In the business world, the customer is always king. But what about your business’s partners?

Your partners are just as important as your customers, and if you want to keep them around, you need to treat them like customers, too. 

Here’s why partner retention is so important and how you can keep your partners happy.

Why partner retention is important

Partner retention is important for two reasons.

First, it costs more to acquire a new partner than it does to retain an existing one.

Second, happy partners are more likely to refer new business your way, which can help you acquire new customers at a lower cost. 

In other words, treating your partners well pays off in the long run.

How to treat your partners like customers

So how do you treat your partners like customers? It’s actually not that difficult. Just follow these three simple tips:

1. Communicate regularly.

Keep your partners up-to-date on changes in your product or service offering, new features or functionality, and anything else that might be of interest to them. Regular communication will show your partners that you value their business and that you’re invested in the success of your relationship.

2. Offer incentives.

Everyone loves a good incentive, and your partners are no exception. Offer discounts on products or services, exclusive access to new offerings, or other perks that will make doing business with you more attractive.

(Read more about using partner incentives here.)

3. Be responsive to their needs.

If your partners have questions or concerns, address them promptly and courteously. Showing that you’re responsive to their needs will build trust and demonstrate that you’re committed to meeting their expectations.

Treating your partners like customers is the secret to partner retention because it costs less to retain an existing partner than it does to acquire a new one.

Plus, happy partners are more likely to refer new business your way. Just communicate regularly with your partners, offer incentives, and be responsive to their needs, and you’ll keep them coming back for more.

Originally published on Dylan’s LinkedIn page.

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