Partnerships - the one growth hack your agency actually needs ft. Alex Glenn

"If we double our outreach, we'll double our revenue" 

That worked well four years ago. Now - not so much.

In all things revenue generation, the real value lies in the places that can't yet be automated. Real trust and intentional attention are two currencies that are trading at record heights right now.

Enter partnerships. And no, that doesn't mean just sending someone a referral link.

True partnerships can be magic. It's like a referral network that doesn't start and end with your clients' ability to organically bring you up in a conversation.

Alex Glenn is an expert at turning partnerships into a predictable revenue engine for agencies. Here's the blueprint he shared:

Chapter 1: Redefining Partnerships

A regular channel partner program won't do much in 2024. Strategic partnerships, also referred to as Nearbound, should merge the circles of trust between two or more vendors.

Do it right:

1. Focus on building true partnerships, not just referral networks
2. Develop joint strategies with your partners
3. Collaborate on finding and targeting lookalike ICP audiences
4. Aim to create long-term, mutually beneficial relationships

Remember, the goal is to create deep, meaningful connections that drive substantial outcomes for all parties involved.

Chapter 2: The Partnership Playbook for Agencies

Lead with Intention:

After one too many "let's partner up!" calls that never went anywhere, it's easy to look at the concept with skepticism. The key is to start with a clear plan.

Do it differently:

1. Create a detailed Partner Memorandum for each potential partnership
2. Include target personas, markets, and geographies in your memorandum
3. Outline promotional strategies and specific KPIs
4. Clearly define roles and responsibilities for each partner
5. Set clear expectations and alignment strategies

Pro tip: Get granular. The more specific you are upfront, the fewer issues you'll face later on.

Land and Expand:

Instead of cold-pitching every potential partner, focus on building deep relationships with a few key players in your target ecosystem.

How to Execute:

1. Identify one or two core partners in your target ecosystem 
2. Build a strong, revenue-driving relationship with them 
3. Ask for introductions to their other strategic partners 
4. Repeat this process to expand your network organically

This approach gives you instant credibility, helps you tap into existing customer relationships, and creates a "surround sound" effect for shared prospects.

Create Circles of Influence:

To truly capitalize on your partnerships, start cross-referencing pipelines and aligning your targets.

Benefits:
- Go after bigger, more complex deals
- Enter new markets with built-in support
- Create a "protective moat" around shared customers
- Reduce churn through collective problem-solving

How to Build Your First Partnership Circle:

1. Identify 2-3 complementary partners in your ecosystem
2. Establish individual partnerships with each
3. Propose a group collaboration on shared pipeline
4. Set up regular check-ins to align on opportunities and strategy

Chapter 3: Invest in Partnership Tech

Not every aspect of your GTM motion needs its own tech stack. But partnerships have always been hard to track, measure, and maintain.

How to Leverage Partnership Tech:

1. Explore platforms like PartnerHub for managing complex partnership ecosystems
2. Use a Partner Directory to showcase partners and drive leads
3. Leverage Connection features to see who your partners know and request intros

Investing in a partner experience platform can significantly streamline your partnership management and boost your collaborative efforts.

Conclusion: Your Partnership Action Plan

Some of the greatest startups in the world have used partnerships as their secret go-to-market weapon. It's not as sexy as boasting about a new cold outreach strategy, but it's incredibly effective.

Here's what to do:

1. Audit your current partnerships strategy (or lack thereof)
2. Identify 1-2 potential "core partners" in your target ecosystem
3. Create a detailed partner memorandum for each
4. Start exploring tools like Partner Hub to help scale your partner motion

Remember: in a world where everyone's fighting for attention, partnerships are your shortcut to trust, credibility, and growth. Are you ready to stop treating partnerships as an afterthought and start treating them as your #1 growth hack?

Want to dive deeper into the world of partnerships? Check out Partnerhub!