Do you feel like you're using the same tactics as a salesperson trying to sell a product? Or still, using your startup pitch to every type of prospect? It's time to take control of your pitch game and close those big deals! In this ultimate guide, we'll show you how to pitch your partner program like a pro, step by step. From crafting the perfect story to handling objections and negotiations, we've got you covered. Whether you're a seasoned pro or a newcomer to the world of partnerships, this guide is packed with valuable insights and tips to help you succeed. So buckle up and get ready to close those big deals!
In this post, we'll provide a step-by-step guide on how to effectively present your program and explore the different types of pitches you can use. We'll cover the 1-minute pitch, 3-minute pitch, and 20-minute pitch in separate blog posts linked to this one, but it's important to first have a general understanding before diving into the specifics. Each pitch length has its own unique context, priorities, and call-to-action, so it's recommended to start with the 1-minute pitch and practice before moving on to longer pitches. Follow our guidance and you'll be well on your way to successful partnerships. If you are curious about the benefits of strategic partnerships and collaboration you might want to read our article: "33 Crucial Benefits of Strategic Partnerships & Collaborations: What You Are (Probably) Missing Out"
While presenting a partner program may seem similar to presenting a startup solution to a potential customer, or investors there are key differences to consider. At Openforco, we understand the importance of crafting a successful partner program pitch, which is why we offer "Connect & Collaborate Workshops" to help our partners identify prospect and pitch collaborations. In this article, we will share some tips and best practices for pitching your partner program and securing successful partnerships.
The Differences Between Pitching a Startup and Pitching a Partner Program
Purpose: Pitching a startup is focused on selling the idea or product of the startup to potential investors, customers, or partners. On the other hand, pitching a partner program is focused on convincing potential partners to join and collaborate with the company.
Audience: The audience for a startup pitch is typically investors, customers, or partners who may be interested in the startup's product or idea. The audience for a partner program pitch is typically companies that may be interested in collaborating with the pitching company.
Content: The content of a startup pitch will likely focus on the problem the startup is solving, the market opportunity, the product or solution, and the business model. The content of a partner program pitch will likely focus on the benefits of partnering with the company, such as increased sales, access to new markets, or shared resources.
Length: Startup pitches are often shorter, typically around 3-5 minutes, while partner program pitches may be longer, potentially up to 20 minutes or more.
Outcome: The outcome of a startup pitch is typically the acquisition of funding or customers. The outcome of a partner program pitch is typically a signed partnership agreement.
1- The "why" behind your partner program: The story of why are you open for collaborations
Pitching your company as open to partnerships can be an effective way to showcase your business and its potential for collaboration. However, before diving into the details of how to pitch your company as open to partnerships, it's important to first consider why your company might be interested in partnerships in the first place.
There are many potential benefits to partnerships for businesses of all sizes and industries. But it all required a careful self-assessment of your willingness to partner. So, ask yourself these common questions to figure out your "why":
Do you want to access to new markets and customers? + Why? Partnerships can provide access to new markets and customers that a company might not have been able to reach on its own. For example, partnering with a company that has a strong presence in a particular region or industry can help your business tap into that market and expand its customer base.
Do you want to share resources and expertise? + Why? Partnerships can also be an effective way to share resources and expertise. This can be particularly beneficial for smaller companies that may not have the resources or expertise to tackle certain projects on their own. By partnering with a larger, more established company, a startup can access the resources and expertise it needs to succeed.
Do you want to leverage complementary skills and capabilities? + Why? Partnerships can also be a way for companies to leverage their complementary skills and capabilities. For example, a software company might partner with a hardware manufacturer to create a complete solution for its customers. This type of partnership can allow both companies to focus on their areas of expertise while still offering a complete solution to their customers.
Do you want to collaborate on research and development? + Why? Partnerships can also be an effective way for companies to collaborate on research and development projects. By working together, companies can pool their resources and expertise to create new products and technologies that they might not have been able to develop on their own.
Defining why your company is open to partnerships is an important step in the pitching process. It will help you clearly communicate your business's needs and goals, and will also help potential partners understand what they can expect to gain from the partnership. By being clear about your motivations, you can set the stage for a successful and mutually beneficial partnership.
Storytelling your WHY.
As humans, we have been using stories to share information for thousands of years. It's no surprise that our brains are hardwired to respond to stories. That's why, when it comes to pitching partnerships, it's important to craft a compelling story that clearly explains why your company is open to partnering with other businesses.
This story can be woven into any length of your pitch, or incorporated into marketing materials to reach potential partners. By creating a strong narrative, you can build an effective pitch that resonates with your audience and helps you achieve your goals. So after defining why you want to partner with other companies, next is crafting a story with will help you to build a very effective pitch build upon this story. Here is a step-by-step guide on how to craft an effective story for your partnership pitch:
Identify the purpose of your partnership: What is the main goal of your partnership, and how will it benefit both your company and your potential partner? This will help you define the theme of your story and give it a clear direction.
Gather information and research: In order to build a compelling story, you'll need to gather relevant information about your company, your potential partner, and the industry you both operate in. This will help you understand the context of your partnership and how it fits into the bigger picture.
Define your characters: Who are the main players in your story? This could be your company, your potential partner, and any other key stakeholders involved in the partnership. Clearly define the roles and motivations of each character in your story.
Develop the plot: What are the key events or milestones that will occur as a result of your partnership? This could be the development of a new product or service, the expansion of your market reach, or the achievement of specific goals.
Create a clear and concise message: Once you have the elements of your story in place, it's time to craft a clear and concise message that will help you effectively communicate the purpose and benefits of your partnership. This could be a short paragraph or a series of bullet points, depending on the length of your pitch.
Practice and refine: The more you practice telling your story, the more natural and compelling it will become. Take the time to rehearse your pitch and get feedback from others to ensure that it effectively conveys the purpose and benefits of your partnership.
2- Your partner program pitch deck is your "recruit kit"
A partner program pitch deck is a presentation or document that outlines the details of a partnership program, including its goals, benefits, and requirements. It is used to recruit potential partners to join the program and is often presented to them during a pitch or presentation. The partner program pitch deck is similar to a sales pitch in that it is meant to persuade potential partners to join the program, but it is also different in that it is focused on the details of the partnership program rather than a specific product or service. The partner program pitch deck is often referred to as the "recruit kit" because it is used to recruit partners to join the program.
So with this article, we are assuming that you already have a partner program. If you don't have it's actually it's not a hard thing to do. All you need to do figuring out how to incentivize other people, your potential partners. So here are steps on how to do that:
Determine the goals of your partner program. What do you want to achieve through partnerships? Do you want to increase brand visibility, drive sales, or access new markets? Clearly defining your goals will help you determine the right partners and the right incentives to offer.
Identify your target partners. Who do you want to partner with? Consider factors such as complementary products or services, target audience, and geographical location. You should also consider the size and resources of potential partners, as well as their level of interest and commitment.
Determine the value you can offer potential partners. What can you offer that will make partnering with your company attractive to them? This could include access to new customers, resources, expertise, or promotional opportunities.
Develop a pitch deck. Your pitch deck is your "recruit kit" – it's the visual presentation you'll use to pitch your partner program to potential partners. It should include an overview of your company, your partner program goals and value proposition, and details on the benefits and incentives you are offering.
Practice your pitch. Practice makes perfect, so be sure to rehearse your pitch before presenting it to potential partners. Consider getting feedback from trusted colleagues or friends to fine-tune your pitch.
Reach out to potential partners. Once you have a clear idea of your goals, target partners, and value proposition, it's time to start reaching out. Use your pitch deck as a guide and tailor your message to each potential partner. Be clear and concise, and be sure to follow up with any questions or requests for further information.
Negotiate and finalize the partnership. Once you've identified a potential partner, it's time to start negotiating the terms of the partnership. This may involve discussing the specific terms of the agreement, such as revenue sharing or co-marketing efforts. Be prepared to compromise and be flexible, but also be sure to protect the interests of your company.
As you can see developing a pitch deck is one of the major part of your partner program. By following these steps, you can effectively pitch your partner program and secure partnerships that will help your business grow and succeed.
Tailoring the pitch to the audience
Tailoring a pitch to the right audience involves customizing the content and delivery of your pitch to appeal specifically to the interests and needs of your audience. This can involve highlighting the benefits and features of your product or service that are most relevant to your audience, using language and examples that are familiar and relatable to them, and addressing any concerns or objections they may have.
To tailor a pitch effectively, it is important to research your audience beforehand to understand their needs, motivations, and decision-making processes, and to tailor your pitch accordingly. This could involve adapting the format of your pitch, the length of your presentation, or the level of detail you provide, depending on the audience and the context of the pitch. By tailoring your pitch to the right audience, you can increase the chances of engaging and persuading them and ultimately closing the deal. Here are some steps for tailoring your partnership pitch to the right audience:
Identify your target audience - again :) Determine who you want to pitch your partnership to, whether it's a specific company, industry, or market segment. It's not surprising how important is knowing your audience.
Research your target audience: Learn as much as you can about your target audience, including their needs, challenges, and goals. This will help you tailor your pitch to their specific needs and interests.
Identify your value proposition: Clearly define the value that your partnership can bring to your target audience. This could be in the form of cost savings, increased efficiency, or other benefits.
Customize your pitch: Use your research and value proposition to tailor your pitch to your target audience. This may involve adjusting the content, language, or delivery of your pitch to better appeal to your audience.
Test your pitch: Practice your pitch with a small group or with a trusted colleague to get feedback and fine-tune it before presenting to your target audience.
Be flexible: Be prepared to adapt your pitch on the fly based on feedback or changing needs.
By following these steps, you can tailor your partnership pitch to the right audience and increase your chances of success.
The benefits and requirements (Your asks & offer) of your partner program should be reflected in your pitch
To effectively pitch your partner program, it is important to clearly outline the benefits and requirements of your program to your potential partners. This includes your "asks" - the things you need or expect from your partners in order to participate in the program - as well as your "offers" - the things you are offering to your partners in return for their participation. By clearly communicating these benefits and requirements in your pitch, you can help potential partners understand what they can expect from working with you and whether or not your program is a good fit for their needs. This will help you build stronger, more mutually beneficial partnerships, and increase the chances of closing a deal.
Identify the key benefits of your partner program: This could include things like access to new markets, revenue-sharing opportunities, or support and resources for your partners.
Clearly articulate the value that your partner program brings to potential partners: Make sure to highlight the specific ways in which your program can help them achieve their own business goals.
Clearly outline the requirements for participation in your partner program: This could include things like minimum qualifications or commitments, sales targets, marketing commitments, or other requirements that partners must meet in order to participate.
Incorporate these benefits and requirements into your pitch. You can do this by highlighting the specific benefits that partners will receive, and by outlining the requirements that they will need to meet in order to participate in your program.
Be clear and concise when presenting the benefits and requirements of your partner program. You want to make sure that your potential partners fully understand what they will be getting out of the partnership, as well as what they will need to do in order to participate.
Make sure to weave these elements into your pitch: Use specific examples and case studies to illustrate how your partner program has helped other companies, and clearly explain how your program can help potential partners achieve their own business goals. Use storytelling to illustrate the benefits and requirements of your partner program. This can help to make your pitch more engaging and memorable and can help to build a stronger connection with your potential partners.
Practice your pitch: Practice delivering your pitch to ensure that you can clearly and concisely convey the benefits and requirements of your partner program. This will help you deliver a more confident and compelling pitch to potential partners.
Use data and case studies to support your pitch
To effectively communicate the benefits and requirements of your partner program, it is important to use data and case studies to support your pitch. This can help to illustrate the value of your program and demonstrate the success that other partners have had by working with you. When presenting data and case studies, it is important to be clear and concise, and to focus on the key points that are most relevant to your audience. This will help to ensure that your pitch is compelling and persuasive, and that your potential partners can easily understand the benefits and requirements of your program.
Identify the key points you want to make in your pitch and the data or case studies that will help to support these points.
Collect and organize the data or case studies you will use in your pitch. This may involve conducting research, gathering customer feedback, or reviewing previous successful partnerships.
Use the data and case studies in a way that is relevant to your audience. For example, if you are pitching to a potential partner who is primarily interested in increasing their revenue, you might use data and case studies to show how previous partnerships have resulted in increased sales.
Use visual aids, such as charts or graphs, to help convey the data and case studies in a clear and concise way.
Practice your pitch and incorporate the data and case studies in a way that flows naturally and enhances your overall message.
Be prepared to answer questions about the data and case studies you present and be able to provide additional information or context if needed.
3- Making the Most of Your Partner Program Pitch
Maximizing the potential impact and effectiveness of your pitch. Untill this far you tailor your pitch to the specific audience you are presenting to, use data and case studies to support your arguments and make them more convincing, and clearly outlined the benefits and requirements of your partner program in order to persuade potential partners to join. From now, the next step is practicing your pitch and seeking feedback to ensure that it is polished and professional, and anticipating and addressing any potential objections or concerns that the audience may have.
Practice your pitch and seek feedback
To make the most of your partner program pitch, it's important to practice your pitch and seek feedback from others. This will help you fine-tune your delivery, hone in on key points, and ensure that your pitch is clear, concise, and compelling. Here are some steps you can take to practice your pitch and seek feedback:
Practice your pitch out loud, multiple times. This will help you get comfortable with your material and smooth out any rough edges in your delivery.
Record yourself giving your pitch. This will allow you to see how you come across to others and identify any areas that need improvement.
Seek feedback from others. Ask friends, colleagues, or mentors to listen to your pitch and provide constructive feedback. This can help you identify areas of your pitch that are strong, as well as areas that need more work.
Incorporate feedback into your pitch. Use the feedback you receive to make adjustments to your pitch and make it as strong as possible.
Continue to practice and seek feedback. As you refine your pitch, continue to practice and seek feedback to ensure that you are making the most of your partner program pitch.
Handling objections or challenges
When pitching strategic partnerships, it is important to anticipate and be prepared to address any objections or challenges that may arise. This can help to build confidence in your pitch and increase the likelihood of success. Here are a few steps you can take to handle objections or challenges when pitching partnerships:
Identify and anticipate potential objections: Before you begin your pitch, try to anticipate any potential objections or challenges that your audience may have. This will help you prepare to address them in advance.
Listen actively to the objection or challenge: Pay close attention to what the other person is saying, and try to understand their perspective. This can help you to tailor your response to address their specific concerns.
Acknowledge the objection or challenge: Show that you understand the other person's perspective and that you are open to discussing their concerns. This can help to build trust and establish a more collaborative relationship.
Emphasize the benefits: While addressing objections, don't forget to emphasize the benefits of your partnership proposal. This will help the other party see the value of your partnership and be more open to working with you
Be open to feedback and transparent: Don't be afraid to ask for feedback or clarification on objections and honest about any potential challenges or limitations of your partnership proposal. This will show that you are willing to be transparent and work together to find solutions.
Respond with a well-reasoned argument: Use data, case studies, and other supporting evidence to back up your points and make a compelling case for why your partnership is the right choice.
Offer alternative solutions: If an objection can't be fully addressed, consider offering alternative solutions or ways to mitigate the challenge. This will show that you are open to finding ways to make the partnership work.
By handling objections or challenges effectively, you can demonstrate your professionalism, expertise, and confidence, and increase the chances of securing a strategic partnership.
Be open to negotiation and flexibility
The importance of being open to negotiation and flexibility during a pitch for a strategic partnership cannot be overstated. When pitching a potential partner, it is important to be open to discussing and adjusting the terms of the partnership in order to arrive at a mutually beneficial agreement. This may involve compromising on certain aspects of the partnership in order to meet the needs and goals of both parties. By being open to negotiation and flexibility, you demonstrate your willingness to work together and find a solution that works for both sides. This can help build trust and strengthen the partnership overall. Additionally, being open to negotiation and flexibility allows you to be adaptable and responsive to the changing needs and circumstances of the partnership, which can lead to a more successful and long-lasting collaboration.
When pitching a strategic partnership, it is important to be open to negotiation and flexibility. This means being willing to listen to the needs and concerns of the other party and being willing to adjust your offer accordingly. Here are some steps to consider when trying to be open to negotiation and flexibility in your partnership pitch:
Identify the key issues that are important to the other party: Before you start negotiating, it's important to understand what is most important to the other party. What are their main concerns, and what do they hope to gain from the partnership? This will help you tailor your offer and be more flexible in your approach.
Communicate openly and honestly: Be transparent about your own needs and expectations, and encourage the other party to do the same. This will help build trust and create a more productive negotiating environment.
Be willing to make compromises: No one gets everything they want in a negotiation. Be prepared to give a little in order to get a little.
Be open to alternative solutions: If the other party raises an objection or concern that you can't immediately address, consider whether there are alternative solutions that might work for both of you.
Keep an open mind: Even if you are confident in your pitch, be open to the possibility that there may be other options or approaches that you haven't considered. Be willing to listen to new ideas and explore different possibilities.
Stay up-to-date on industry trends and developments
It is important to stay up-to-date on industry trends and developments when pitching strategic partnerships for a few key reasons:
Knowledge is power: By staying informed about what's happening in your industry, you can position yourself as an expert and demonstrate that you are a valuable resource for your potential partners.
Better decision-making: Understanding industry trends and developments can help you make more informed decisions about your partner program and how it fits into the market.
Increased credibility: If you can show that you are up-to-date on the latest industry trends and developments, it will increase your credibility as a partner and make it more likely that your pitch will be successful.
Better alignment with partners: By staying informed about industry trends, you can better align your partner program with the needs and goals of your potential partners.
Improved negotiation: Knowing what's happening in the industry can give you leverage in negotiations and help you secure more favorable terms for your partnership.
4- The 1-minute, 3 minutes, and 20 minutes pitches
The length of the pitch can make a difference in a number of ways. A shorter pitch may be more effective if you are trying to grab someone's attention quickly and efficiently, while a longer pitch may be better suited for more in-depth discussions or for presenting more complex information. The length of the pitch may also depend on the context and audience. For example, a one-minute pitch may be more appropriate for a quick introduction or for pitching to a large group of people, while a longer pitch may be more suitable for a more targeted audience or for a more detailed discussion. Additionally, the length of the pitch may be influenced by the amount of time available and the desired outcome of the pitch.
1-minute Partnership Pitch
A 1-minute pitch is a short and concise presentation of your idea or product to potential partners or investors. It is typically used in situations where time is limited, such as pitch competitions or speed networking events.
The benefits of a 1-minute pitch include:
Time efficiency: A 1-minute pitch allows you to quickly and effectively convey your message without wasting time.
Simplicity: By limiting the length of your pitch, you are forced to focus on the most important aspects of your idea or product. This makes it easier for your audience to understand and remember your pitch.
Engagement: A 1-minute pitch is likely to hold the attention of your audience better than a longer pitch. It is also an opportunity to capture their interest and encourage them to ask for more information.
Practice: Practicing a 1-minute pitch can also help you develop your public speaking skills and increase your confidence when presenting in front of others. Overall, a 1-minute pitch is a useful tool for capturing the attention of potential partners or investors and conveying your message in a concise and effective way.
Check out our guide on how to deliver a winning 1-minute pitch, complete with 10 examples to help you craft your own.
3-minute Partnership Pitch
A 3-minute partnership pitch is an opportunity to provide a brief overview of your company and your partner program to potential collaborators. This type of pitch is typically shorter than a 20-minute pitch, but still allows for more in-depth information to be shared. It is an opportunity to highlight the benefits and value of your partner program, as well as the specific asks and offers that you are making to potential partners. This type of pitch is useful for initial introductions and for establishing a foundation for further discussions and negotiations. It can also be used to follow up on initial conversations or to provide more information to those who have expressed interest in your program. Overall, a 3-minute partnership pitch can be an effective tool for building relationships and securing strategic partnerships.
Allows for a brief overview of your company and partner program
Can introduce key points and benefits of partnering with your company
Can provide examples or case studies to support your pitch
Can address any objections or challenges that may come up
Provides an opportunity to showcase your company's value proposition
Can be a good way to initiate a conversation with potential partners and set the stage for further discussions
Can be used in a variety of settings, including pitch events, networking events, and initial meetings with potential partners
Can be a useful tool for building momentum and interest in your partner program.
20-minute Partnership Pitch
A 20-minute partnership pitch allows for a more in-depth and comprehensive presentation of your partner program. This length of pitch is ideal for longer, more complex discussions and negotiations. It allows you to fully explain the benefits and requirements of your partner program, as well as provide detailed case studies and data to support your pitch. Additionally, a 20-minute pitch provides more time for questions and discussion, allowing you to address any objections or challenges that may arise. Overall, a 20-minute partnership pitch allows for a more thorough and effective presentation, and is well-suited for building strong, long-term strategic partnerships.
It allows you to delve deeper into the details of your partnership proposal and clearly communicate the value you can bring to a potential partner.
It gives you the opportunity to present data, case studies, and other supporting materials to back up your claims.
It allows you to address any potential objections or concerns a potential partner may have.
It gives you the chance to establish a stronger connection with the potential partner and build rapport.
It allows you to negotiate and be flexible in your proposal, taking into consideration the needs and goals of the potential partner.
It can help you stand out among other potential partners and increase your chances of success.
It can lead to long-term, mutually beneficial partnerships that can drive growth and success for both parties.
Conclusion:
Pitching your partner program is an important step in securing successful collaborations. By understanding the differences between pitching a product and a partner program, crafting a compelling pitch in multiple lengths, and making the most of your opportunities, you can increase your chances of success and build strong, mutually beneficial partnerships. At Openforco, we are dedicated to helping our partners succeed, which is why we offer resources such as the "Connect & Collaborate Workshops" to support your partnership development efforts.
Consider joining our growing community!
Openfor.co is a partnership development company that offers an exclusive community of 3000 people and organizations who supports each other, collaborate and to grow together. We help business reduce their operational cost, and increase their revenues with partner program development. So if you would like to grow your business by partnering with other complementary businesses join our community!