At the end of every quarter, every business wishes to achieve the magic of revenue growth. However, the sales game is constantly changing. Trendy sales tactics come and go like high and low revenue numbers. Despite the evolving sales landscape, there is one revenue growth plan that is tried and true. By incorporating strategic B2B partnerships in your sales strategy, your business can experience revenue growth like never before.
How Partnerships Increase Revenue
A recent Forrester study revealed that upwards of 75% of 454 companies surveyed are prioritizing partnership sales in 2019. Clearly, well-aligned partnerships are an essential tool in your revenue growth plan.
Increasing Customers and Loyalty
According to the Forrester study, surveyed companies report that an average of 20% of their total revenue is a product of partnerships. To enumerate, this significant boost in sales is primarily a product of an increase in your customer base. In other words, strategically partnering with an aligned company brings a foundation of existing customers. This direct contact with your ideal customer leads to ample recurring revenue opportunities.
On the other hand, the customer will enjoy increased value from your partnership. For example, many partnering companies will bundle products/services for their customers and clients. This not only lowers the price for the customer but gives them more bang for their proverbial buck. As a result, both you and your partner will establish a long and prosperous run of customer retention and loyalty.
Boost in Brand Recognition
As you can probably imagine, this increase in customers comes with a fringe benefit of propelled brand awareness. Simply put, when more people recognize and love your brand, the more sales growth you will experience.
Innovative Marketing Techniques
Partnerships have a very positive way of shaking things up. Sometimes, sales and marketing can feel like trying to do a puzzle without all of the pieces. However, powerful strategic partnerships provide the missing pieces and inspire new and exciting ways to put them together. As a result, fresh innovations will ultimately lead to business growth.
Working Smarter, Not Harder
Finally, well-placed partnerships will save both companies a significant amount of money in marketing and sales efforts. According to a marketing study done in 2017, companies spend an average of 13% of their total revenue on marketing annually. That is quite a chunk of change for some bigger companies out there. Consequently, strategic partnerships will often split the burden of heavy marketing costs.
Revenue Growth and Partnerships: In Summary
At the end of the day, collaboration is king. We live in an age where competition is fierce, and everyone is always scrambling to outdo the competition. However, working together is more advantageous by far. This quarter, consider adding partnerships to your revenue growth plan.
Join CoSell today to find your perfect partner and start boosting that revenue.
Sources
Forrester — Invest In Partnerships To Drive Growth And Competitive Advantage
