Happy Wednesday!
In 5 minutes MAX you’ll get:
→ The simple secret to co-sell success
→ How you can start the co-sell conversation in your organization
→ How partners might be a factor in Workday's impressive 95% retention rate
Figure out how to make everyone else money
This is how the game works: you just got to get in there, figure out how you make everyone else money, tie it all together, and share in the wealth. The rising tide floats all boats.
Alexander Buckles, CEO at Forecastable
How to start the co-sell conversation
- Who are your allies?
Ask yourself two questions: Who on the sales side would have an opinion on the sales process? And who within the sales organization leans in on partners? - Develop a co-sell plan together.
Pull one or two partners, look at your co-selling matrix, and figure out which segments you want to focus on. Then, develop your co-sell plan. - Execute on an opportunity.
Don't try this where you've got zero open opportunities. Go where you've got some heavy-hitting open opportunities. Aim for an opportunity where your sales leader will care if there's success or not. Your goal is to see if you can more systematically close the opportunity. - Test and iterate.
After you've defined your most valuable and minimum viable partner, go test the motion, then iterate.
Remember, you can start really small. You don't need forecasts. You only need a spreadsheet and an overlap. And guess what...overlap data is free.
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Partners + tech solution = 95% retention
Workday, a G2 leader in HR software, released its fourth quarter FY 2023 Financial earnings report.
Despite being in competition with behemoths like Oracle and SAP, Workday has managed to capture over half the Fortune 500 and has nearly 10,000 customers worldwide.
One of the most remarkable metrics in the earnings report is their retention rate. Workday celebrates a 95% retention rate.
When I see a high retention rate, the first thing I assume is an ecosystem of partners.
To confirm, I did some digging and learned that Workday has over 250 partners that deliver on implementation, consulting, and unique solutions.
Workday considers its partnership strategy as essential to its growth and one of the levers that keeps it growing at 20% year over year despite the economic instability in the tech industry.
In 2021, Workday launched its extended program where they went from solution to platform. Since then, many complementary softwares have been built on Workdays extensible integration platform.
Workday is a shining star in the platform and ecosystem philosophy.
Until next time!
-Jessie Shipman
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