Acquisition costs. It's something all organizations are subjected to when they are growing their customer base. Acquisition costs are non-negotiable when it comes to maintaining and expanding your business. Though customer acquisition will always be a priority, it doesn’t need to be such a steep expense. Reducing acquisition costs is attainable, and surprisingly simpler than many organizations realize.
It’s no wonder 57% of organizations lean on their partners to obtain new customers. Let’s discuss why that number is so high and how you can do the same.
Your partners’ current customers are your target customers
Strategic partnerships are mutually beneficial relationships. Not only can you make the most of your partners’ competitive advantage, but you also have a clear path to new customers. After all, if you and your partner saw an opportunity in each other, then customers likely will, too.
With that said, not every customer will be a good addition to your pipeline. That leads me to my next point: how to decipher where the opportunities are.
Identify your opportunity
Think about you, your partners, and your customers as a Venn diagram. There are points that cross between all of the relationships, but each component of the diagram has different interests and needs.
Your goal is to find the area in the center – where everyone’s interests overlap, and likely where both parties have an integration making the experience better for a future customer. Data is how you accurately do that, but the challenge becomes gathering that data to build your sales pipeline.
Using tools to build your sales pipeline
Some of your partners will be less forthcoming with customer insights than others. Though having access to information from your partners is certainly appreciated, it’s not entirely necessary. Thanks to channel partnership account mapping tools (like those offered by Crossbeam and Reveal), you can get access to the data you need independently.
Using Crossbeam, as an example, you can extract account information from your partners and potential partners. Doing so allows you to determine potential customers that may be a good fit for you to target.
Not every customer within your partners’ accounts list will be a good fit, however. Back to our previous analogy, not all of the accounts that populate in your newly acquired lists will be at the center of the Venn diagram. To find those customers, you can use ZoomInfo, LeadIQ, and SalesNavigator. Once you have narrowed the accounts lists to those that fit your target customer, your sales pipeline will be established.
Strategic partnerships pave the way for growth
Reducing costs while increasing customer base is an aspiration for all organizations. Strategic partnerships allow organizations to do that in many different ways – above and beyond what I’ve outlined today. Lean on the power of partnerships to turn your business into a marketing powerhouse (with a much lower CAC).
“Those who do not understand the power of collaboration always struggle for growth.” – Anuj Jasani