In September 2020, the smartest minds in cybersecurity marketing came together for CyberMarketing Con 2020, produced by the Cybersecurity Marketing Society. Panelists covered a wide span of categories, providing guidance for cyber marketers looking to expand their skillset, network and collaborate.
In the session “Everything Partners & Co-Marketing: Top Tips to Create Amazing Partnerships,” cybersecurity marketing experts shared their thoughts on how to build successful partnerships that create value for all parties involved. The panelists included:
- Stephanie Broyles, Fractional CMO of Cybersecurity, Cloud & IT at YorCMO. Broyles works with cloud service providers.
- Kathleen Booth, VP of Marketing at clean.io. Booth runs partnership programs, specializing in startup marketing.
- Jessica Olson, Senior Marketing Manager of Global Campaigns and Alliances at Tenable. Olson works with alliance and channel partners.
Watch the session below.
Setting Realistic Objectives
Working with a partner requires being on the same page to ensure cohesion and collaboration. Kathleen Booth, VP of Marketing at Clean.io, stressed that the most successful partnerships happen when you understand what each partner’s needs are. Because partnerships require closely working together, marketers should give their partners exactly what they need. Especially with channel partners who work with many different organizations, you are competing for their attention.
Marketers at small companies have more work to interest the prospect by proposing what the partnership provides for them and what you offer. Most likely, providing the “elbow grease,” or doing the bulk of the work and making the partner’s job easier, is valuable to organizations that are busy. Booth said, “Be really honest with yourself about what your strengths are and what your partner’s strengths are, and what it’s going to take to make them feel like it’s a worthwhile investment.”
Broyles noted adopting a shared responsibility model where both parties need to understand the objectives of the partnership and how to accomplish those goals. Accountability is key if both sides seek to get what they joined for. In addition, from a larger company’s perspective, Olson discussed how her team created a standardized framework to consistently onboard partners. With an established set of procedures, all parties are on the same page in what they expect and what they need to do.
Approaching Larger Companies as a Smaller Company
Olson encouraged marketers at smaller companies to approach larger businesses with a solid idea and solution, highlighting why the partnership makes sense. Especially if there’s demand in the field, marketers should be armed with information supporting an increase in revenue, additional opportunities, or solutions to problems for the potential partner. Assessing potential growth areas that the marketer’s company is looking to enter will also help in narrowing down possible partners to approach.
Although Olson works at a larger company, she referenced a real use case. Her company solves for vulnerability management and cyber exposure, and it partnered with a patch management and radiation company, which was a great fit because her company’s solutions solved a real problem.
Broyles emphasized the opportunity to fill a gap. Conducting a gap analysis allows you to identify where you can come in, and it also provides a strong foundation to argue why your company can help the prospect. She said, “I will not approach anyone without knowing what we can do for them.”
If you’re approaching a company that is a competitor, the panelists agreed that it’s important to assess what the partnership will entail and the goal. Broyles said, “There’s always room for co-opetition.” But if the potential partner is a company with the same exact solution and tech, then you should probably avoid it. If the goal of the initiative includes lead generation or pipeline development, rather than general awareness, then you should probably look for another company to approach.
Using Creativity to Find Additional Budget
Companies don’t have all the money in the world to spend on partnerships, so it’s essential to be creative. Broyles discussed how SaaS solutions companies can use their enterprise agreements with cloud services providers to find budget. With discount programs, marketers can retrieve credits that they can use for more programs.
Booth, who works at a smaller shop, has extensive experience doing things with less money. She said, “If you’re willing to get down in the trenches and do the work, you can do a lot without a budget.”
In some cases, larger partners have more resources and higher expectations. Their ideas may not be feasible for a smaller company with less resources to execute. In this case, the panelists highlighted that honesty is key for a transparent and collaborative partnership. But being creative, such as leveraging social media and working with your network, will provide ample opportunity for innovation while saving money.
Proving Value From a Partnership
Partnerships need to produce value for each party to benefit from the time and work they put in. Olson brought up how many stakeholders within the marketer’s organization and within the partner’s organization don’t understand how partnerships relate back to revenue. She encouraged marketers to track and report on all marketing activities by their own companies and their partners. Using software such as Salesforce and Tableau can generate reports that visualize the information and make it more easily digestible.
Broyles said, “If it can’t be tracked, I don’t want to spend the money.” She underscored how she strays away from doing any events without attribution. It’s necessary to understand where your money is going.
Booth articulated the art of holding your partners to the fire. A partnership requires both sides to make an investment, but often, the other party doesn’t do what they say they will. She mentioned how she uses tracking URLs for everyone to promote an event so she can see if the partner is actually taking action.
When a Partner Isn’t Delivering
Inevitably, in any type of group project, someone is bound to slack off. Booth sends an email to every partner with a scorecard outlining how they’re performing in promoting an event or whatever the activity is. This gamifies the process, evoking the competitive streak of employees who don’t want to underperform.
Broyles leans toward setting clear objectives for everyone, including a project timeline with touchpoints. Showing that each side has skin in the game is great for provoking action. Having a defined go-to-market plan allows the parties to agree on what part of the project they own, and it also allows for measurement along the way.
Because partnerships are meant to provide value for everyone involved, Booth also noted that everyone needs to understand that everyone benefits if the partnership is successful. However, sometimes there is an imbalance of power, where one party may be putting in more work, especially a smaller company. Being honest about the dynamic is also key.
Creating Successful Partnerships
To create a successful partnership, Booth encouraged marketers to work their relationships really hard. Look at your sphere of influence, including sales, the board, and investors, and what relationships they have. In addition, especially if you work at a smaller company, landing your first partner can lay the groundwork for future programs. Be strategic about the order you approach partnerships. Having your first partner be a big name can do wonders. She said, “You’re going to get easier yesses if you start with the biggest fish you possibly can first.”
Olson emphasized that being able “over communicate internally” is helpful. Sharing findings and information with your team facilitates expanding your influence.
Broyles shared learnings from her experiences at in-person events. She said, “I wouldn’t look at necessarily the real estate on the floor, but the activities they’re running in and around, like extracurriculars.” Using these findings to develop virtual programs from in-person experiences paves the way for future collaboration.
Setting Realistic Targets
In a partnership, both parties should be on the same page when setting goals. Olson discussed that each company should clearly understand the plan. She said that you should plan “a quarterly business review with each of your partners to sit down and take stock of where we are and where we want to go.” Showing the “math,” or explicitly stating the specifics on how to reach the goal (i.e. number of deals, deal size, etc.) helps inform the process.
Broyles agreed that there should be a shared business plan that both parties agree with. This should include the tactics needed to accomplish the objectives, the go-to-market plan, execution, quarterly business reviews, attribution, and problem. Booth also highlighted that although goal setting is difficult at first, marketers will improve with experience.
The Future of Partnerships
As in-person events continue to be unfeasible, “2020 has definitely brought digital front and center. It’s the digital economy,” said Broyles. She believes that storytelling is the key to reaching your audience, elaborating on why your company is the best solution to the issue. Olson affirmed that as people look for solutions that make their lives easier, storytelling emerges as a surefire way to articulate that promise.
However, people are suffering from video fatigue. The panelists offered creative ways to reach their audiences. Olson mentioned that food experiences like beer and cheese tastings or pretzel making kits create a more fun, interactive experience. Booth recommended keeping webinars and talks as short as possible and making them interactive.
Booth also likened the future of partnerships to the operations of a media company. Media companies build passionate audiences that excitedly consume content. By developing an audience that loves your brand, you can “future proof” your company by ensuring they’ll be interested in any content you release.
If you’re interested in learning more about how to initiate successful partnerships, visit https://cybermarketingcon2020.heysummit.com/ to watch the full panel session.
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