Melissa Lackey Discusses Five Best Practices for a Successful Partner Marketing Strategy

Standing Partnership Group President Melissa Lackey is a member of the St. Louis Business Journal Leadership Trust, an invitation-only network of business leaders and executives who share their successful business knowledge and insights with the Journal’s readers. In September, Melissa was featured in an article on five best practices for building a successful partner marketing strategy. The article was first published on the Business Journals website here.

The following is a reprint, courtesy of the St. Louis Business Journal Leadership Trust.

Partner marketing — when two or more companies join forces to promote and sell a product or service for mutual benefit — is gaining momentum in today’s marketing landscape. When planned and executed strategically, partner marketing can be an important growth engine for companies looking to reach more customers and maximize their resources.

In Demand Gen’s 2024 Channel Partner Marketing Benchmark Survey, “71% of respondents … anticipated that partner-generated revenue will climb more than 10% this year, while one-quarter anticipated more modest increases between 1% and 10%.” Melissa Lackey, group president of Standing Partnership, says these survey findings reflect a broader trend she is seeing in organizations across different industries.

“Our firm focuses on how to help companies grow sustainably, and we’re seeing a lot of our clients start to lean into partner marketing more than they have in the past,” says Lackey. “Technology companies, in particular, have evolved the concept of partnerships into partner ecosystems where companies don’t just sell each other’s products but collaborate on developing new technologies together. Co-creation enables them to provide more value to customers, achieve efficiencies and develop new revenue streams.”

New collaborations can often come with frustration and misalignment, however. Lackey highlights two essential elements of a healthy partner relationship: Choosing a partner that is the right fit, with similar values, goals and marketing strategies; and setting clear expectations from the beginning to foster a win-win mindset and avoid disappointment or inequity.

Lackey outlines five key steps business leaders should take to develop an effective partner marketing strategy.

1. Achieve clarity around your own unique value proposition.

Before you can develop a “better together” approach, you need to understand what your organization is bringing to the table. Get clear on how your contributions benefit both your partner and your customers.

“If you know your own value proposition, then you know how your partner can complement it,” explains Lackey. “When you’re going to market together, you want your collaboration to be ‘one plus one equals three.’ You’re trying to enhance the value of your offering and make the process easier for your potential buyer.”

2. Identify a partner that complements your solutions and strategy.

Your ideal partner will align with your company’s go-to-market strategy and marketing approach, adding to your strengths and filling in any gaps. Bring together your marketing, sales, product development teams and consultants to collaborate on developing a comprehensive joint marketing strategy.

“In a partnership, it’s often just the two marketing teams working together, without involving some of the other key players,” says Lackey. “But it’s important to lean on the sales team to better understand the customer perspective. And if you are trying to co-create or bundle services or products, making sure that you have product development in the mix is also a great idea. Do this from the beginning so everyone is aligned as you’re setting goals, metrics and expectations.”

3. Develop joint messaging and supporting materials.

Once you and your partner have aligned your goals and strategy, you need to develop cohesive messaging that resonates with your potential customers. Collaborate with marketing and sales teams from both organizations to create a unified front and bring your strategy to life.

“It’s a twofold effort — the marketing teams are creating interest and demand, and the sales teams are having conversations with potential clients about the benefits and potential impact for the business,” says Lackey. “Both companies’ teams need to come together to make sure they’re speaking the same language, using the same terminology to effectively tell the story so that customers clearly understand the benefits. It has to be joint messaging, not each company creating campaigns independently and then figuring out how they fit together.”

4. Maintain close communication with your partner’s teams.

In any strong partnership, communication is key. Throughout the campaign execution, schedule regular check-ins to track progress toward measurable goals and communicate about any changes or concerns.

“Every campaign is different, but typically, I’d recommend a monthly meeting to touch base, at a minimum,” says Lackey. “Discuss what’s working and what’s not working, and discuss if any adjustments should be made.”

5. Continuously measure your ROI.

To understand the effectiveness of your partner marketing campaign, let the numbers do the talking. Measure the ROI of your partner efforts on an ongoing basis, and adjust your approach as needed.

“This step goes back to your initial goal setting,” says Lackey. “Check in on those objectives: What is our anticipated revenue? Are we on track to meet our goals? If the revenue is exceeding expectations, are there more things that we should be doing or thinking about? If it’s not meeting expectations, do we have to recalibrate? Are we working with the right partner?”

Partner marketing requires a clear vision, data-driven decision-making and strong communication and collaboration to be successful. But Lackey emphasizes that the benefits of this approach are worth the investment with the right partner.

“Partner marketing can give you access to new customers and make your marketing resources go further,” says Lackey. “If you’re looking to enter a new market, it reduces your risk because you’re partnering with a brand that already knows the space and has a presence in it. When you collaborate with a reputable brand, it engenders trust from the get-go and helps you gain traction with a broader audience.”