. Follow these pre-GTM steps to make sure your integration launch goes smoothly.
Integration partners play a crucial role in helping SaaS companies grow, expand their services, and reach new markets. We walk you through the steps to create an integration partner program that partners can't resist.