How can you maximize your partner portfolio?

1 Assess your current partners

The first step to maximizing your partner portfolio is to evaluate your existing partners and their performance. How well do they fit your strategic vision, target market, and value proposition? How much revenue, leads, or referrals do they generate for you? How satisfied are they with the partnership? How much time and resources do you invest in managing and supporting them? By answering these questions, you can identify your best partners, your underperforming partners, and your potential gaps or opportunities.

2 Define your partner criteria

The next step is to define your ideal partner profile and criteria. What kind of partners are you looking for? What are the benefits and expectations of partnering with you? What are the requirements and qualifications for becoming a partner? What are the roles and responsibilities of each partner? How will you measure and reward success? By having clear and consistent criteria, you can attract and select the right partners for your portfolio and avoid wasting time and resources on mismatched or unqualified partners.

3 Diversify your partner types

Another way to maximize your partner portfolio is to diversify the types of partners you work with. Depending on your business model and goals, you may want to consider different kinds of partnerships, such as resellers, distributors, affiliates, influencers, co-marketers, co-creators, integrators, or advocates. Each type of partner can offer different advantages and challenges, such as access to new markets, increased brand awareness, enhanced product features, or improved customer loyalty. By diversifying your partner types, you can leverage the strengths and mitigate the risks of each partnership.

4 Optimize your partner processes

To make your partner portfolio more efficient and effective, you also need to optimize your partner processes. This means streamlining and automating your partner recruitment, onboarding, training, communication, collaboration, support, and feedback. You can use tools and platforms that help you manage and monitor your partner activities, such as CRM, PRM, or LMS. You can also create standard operating procedures, templates, and best practices that guide your partner interactions and expectations. By optimizing your partner processes, you can save time and money, improve quality and consistency, and enhance partner satisfaction and retention.

5 Cultivate your partner relationships

Finally, to maximize your partner portfolio, you need to cultivate your partner relationships. This means building trust, respect, and mutual value with your partners. You can do this by communicating regularly and transparently, providing feedback and recognition, offering incentives and rewards, resolving issues and conflicts, and sharing goals and insights. You can also create opportunities for learning and growth, such as webinars, workshops, events, or certifications. By cultivating your partner relationships, you can foster loyalty, advocacy, and innovation among your partners.

6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?