Want to Jumpstart your Partner Relationship? Take Onboarding Seriously.

They say you never get a second chance to make a first impression. The same holds true when onboarding new partners. A positive onboarding experience lays the foundation for a productive long-term relationship. But many companies fail to recognize its importance.

In today's hyperconnected business landscape, partnerships have become an essential strategy for growth and success. Whether it's forming alliances with other businesses, collaborating with resellers, or establishing channel partnerships, creating strong partner relationships is vital. And at the heart of this process lies partner onboarding, a critical step that sets the foundation for fruitful collaborations.

Partner onboarding is the process by which an organization brings new partners into its ecosystem. It involves familiarizing partners with the company's products, services, processes, and culture. Successful onboarding ensures that partners are equipped with the knowledge and resources they need to effectively promote, sell, and support the company's offerings.

Ineffective onboarding can have serious negative effects and leads to partners taking longer to become productive, higher partner attrition rates, and failure to meet revenue goals. In fact, 37% of companies admit their partner onboarding is ineffective. (Source: DemandGen Report), channel partners that rate onboarding highly are 69% more likely to stay with a vendor long-term. (Source: Channelnomics) and inadequate onboarding is a top reason partners discontinue relations with vendors. (Source: Zift Solutions)

Clearly, onboarding matters.  In a recent engagement we acted as “secret shoppers” for our client.  Posing as a potential partner, we went thru their application and onboarding experience.  The results were quite eye-opening for the client and the list of recommended changes was quite long.  From corporate websites, to application, to verification, to training, we did it all.  Some of it wasn’t all bad, but some of it was worse.  Like I said, you only get one chance to make a first impression.  Consider this:

1. Accelerating Time-to-Market: Partner onboarding significantly reduces the time it takes for partners to start contributing to a company's sales and growth. It streamlines the learning curve and enables partners to engage with customers more rapidly. According to a study by Channel Mechanics, effective onboarding can reduce the time it takes partners to generate revenue by up to 40%.
2. Increasing Revenue Potential: Well-onboarded partners are more likely to understand the full range of a company's offerings and how to position them effectively, which can lead to increased sales. Salesforce reports that partners who complete their onboarding program see a 34% increase in the average deal size and a 32% increase in the average deal close rate.
3. Enhancing Partner Loyalty: A thorough onboarding process demonstrates a company's commitment to its partners. It helps build trust and fosters long-term partnerships. Furthermore, Salesforce also reports that they have seen a 28% year-over-year growth in partner-sourced revenue, thanks in part to their robust onboarding initiatives.
4. Mitigating Risk: Onboarding helps ensure that partners understand and adhere to compliance, regulatory, and quality standards, reducing the risk of legal and reputation issues. According to a survey by Deloitte, 79% of respondents emphasized the importance of onboarding in ensuring that partners understand and comply with regulatory and compliance requirements, reducing the risk of legal issues.

So, what can you do to make sure you nail this?  As with any great movement, you need a vision, you need a plan, and you need a way to make it happen.  Keep yourself organized – consider a platform like Launch GTM to make this flawless while you work on the basics:

• Education and Training: Partners need access to comprehensive training materials and resources that cover the company's products, services, and sales processes.
• Documentation and Resources: Providing partners with easy access to documents, marketing materials, and support resources is essential for their success.
• Clear Communication: Open and transparent communication channels are vital for addressing partner questions, concerns, and feedback promptly.
• Feedback Mechanisms: Gathering partner feedback during and after onboarding helps refine the process and tailor it to partner needs.
• Performance Tracking: Establishing metrics to track partner performance and progress post-onboarding allows for ongoing optimization.

Partner onboarding is not just a box to check; it's a cornerstone of successful partner relationship management. It accelerates time-to-market, increases revenue potential, enhances partner loyalty, and mitigates risk. In a business world characterized by complexity and competition, effective onboarding is a differentiator that can propel organizations and their partners to new heights of success.  If you want to learn more about how we can help you master this, drop me a line.