4 steps to build profitable co-selling partnerships

Our sales technology might be changing at an unprecedented rate, but one thing is still very true about B2B sales: trust is everything. 

It's in this context that co-selling strategies have become more popular in B2B sales by providing collaborative paths to achieving sales goals. Instead of working as lone rangers, sellers join forces to deliver more nuanced solutions to their customers. 

Not only does it open up new avenues for revenue growth; it’s also a more efficient way to boost business exposure and build pipeline.

This comprehensive guide delves into the world of co-selling, highlighting its benefits, best practices, and strategies for B2B companies.

What is co-selling?

Co-selling is a collaborative sales strategy where two or more businesses work together to provide sophisticated solutions to their customers. 

It often makes sense for co-sellers to join together because they offer complementary solutions, such as a hardware/software package or intelligence/engagement. 

The partnership allows them to offer a complete package that is more suited to the diverse needs of their shared customer base. 

Co-selling should not be confused with cross-selling. Where partners could cross-sell each other’s products to their respective customers, co-selling goes beyond both by creating joint value and leveraging the combined strengths of both partners.

Co-selling vs. re-selling

It’s also important to distinguish co-selling from re-selling. 

In re-selling, a partner simply sells your product or service, often without adding any unique value or integration. The partner might earn a referral reward for bringing customers to your platform, but they don’t contribute to the solution directly. 

So re-selling lacks the collaborative essence of co-selling, where partners work together to create a tailored solution for the customer. Co-selling involves a deeper engagement, focusing on mutual success and customer satisfaction rather than just transactional exchanges.

Because of this, co-selling offers much more value to the customer.

The benefits of co-selling as a business

Every business wants to grow, and to do so efficiently. Co-selling brings a range of benefits that help businesses stay competitive and maximize their reach across their target audience:

• Increased brand visibility: Partnering with another business expands your exposure and enhances brand recognition. A successful partnership also serves as an endorsement, boosting credibility and trust.
• Access to new markets: Co-selling opens doors to markets and customer segments that might be challenging to penetrate independently.
• Enhanced customer experience: By combining resources and expertise, co-selling partners can provide more personalized and effective solutions, leading to higher customer satisfaction.
• Streamlined sales cycles: Thanks to the mutual social proof partners can provide each other, it’s easier to approach new prospects and win their trust with a collaborative approach. Additionally, partners can work together to combine their operational strengths, which can speed up sales cycles and improve deal-closing efficiency.

Strategies for successful co-selling partnerships

If you think a co-selling or partnership selling strategy makes sense for your business, it’s time to start leveraging your network. Here’s our step-by-step guide to build a successful strategy:

1. Select the right partners: Evaluate potential partners based on complementary strengths, market presence, and alignment of goals. A suitable partner should enhance your offerings and share a common vision for success. Always ask: will this partnership bring more value for your customers?
2. Plan and set goals together: Collaborate with your partner to identify target markets, define mutual goals, and develop a unified sales strategy. This phase is crucial for aligning efforts and setting clear expectations. You need to decide on how you delegate activities throughout your sales funnel, from marketing, to outbound, to follow-up, to closing; or whether you’ll be splitting responsibilities according to different audience segments. 
3. Integrate your marketing efforts: As already mentioned, co-selling success hinges on cohesive marketing strategies. Develop joint marketing plans, content, and campaign calendars that support the combined value of your partnership.
4. Monitor your success: As with any other sales strategy, it’s important to keep evaluating the effectiveness and ROI of your co-selling partnership strategy. It helps to track KPIs with your partner so you stay aligned on your goals, but remember to also evaluate whether the co-selling arrangement is benefiting your individual business.

Best practices for B2B co-selling

The most successful co-selling partnerships are built on mutual effort and crystal-clear communication. Here are some best practices to help ensure you get the most out of your co-selling relationships: 

• Research potential partners carefully: Don’t dive into co-selling agreements just because you’re friends! Ensure your business goals and values align so you’ll both be pulling in the right direction.
• Communicate and stay transparent: Maintain open lines of communication with your partner. Regularly share updates, challenges, and successes to ensure you’re always on the same page and can adapt strategies as needed. Poor communication only leads to frustration and risks your co-selling arrangement becoming unbalanced.
• Make data-driven decisions: Utilize data and analytics to track progress, measure success, and make informed decisions. Consistent monitoring will help you confirm whether your co-selling arrangement is benefiting your business.
• Leverage technology: Consider investing in tools and platforms that facilitate partnership management, lead tracking, and collaborative selling. The right technology can streamline operations and ensure each partner is always up to date.
• Keep adapting: Don’t be afraid to review and adjust your co-selling strategies to stay ahead of market trends and evolving customer needs. If your combined solution isn’t working for customers, it might be time to re-evaluate your co-selling relationship or look for other partners.

Boosting sales through co-selling

For B2B buyers, one thing matters above all else: getting value from their solutions. Instead of focusing on pitching single-point solutions in isolation, sellers should be collaborating to bring more comprehensive, streamlined, and personalized solutions to customers.

In this sense, co-selling is a win-win for sellers and buyers alike - and will no doubt play a key role in the B2B world going forward.

If you're looking for tools to support more personalized and sophisticated outbound campaigns, Amplemarket is a must-have! From identifying key prospects for your co-selling initiatives to engaging across channels and analyzing your campaign results, the Amplemarket platform is your one-stop shop for co-selling outreach. Sign up for a demo to learn more today!