Why is 2024 the year of partnerships? - Part 2

Revolutionary changes are on the horizon for partnerships. In 2024, businesses will see the huge impact these changes will have on how we do business.

Gone are the days of long sales cycles and expensive CPCs; strategic partnerships bring cost-effective, high-value returns with comparatively low effort. 

Those who have already made the switch to ecosystem-first GTM have seen clear results:

• 65% increased efficiency and reduced cost
• 56% improved new customer acquisition
• 47% accelerated product-to-market

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We truly believe partnerships will dominate 2024, and you’ll find out more about why in our upcoming report! 

But you don’t just have to take our word for it. We’ve asked top names and faces in the partnership industry for their thoughts on partnerships in 2024 and what businesses can do to prepare. 

But what is it that’s driving these changes? The answer isn’t straightforward but paints a good picture of why the partnership market is booming.

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First things first, the whole world economy is getting more and more connected. Businesses are realizing how teaming up can open doors to new markets and technologies, and it's becoming a big deal.

Next up, the digital transformation wave is hitting every industry, and companies are teaming up to ride that wave faster. They're doing it to boost innovation and get a leg up on the competition.

And last but definitely not least, being eco-friendly and socially responsible is now a big deal in business. Companies are joining forces to share resources and know-how, making it easier to tackle these important challenges.

So, in my book, 2024 is shaping up to be the year for commercial partnerships.

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Dylan Fernandez
Commercial Partnership Manager at Ecommpay

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2019-2024 were the years when partnership ecosystems were in the building stages. 2024 onwards, I truly believe will be the nurturing stage where partner professionals will network, exchange ideas, and collaborate on a global level. This is the year when partnerships will have a multiplier effect on the revenue of all global SaaS companies.

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Shubham Sood
‍Head of Operations – Channel Partnerships at SaaS Labs

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In 2023, we all felt the challenges of traditional GTM. Then, Nearbound became popularized – to the point that new businesses are even using it in their name, non-channel + non-partner influencers started using the term, and public companies are adopting it into their SKOs and formal GTM strategy. 

Simply put, the old playbooks don't work. We're in a different world now. The market became discombobulated, but with positive future outlooks into 2024, many teams are turning to a more sustainable and defensible growth lever. Gone are the days of hyper, short-term growth. Most companies don't want 2023 to happen again, so they're looking at partnerships & nearbound to help them into the phase of regrowth. People felt the pain of 2023 and in 2024 are waking up to the solution of an evolved GTM function. 

At Reveal, we're feeling those tailwinds and will never stop helping to uplift the ecosystem alongside our partners (like Allbound). The only way through is together, so it's time to PartnerUp.

Will Taylor
‍Head of Partnerships at Reveal

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We’ve seen marketing budgets shrink, ad spend drop, and and head counts cut. So when companies default to low-cost no-cost solutions, they’ll naturally arrive at partner sourced leads via co-marketing. They’ll look for Nearbound partners who’ll jointly market to their prospect and customer lists.

Justin Zimmerman
‍Founder at PartnerPlaybooks

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Because we have arrived at a planet alignment of 4 actual business problems that a Partnership team can solve and the necessity of having one. These problems are:

• The need for profitability
• Efficient use of AI
• Reliance on trusted advisors
• Bringing value and automation to all levels of the organization

Partnerships solve all of these problems!

Partner programs ensure integration with customers and buyers' daily environment bringing more value and automation for them. With that data, they can emphasize where to use or not to use AI and deploy it efficiently – which translates to even more customer benefits and customer happiness. 

We all know a happy customer is the best source of advocacy. Also, making sure that they stay on for the long run will equal higher profitability. 

Partnership teams will be the winning department in 2024, and the investment in them would be a clear indicator of the success of a company.

Enryck Serin
‍Go-To-Market Lead at PolyAI

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Businesses are placing a lot of thought into how they can get the most from partnerships in the most strategic way. What does this look like for them?

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Partnerships are a force of the business flywheel and are critical to every key business motion from attracting new customers through co-marketing, to co-selling and bringing in new customers, and perhaps most importantly customer adoption and customer retention. 

Simply put, businesses can no longer afford to ignore the partnership channel. The current economic state has businesses looking to do more with less. By focusing on the right partnerships with mutually beneficial value to one another, you can expand your reach by going to market together. Additionally, you can create evangelists for your product by giving your customers the right support via your partners that drive adoption and help make your product stick. 

Leveraging partnerships as part of your GTM for business is not a new concept, but how you approach it in 2024 can really impact your business. 2024 is the year companies stop seeing partners as just another channel, but rather as a true partnership to build momentum in every facet of your business.

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‍Christi Williams
Principal Marketing Manager at HubSpot

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In 2024, strategic partnerships are crucial for success, demanding prompt action. The spotlight is on hyperscalers and their marketplaces — a presence that's non-negotiable. Prioritize and focus on partnerships that work: ISV/product collaborations, OEM/Whitelabel initiatives, resellers, and solution partners.

Nearbound – trust is the cornerstone in a crowded market, emphasizing the need for alliances with those close to customers. The imperative for businesses is clear: seize opportunities now or risk missing out on the transformative power of collaborative ventures.

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Krishanth Thangarajah
‍Head of EMEA and America Partnerships at Yellow.ai

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As we step into 2024, it's increasingly evident that strategic partnerships are essential for achieving sustainable and resilient growth. In today's dynamic business landscape, these collaborations represent more than a mere strategic choice; they are a key driver of long-term success.

At JustCall, we recognize that while the economy presents various challenges, it also offers numerous opportunities for innovation and growth. By joining forces with others, we can leverage collective strengths to not only mitigate risks but also to explore new markets and co-create unique solutions.

This collaborative approach is pivotal in adapting to market changes and in harnessing new opportunities, leading to more sustainable and diversified growth. In this way, our commitment to strategic partnerships is not just a means to weather economic variability, but a proactive strategy to cultivate a resilient, innovative, and sustainably growing business ecosystem.

Jason Ashman
‍Sr. Director of Strategic Alliances at SaasLabs

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Now we have to focus on things that are truly valuable. Customer time and dollars are short, everything has to be valuable which is where real things are made. So if you want to find a new customer, go find where they spent their first dollar. Can you make another product they're working with better by you working/integrating with that product? That’s a truly valuable partnership.

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Sunir Shah
‍CEO at AppBind

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“Typical rev-ops motion playbooks are slowly grinding to a halt in this, the information age. We've also reached a critical, almost generational, moment in time where austerity is forcing GTM leaders to abandon a 'spend-one-to-make-two' approach and replace it with a 'spend-one-to-make-ten' framework. These are the parameters channels have been operating within for years. 

Partnerships are a value-led alliance designed to attract then surround current and future clients with trust, solutions, and growth-strategy enablement. This strategy produces deals that close faster, are larger, and yield a higher volume. That said, they are an undeniable unity engine and a necessity in modern economies looking to build an asset that connects all the dots.”

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‍Linkon Axon
‍Founder and CEO at Arys Consultants

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Everyone is looking for an advantage against their competitors, and partnerships offer a way of getting ahead of the game.

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The focus on partnerships and GMT motions is stronger than ever. 2024 will only amplify this trend. There's a huge opportunity to elevate partner strategies through more creative and coordinated co-marketing programs. Companies embracing the "better together" mindset can innovate and seamlessly integrate these concepts into their campaigns and programs for success and inspiration in the mind of their customers.

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‍Kyle Schroeder
VP of Global Partnerships at Movable Ink

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Because building a partner program is the only way to stay competitive in this market. There's no room for ignoring revenue channels and amplifiers anymore. They say "leave no stone unturned", but partnerships isn't a stone, it's a boulder.

‍Alexis Petrichos
‍Director of Strategic Partnerships & Ecosystem Marketing at Chili Piper

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Relationship selling is all about people, and forging long-term, mutually beneficial partnerships brings some much-needed heart to the business world. Companies that prioritize people usually come out in front.

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We've seen the transition to a primarily partner and advocacy-led business model happen over the past few years, but over 2023 that transition started to increase significantly. We could see it in our own GTM data. This acceleration is forcing businesses to look seriously at how they can transition to an ecosystem-based approach to value creation in 2024. It will require cultural, procedural and technological changes to fully support this transition, and Allbound is relentlessly focused on helping businesses make it happen. Let's put the 'R' back in PRM!

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Pete Rawlinson
CMO at Allbound

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Partnerships are just about people, and whether it is a brand partnership that just lights you up or a data integration that makes your workday easier and makes you look better to your boss, the essential, ingredient of all partnerships is that innate human desire to be part of something and in our heart of hearts and in our analyst reports we know that we are better together.

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Katie Lambert
‍Partner GTM and Enablement at HubSpot

Wow, what an overwhelming response to the question: why is 2024 the year of partnerships and what can businesses do to prepare?

It’s undeniable that everyone thinks this year has big things in store for partnerships. Hopefully, you’ve found some pearls of wisdom to take away and start thinking about how you can incorporate similar strategies into your business. 

If you’re looking for more detailed plans for creating a partner-focused GTM, keep an eye out for our industry-leading report that will be released soon. It’ll feature opinions from some of the big names you’ve just heard from, alongside specific actions you can take to make partnerships a priority in 2024.