Reseller Partner Program | The Answer to Customer Acquisition Woes

You've been tasked with creating a partner program to help you acquire new customers more efficiently. You know that a reseller program could be the answer, but you need to check if it's worth considering.

Let's find out…

In this blog post, we'll be discussing the following:

• Affiliate vs Referral vs Reseller partner programs.
• Benefits you can gain from creating a Reseller partner program.
• Investing in your Reseller partner program.
• How to know it's time to launch your Reseller partner program.
• How to manage your Reseller partner program using PartnerStack. 
  

Partner Programs Glossary

Exploring the partnership glossary can feel like learning a new language if you're new to partnerships. So, let's break it down together.

Three main types of partnerships can make up an ecosystem: technology, strategy, and channel.

Technology partners form when two companies create an integration or share data to support customers.

Strategic partnerships involve creating a new product or marketing strategy to obtain a specific goal.

Channel partnerships form when companies work together to distribute products or services. These include affiliate, referral, and reseller programs.

Affiliate vs Referral vs Reseller Partner Programs

Exploring new ways to acquire customers helps you understand your ideal type of partner program. When it comes to growing your customer base, there are three main partner programs: affiliate, referral and reseller. Each type of program offers unique benefits that can help you acquire new customers more efficiently.

Affiliate Partner Program

With affiliate marketing programs, you pay your partners a commission for every customer they bring in - typically through tracked links. 

Referral Partner Program

A referral program is an indirect sales channel. The partner has a one-to-one relationship with the prospect and will send leads to you directly and earn a commission. 

Reseller Partner Program

Resellers differ from affiliates and referrers in taking ownership of a product or service. They will take charge of the complete sales cycle.

The Benefits of a Reseller Partner Program

Creating a Reseller partner program is an effective way to expand your reach and acquire new customers quickly. Resellers are incentivised to capture more sales, as they will benefit from additional revenue generated.

Resellers act as an extension of your sales team - it's up to you to offer support so that they successfully sell your product or service.

But, as a result, they can provide a localised presence for your company in multiple regions or countries, allowing you to tap into new markets.

Investing in your Reseller Partner Program

In a recent blog, A Comprehensive Guide to B2B SaaS Partner Ecosystems, we looked at the partnership pyramid (inspired by PartnerStack)

At the top of the pyramid is a reseller program. When building out a partner program, PartnerStack recommends beginning with Affiliates > Referrals > then, Resellers.

Why? Because a reseller program will typically require a much more significant investment, and with the right resources and time applied, they can succeed.

Remember how we mentioned that a reseller is an extension of your sales team? They're like an acting Account Executive (AE). With the proper training, you're equipping your AE to sell effectively.

It would help if you offered training sessions, shared sales decks with them, kept them updated on feature updates, shared co-marketing materials, and created a rewards structure.

How To Know It's Time To Launch Your Reseller Partner Program

Reseller programs usually require a heavier upfront investment than affiliate or referral partner programs. When starting a Reseller Program, companies typically recruit from their existing affiliate or referral programs. Why? Because these individuals already have a solid understanding of your organisation's product or service, it is easier to train up rather than start from scratch.

You should launch your Reseller partner program if you already have a dedicated partner network and are willing to invest time and resources into creating a successful program.

How To Manage Your Reseller Partner Program With PartnerStack 

PartnerStack is a platform that helps simplify every step of your partnership journey, from finding new customers to growing your market share. With PartnerStack, you can easily manage reseller programs, boost product demand, and scale new verticals, segments, and geographies.

Here are the features you will find helpful when building your partner program...

1. Recruit - PartnerStack has a network of 65,000+ partners that you can recruit to join your program. Choose filters across industry types, audiences, channels, and more. You can also create application forms and email applicants directly from the platform.
2. Dedicated partner portal - Create a custom onboarding journey and host resources.
3. Custom reward structures - Create your standard reward structures and/or introduce gamification to boost engagement.
4. Built-in learning management system (LMS) - create courses and track progress to ensure your partners are up-to-date in your product or service knowledge.
5. Brand guidelines - Host your brand guidelines for your partners to access and download.
6. Deal updates - Create custom deal forms for your partners to easily submit deals. They can approve and update deals directly when they connect PartnerStack to their CRM.
7. Invoices - Pay all of your partners with a monthly invoice
8. Dashboards - Capture the customer journey from partner-sourced leads and deals, from referral to closed-won