Is over-reliance on partners, stunting growth?
Building a solid partnership channel can be a fantastic way of growing your business quickly but it’s always key to remember that it needs to be as part of a larger customer acquisition plan.
When you look at great partner strategies, it’s always better to start small, spread your bets and help your partners grow. Yes this takes time but it will also benefit you as well as it gives you time to build an infrastructure to handle large volumes of leads.
Bringing on a big partner straight away will lead to a large increase in leads overnight. If you’re not prepared or don’t have the internal infrastructure to handle the lead increase, speed to lead will diminish and you will still have to pay for the wasted leads you were unable to convert.
“You don’t want to become too over reliant on one partner, just the same as you wouldn’t be too reliant on any other single channel.”
Things change, people change and suddenly you could find yourself a thousand leads a month lighter with no way of replacing them. The key point to remember is that the partner channel should only be part of your customer acquisition strategy.
GO! has recently engaged with a major utilities brand where this couldn’t be more applicable. The basis around the conversation has been their heavy reliance on partners, especially within the comparison space. This is causing a constant increase in cost per lead in order to keep good partners, it’s diluting brand loyalty and it’s building their partner’s brand instead of their own.
To resolve this, we are helping them tackle this challenge by helping them develop a much larger customer acquisition plan. This will mean acquiring more customers via direct channels and reducing their reliance on aggregator sites and/or partners through creating a brand, performance and creative marketing strategy.
It’s hard to find the balance between partners and direct but absolute crucial in order to build a sustainable sales funnel.
If this article resonates and you want to talk through how we can help you take your customer acquisition plan to new heights click here to connect with me on LinkedIn.
by Adam Walker
Published date: November 7 2019