Happy Wednesday!
In 5 minutes MAX you’ll get:
→ How Impact.com is blowing partnership benchmarks out of the water
→ What 13+ years in partnerships teaches you
→ Why you should negotiate your severance when you start a new role
What is the value of partnerships?
We have over 50% of our revenue that's being managed by partners. Generally about a third of our business will come from partners as well.
- Mike Head, CRO at Impact.com
After 13+ years in partnerships, if he could do anything over again…
- He wouldn’t push so hard on Channel partners.
Instead of making channel partners feel like they were his ticket to revenue, he’d make sure he gave them a first-class experience! A long-lasting, trust-based relationship is more valuable than a few transactions.
- He would make his primary KPI more than just sourced revenue.
Sourced revenue is a good starting point, but they could’ve benefited from thinking about managed revenue and assisted revenue in addition to sourced revenue.
- He would have implemented motions sooner.
If he had the knowledge, he would’ve created more of a methodology around setting up time with partner CSMs, asking for referrals, information sharing, and intel gathering.
Good news! Now you don’t have to spend 13 years learning these lessons!
If you’re getting excited about what partners might be able to do for you, take his lessons to heart: don’t sacrifice long-term gain for short-term gain; be intentional about your primary KPIs; and support your success with methodologies and systems.
Watch the episode
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It's tough out there; here's how to protect yourself
The reality is that in this market, no one’s role is guaranteed. But you shouldn’t fear termination, either.
I've been reading Kind Folks Finish First by Sam Jacobs, the CEO & founder of Pavilion.
There are numerous takeaways from this book, but one that stuck with me and that I thought was necessary to share with all of you is the concept of negotiating your severance.
Sam explained how he negotiated severance in his last position at the time of the offer.
The average tenure of a startup executive is 19 months.
And partnerships has proven to be a bit more volatile than that, as the industry is still trying to figure out where partnerships fit.
So if you're being hired as a first partner hire, or it's your first time at a VP level, think about negotiating severance into your offer.
Sam recommends aiming for 12 months of pay, paid out in a lump sum at termination.
If the offering company is struggling with that notion and you really like the offer in every other way, perhaps negotiate a three-month severance deal with a gradual increase after six months until you've reached the full 12 months.
No matter how you negotiate your severance, it's worth doing.
Until next time!
-Jessie Shipman
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