How do you get your core message in front of more people?
If you're a B2B SaaS company, you may choose to consider creating a partnership program. According to PartnerStack, PartnerStack programs achieve 119% year-over-year financial growth.
Any business owner dreams of finding a new channel that drives this kind of result. But, in order to build a successful partner program, you need to be willing to put in the resources too...
In our last blog post, how to create a partnership program, we touched on the Partnerships pyramid.
In summary, if you're new to the partnerships game, the pyramid looks at first building an affiliate partner program before moving on to a referral program and lastly, a reseller program. Why? Because, as you move up the pyramid, you will need to invest more resources.
In this article, we will explore how to successfully build and manage an affiliate partner program.
With affiliate marketing programs, you pay your partners a commission for every customer they bring in. This is typically achieved through tracked links.
There are three types of affiliate partners you can work with as a B2B SaaS organisation:
Bloggers are individuals who write about your product on their own blog or website. They are often experts in their field and can provide valuable insights to your potential customers.
An influencer is somebody with a large following who can promote your product to their audience. Now, we're not just talking about the Tik Toker's and social media gurus. These people leverage their personal brand in order to drive brand awareness and conversions.
These are websites that create content around a certain industry vertical that is relevant to your service. serious affiliate marketers have an established reputation and therefore can help build credibility around your service.
There are a few key components to consider when structuring your affiliate partner program. When determining how you will compensate your affiliates, you should also be reviewing the payment structure of your competitors. This could be a distinguishing factor if the partner chooses to promote your service more heavily over your competitors.
Tip: When choosing the flat rate or revenue share % for your affiliates, be sure to first calculate your average cost to acquire a customer.
The success of your affiliate program depends on the number of affiliates you partner with, how engaged they are, and your reward system.
Losing your top-engaged affiliates could significantly hurt your partner program. In order to keep them engaged, here are a few tips:
Don't forget to show your appreciation for your partners' efforts.
Think about what you want from the partnership and what your affiliates need to be successful. By aligning these objectives, you can create a partner program that everyone benefits from. If you take the time to set up your program correctly, it can be a powerful tool for growing your business.