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Topics Covered: <a href='/resources/search/?query=Sales Management'>Sales Management</a>
Sales Strategy
Feb 26, 2018 | Canadian Professional Sales Association lock

In the day-to-day management of a sales team you have many roles and responsibilities: you’re designing strategic plans; you’re recruiting, managing and coaching sales reps; you’re making sure that your company is achieving growth and your team are hitting targets... It is a lot! But if you want to generate more revenue, never overlook the task of developing corporate partnerships. By partnering with the right company, you can reach a bigger audience and drive new revenue and customers. Here’s how…

How Do Corporate Partnerships Work?

In a nutshell, when two separate companies have complementary products, they can form a partnership to promote each other’s product in tandem with their own. Through this corporate partnership, each company is able to expand their offerings to their customers and appeal to a bigger audience and bring in new business. In this way, both partners benefit from increased revenue.

Finding the Right Partner

Of course, the first step to developing a corporate partnership is to find the right partner. Your products must have a natural fit and appeal to the same audience. For example, if you offer a SaaS product, such as an online ticketing system, you might partner with another company that offers an e-marketing platform. In this way, both of you can increase your offerings to existing customers. Your customers can now access the ability to market their events; theirs can begin to easily sell event tickets.

A word of caution: don’t go for partners who are out of your league. If you suddenly reach a humongous audience but you can’t keep up with the demand, you’re not only going to lose your new partner, but your new customers too.

Developing Partner Relationships

It’s not enough to simply set up a great corporate partnership; you need to nurture and develop the relationship for it to be successful.  If you want your partner to feel invested in your product and the partnership, they must understand and believe in the value. And just as you would encourage your reps never to cease focusing on value with customers, you must do the same with your corporate partners. Listen to them. Make sure you are willing to adapt and change to assure mutual success.

And on the topic of success, make sure you set your partners up to succeed. When a partner comes on board, they are effectively becoming a part of your sales team. Ensure they have the training, tools, resources and product insights they’ll need to sell your product effectively. Communication is key and it works both ways. If your partner doesn’t provide your team with the appropriate resources to sell their product, seek these out. If you aren’t increasing their revenue, it’s unlikely the partnership will last long.

Taking time to develop corporate partnerships is a great strategy to increase revenue through a wider audience. But just as everything with sales, don’t just focus on what you want to achieve. Make sure you listen carefully to your partner and focus on providing a mutually beneficial solution that’s win-win.

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