The Nearbound Daily is now officially the ELG Insider Daily!
Welcome to the ELG Insider Daily—the #1 newsletter in the world keeping thousands of GTM professionals on top of the latest Ecosystem-Led principles, tactics, and trends. Join the movement here.
PRINCIPLES
Anything that is not growing is dead
Even in B2B SaaS, "Anything that is not growing is dead" holds true.
Just as Lauryn Hill’s quote suggests, stagnant revenue can jeopardize your company's survival.
To drive revenue and sustain growth, it's crucial to constantly explore new markets and opportunities.
The only problem is that you can’t enter a new market alone. It will be like entering a stranger's house without an invite.
You won't be well received and you have high chances of getting kicked out.
That's why you need the help of people or companies that have done it before. You have to leverage the trust that their ecosystem has already created.
That’s where ELG comes in — it is the key to that new market’s door.
TACTICS
Get your foot into your market’s door
The right partners and integrations can help you sell to new personas, verticals, and markets.
With their help you can open the door to countless new opportunities and multiply your revenue.
Whether you’re selling to a new GTM team or to new buyers in France (Bonjour!), with a little help from your partners, you can enter the sales conversation with confidence.
Here are three tips for leaning on your partners to expand to a new persona, vertical, or market:
Tip #1: Learn about your new buyers
When expanding your product to new buyer personas, like moving from marketing to sales teams through a tech partner, it’s essential to understand their specific needs.
By leveraging their knowledge, you can better understand your new buyers, tailor your approach, and drive successful expansions.
Our tip: Ask your partners some of the following questions to know everything you need about your new persona:
- What are the common titles of the new buyer persona?
- What pain points have you observed for this buyer?
- How has the buyer’s behavior changed recently?
- What goals or KPIs do these buyers prioritize?
- What is their preferred communication style?
- Which community, review, and social media platforms do they frequent?
- How does selling in their region differ from yours?
- What challenges arise in the legal and procurement process?
- How do buyers in this region handle conflict?
- What vertical-specific or regional challenges can our product solve?
Tip #2: Learn about your buyers’ ecosystems
When selling to new buyer personas, understanding their tech stack preferences is crucial.
For instance, selling to Marketing teams requires familiarity with the martech landscape, which includes 11,038 tools (in 2023). Your Sales team needs to know how your product fits into this landscape and become tech stack experts.
Our tip: Leverage Partnerbase and Crossbeam to access insights into your prospect’s tech stack by showing overlaps with your tech partners’ customers.
Tip #3: Gather value statements and establish your reputation among your new buyers
When selling to new personas with your partner, leverage their existing relationships to cross-sell effectively.
For instance, if the Marketing team uses your product and the Sales team uses your partner's, collaborate to cross-sell within the account.
Your partner can vouch for you to internal stakeholders, who can then advocate for you to other departments.
Our tip: Use Crossbeam to find customers who use both your and your partner’s products. If there are no overlapping customers in the new vertical, gather and share the case studies and value statements from different customers to showcase your joint value proposition. Finally, adjust your sales pitch to include these value statements and case studies, ensuring the messaging resonates with your new buyer persona, vertical, or region.
Learn more here.
MEME OF THE DAY
Try not to spend your money in ads
Ads performance is decreasing.
Paid media accounts for 13% of a company’s pipeline, but only 10% of the revenue generated. Meanwhile, partner referrals account for the 10% of pipeline, but 31% of the revenue generated by a company is through partnerships.
Here are more stats regarding how companies leverage partners to boost their marketing motions:
- According to Workspan and Partnership Leaders, the CAC when working with a partner is 71% lower than when trying to acquire a customer in a direct way
- As reported by Ernst and Young, those who have made the switch to ecosystem-first GTM have experienced a 56% improved new customer acquisition.
- At Yotpo, 60% of overall referrals a month on average are influenced by partner marketing.
UPCOMING EVENT
Partner Sourced Summit ’24
On July 31st at 9am PT / 6pm CET, join us at the Partner Sourced Summit '24 to learn how top GTM leaders track partner-sourced revenue and leverage their ecosystem to build tech and co-selling programs.
This event, orchestrated by Justin Zimmerman, will provide you with insights, practical tips, and networking opportunities with industry leaders.
Featured Speakers:
- Bob Moore, Co-Founder and CEO of Crossbeam
- Rob Rebholz, CEO and Co-founder of Superglue
- Christine Li, VP Partnerships at G2
- Cody Sunkel, VP of Growth at PartnerFleet
- Asher Mathew, CEO and Co-Founder of Partnership Leaders
- Christine Li, VP Partnerships at G2
- Alexis Bonavota, Sr. Manager, Partner Success at G2
- Taylor Pyle, Sr. Manager, Enterprise and Commercial Sales at G2
- Dane Running, Enterprise AE at Crossbeam
- Tanner Lacey, Director of Sales and Partnerships at Sendoso
- And many more.
Save your spot here.
Stuff you don't want to miss!
- TOMORROW — Capital-Efficient Growth: Join Richard Lin (Managing Director at Metropolitan Partners Group), George Alifragis (Senior VP at Metropolitan Partners Group), Lindsay Cordell (Senior GTM Analyst at GTM Partners), and Sangram Vajre (CEO & Co-Founder of GTM Partners) as they share insights on achieving sustainable and profitable growth. Register here.
- August 14th — From Data to Dollars: Strategies for Nurturing Event Leads to Drive Success: Benito Aguila (Events Marketing Manager from Google) and Airmeet’s CEO, Lalit Mangal will share how to capture valuable data at events to implement targeted follow-up strategies. Register here.
- August 1st — Designing the Right Incentives for Partners: Karlyn Bentley (Senior Vice President, Client Partnership at Ansira), Kathleen Meeza (Senior Director, Global Partner Program at Dell), and Tai Rattigan (Co-Founder and COO of Partnership Leaders) will share key tactics for designing incentives which accelerate partner value and impact. Register here.
- August 20th — Exploring the Power of the Benefits Broker Channel: Leveraging HR’s Most Trusted Consultants: Ryan Taguding (Founder and Principal at Temio Consulting) will share where to begin, how to identify your ICP and distinguish sales blockers from champions. Register here.
You're all caught up
See you tomorrow
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