Partner acquisition is a crucial process for any business that wants to grow faster and stronger through strategic partnerships. But how do you find the right partners for your company? What are the most effective ways to attract and engage them?
In November 2023, I conducted a survey among my LinkedIn network, where more than 50 partnership experts from different industries and regions responded. I asked them to rank the sources of partner acquisition that for them were most successful in generating active and productive partners.
My goal was indeed to determine what sources of partner acquisition were most effective in generating active and productive partners.
The results are very interesting and revealed three sources above the rest. In this post I will share the key findings and discuss the implications for your partner acquisition strategy.
Top Sources of Partner Acquisition
Respondents could choose one or more of the following sources of partner acquisition:
- Cold outreach
- Referrals from existing partners
- Referrals from clients
- Industry events
- Webinars and educational content
- Online advertising
- Other (specify)
Referrals from existing partners, Industry events, Referrals from clients (in that order) received the highest number of mentions, confirming their effectiveness in generating active and productive partners. In particular, “Referrals from existing partners” and “Referrals from clients” ranked first several times in the order of preference.
Let’s take a closer look at each of these sources and why they work so well.
Referrals from existing partners
Referrals from existing partners are the most powerful source of partner acquisition, according to the survey respondents. This is not surprising, considering that referrals are based on trust, credibility, and mutual benefit. When an existing partner refers you to a potential partner, they are essentially vouching for your value proposition and reputation. They are also creating a win-win situation for both parties, as they can benefit from the synergies and opportunities that the new partnership can bring.
Referrals from existing partners are also a cost-effective and time-efficient way to find new partners, as they eliminate the need for cold outreach and lengthy qualification processes. They also increase the chances of finding partners that are aligned with your vision, goals, and culture, as they are likely to share similar values and expectations with your existing partners.
To leverage this source of partner acquisition, you need to cultivate strong and long-lasting relationships with your existing partners. You need to provide them with consistent value, support, and recognition.
Industry events
Industry events are another effective source of partner acquisition, according to the survey respondents. Industry events, such as conferences, trade shows, workshops, and networking sessions, are great opportunities to meet and connect with potential partners in your niche or sector. They allow you to showcase your expertise, products, and services, as well as to learn about the latest trends, challenges, and opportunities in your industry.
Industry events are also ideal platforms to initiate and nurture relationships with potential partners, as they provide you with multiple touchpoints and interactions. You can exchange business cards, schedule meetings, follow up with emails, and invite them to join your webinars or newsletters. You can also leverage social media to amplify your presence and engagement at industry events, by posting live updates, sharing insights, and tagging relevant contacts.
To leverage this source of partner acquisition, you need to plan and prepare well for industry events. You need to research the event agenda, speakers, and attendees, and identify the most relevant and promising ones for your partnership goals. You also need to craft a compelling pitch, presentation, and collateral that highlight your unique value proposition and differentiation.
Referrals from clients
Referrals from clients are the third most effective source of partner acquisition, according to the survey respondents. This is also understandable, as referrals from clients are similar to referrals from existing partners in terms of trust, credibility, and mutual benefit. When a client refers you to a potential partner, they are not only endorsing your quality and performance, but also creating a positive feedback loop for themselves. They are enhancing their own reputation, strengthening their relationship with you, and potentially gaining access to new solutions and opportunities that the new partnership can offer.
Referrals from clients are also a low-cost and high-return way to find new partners, as they reduce the need for marketing and sales efforts and increase the conversion and retention rates. They also increase the likelihood of finding partners that are compatible and complementary with your business, as they are likely to have similar needs, challenges, and objectives with your clients.
To leverage this source of partner acquisition, you need to delight and retain your clients. You need to deliver exceptional value, quality, and service, and exceed their expectations. You also need to encourage and reward them to refer you to other potential partners, by offering them discounts, bonuses, or referrals of your own.
Other Sources of Partner Acquisition
The survey respondents also mentioned some other sources of partner acquisition, such as cold outreach, webinars, educational content, online advertising, and other creative ideas. These sources received some attention, but did not garner the same consensus as the top three sources. This does not mean that they are ineffective or irrelevant, but rather that they may require more effort, investment, or customization to work well.
Cold outreach, for example, can be a viable source of partner acquisition, if done right. You need to research and target the right potential partners, craft personalized and value-driven messages, and follow up persistently and politely. You also need to use multiple channels, such as email, phone, social media, and direct mail, to increase your reach and response rates.
Webinars and educational content, on the other hand, can be useful sources of partner acquisition, if done well. You need to create and share valuable and relevant content that showcases your expertise, solutions, and success stories. You also need to promote and distribute your content effectively, using SEO, social media, email marketing, and other tactics. You also need to capture and qualify the leads that consume your content, and nurture them until they are ready to partner with you.
Online advertising, meanwhile, can be a feasible source of partner acquisition, if done smartly. You need to design and run targeted and optimized campaigns that attract and convert potential partners. You also need to measure and analyze your campaign performance, and optimize your budget, bids, keywords, and creatives accordingly. You also need to integrate your online advertising with your other marketing and sales activities, to create a seamless and consistent partner journey.
Finally, the survey respondents also provided some other creative ideas for partner acquisition, such as using specific tools, engaging personal networks, and using advisory board members. These ideas highlight the diversity and innovation of partner acquisition strategies and tactics, and show that there is no one-size-fits-all approach. You need to experiment and test different sources of partner acquisition, and find the ones that work best for your business, industry, and goals.
Conclusion
Partner acquisition is a critical and challenging process, but it can also be rewarding and profitable, if done right. The survey results reveal the best sources of partner acquisition, according to the experts in partnership. They also offer some practical tips and insights on how to leverage these sources and optimize your partner acquisition strategy.
The key takeaway is that partner acquisition is not a one-time event, but a continuous and dynamic process. You need to constantly monitor and evaluate your partner acquisition sources, and adapt and improve them as needed. You also need to nurture and maintain your partner relationships, and create value for both parties.
Beyond these considerations, let us not forget that it is crucial to know how to choose the right source based on the objective, the type of partner, and the target market.