are 6 tips to help you choose the right partner in martech

As a vendor partner, customer, partner, employee and seller of martech, I have seen the ropes.

Martech partner programs were created at a high-level to assist vendors in expanding their reach. They become an extension to the vendor sales team.

Customers also benefit from these programs because partner companies offer additional credibility, experience, and ancillary products (i.e. customization, implementation, and third-party connectors).

The secret is out

Partner can be compensated by the vendor in a variety of ways.

• Commission-based compensation.
• Revenue sharing.
• Lead generation.
• Advertising funds for Co-op
• More.

Commission-based compensation

A percentage of the revenue generated by selling vendor technology to clients is paid to the partner. The commission amount will vary depending on the size of the deal, and how involved the partner is in the sales process. This can sometimes be very lucrative for the partner.

Revenue-sharing

A portion of the recurring revenue earned by the customer’s partner is paid to the partner over the duration of the contract. The partner is incentivised to concentrate on customer retention and satisfaction as the recurring revenue they receive is tied to customer continued use of the technology.

Lead generation

Partner are paid for providing qualified leads that lead to a sale. This could include sharing contact information with potential customers to arrange demos and meetings.

Advertising for Co-op

This gives the partner soft dollars that can then be used for advertising, events, and vendor conference fees.

Six practical tips to help you choose the right martech partner

You must make sure that the solution they recommend fits your needs and not their financial gain when working with martech partners. Clear communication is crucial here.

Ask them questions about their motivations, and how they work. To ensure that the technology and partner’s approach align with your goals and needs, you need to evaluate them. (You know, for adult conversations.

While I know that most of you are practicing safe martech vendor and partnership interactions, it’s not a bad idea to share some tips on choosing a martech partners.

1. Define your marketing goals

Before you start looking for a martech partner to help you, make sure that your goals are clear in terms of marketing, CX, and technology. It is important to know what you want from your martech.

By identifying your goals and objectives, you can determine the martech solutions that you require and what partner you should choose.

2. Do a needs assessment

Once you have identified your marketing goals, do a needs assessment. Consider:

• Your current marketing infrastructure.
• Your in-house marketing team’s skills.
• Budget (Set one and stick with it).

Get deeper: Unlock the power of your marketing technologies

3. Assess potential partners

Once you have a clear understanding about your needs, it is possible to evaluate potential martech partners. You should look for partners who have a track record of successfully delivering martech projects. Take into account:

• They have a high level of experience.
• They offer a variety of martech solutions.
• They are willing to tailor their services to your needs.

4. Ask for references and case studies

Ask for past client references before you make a decision on a partner. Talk to past and current customers to get a better understanding of the partner’s ability for successful martech projects.

More: Martech primarily concerns relationships

5. Meet the partner

After narrowing down your potential partners, set up a meeting with each of them. You can discuss your goals and needs in more detail with each partner to determine if they are a good fit for your business. Ask the partner how they are compensated by martech vendors.

6. Assess the partnership

After you have selected your martech partner it is important to continue to evaluate the partnership. To effectively assess the success of the partnership and measure its value, you should establish KPIs.

You can use checkpoints to decide if you want to continue working together or if it is time to move on. Like any relationship, partnerships are not easy to “set it and forget.”

How to choose the right partner in martech

It is crucial to invest in a martech partner. This will have a significant impact on the performance of your martech projects. It is important to research all options and choose a partner who aligns with you and your goals. These tips will help minimize risk and reduce exposure, while maximising your chances of success.

Get deeper: Managing martech relations: Partnerships and agility when marketing

MarTech.