How a tech start-up can be successful in an ERP marketplace
The blueprint to go from unknown to International Partner of the Year
Revelesco’s client, Gatekeeper, has just won Netsuite’s International Partner of the Year 2024 at Oracle SuiteWorld. The company was chosen from the more than 500+ hand picked, software app partners inside the SuiteApp marketplace (some with multiple apps) who have a verified Built-For-NetSuite app.
So how did Gatekeeper, in just three years of building the relationship, catapult to the top and become #1 International Partner of the Year?
Here are the key components which have contributed to the success of the partnership with NetSuite, a leading ERP system.
3 Key Components:
Successfully building a partnership and driving traction throughout the marketplace is hard. As a startup you’re almost certainly in the weaker position. So what do you need to consider?:
Does your tech fit?
Gatekeeper is the leader in the Vendor and Contract Lifecycle Management category (VCLM). As a consequence of their detailed work on positioning & differentiation there are no other direct competitors inside the SuiteApp marketplace, making Gatekeeper the go-to partner for VCLM. Its technology also complements NetSuite in the areas where they do not have functionality. When thinking about building an app for a marketplace - consider your competitors. Are you bringing something that is both critical and rare to the table? Can you position it so that your value is viewed as singular?The CEO mindset: a Partnerships approach starts at the top
Pavilion & Crossbeam’s Future of Revenue Report found that across partnerships in EMEA and Europe, when a deal comes via partnerships, it is 49% more likely to close and ACV is 48% higher.
This means that if, from the below example, a rep’s annual quota is $750,000, they will need 91 opportunities from the outbound sales team/or they’ll need to work on 20 closed/won deals. But if they work with Partnerships, they only need 47 opportunities - or to work on 15 deals.
This shows the extraordinary efficiency of the Partnerships channel. It is critical that the leadership team treats partnerships differently to outbound sales - which is high volume, low conversion. Partnerships is about building a long term relationship with the right partners and investing in nurturing that relationship. This mentality needs to be understood, and ideally championed, by the CEO to help implement a successful Partnerships function.
To learn how you can make your Partnerships function operate efficiently - speak to Revelesco.
“…In North America, where brand visibility is critical, often it is the company garnering the most the most attention that wins.”
3. Dedicated Partner Manager to run strategic relationships
This point person is responsible for a number of key areas and it is critical you get this hire right. This is not a junior hire, nor is it a failed sales rep moving across to an “easier” job, as they will look after:
Managing data on the back end of the partnership. We get leads, they need leads back, we need to understand the ROI on each investment. We need to track all leads to prove the ROI on the partnership.
Managing stakeholder relationships. At the end of the day it is the AEs inside your strategic partner’s business (the individual contributors, on the ‘front line’ who are speaking to your prospects day-in day-out), who are normally the ones recommending your solution to prospects. But it is the key stakeholder /corporate relationships who are the ones who decide who they will put in front of the reps. Make sure you’re investing time in understanding their roles and factor in time and budget to plan how you’ll engage with them across the year.
Enablement of the reps. Are you talking to them in their language? Are you positioning your value in a way that resonates with their objectives in their specific roles? Are you celebrating the individuals and showing gratitude as they successfully recommend their customers to you?
Events. Are you willing to invest? Before entering a large tech ecosystem/marketplace, map out all of the company’s major events across the year. As a committed partner, you’ll be expected to attend these in a sponsorships capacity. These can be flagship events, conferences, as well as smaller ‘happy hour’ events. Visibility, attention, and being front of mind is critical for progress.
How does Gatekeeper work with Revelesco?
Gatekeeper has been working with Revelesco for three years on three key areas:
Strategy - by implementing the Whole Revenue Strategy methodology - this led them to gain investment from Vista Equity Partners.
Leadership coaching - ensuring all leaders across the business are supported and performing up to the firm’s definition of ‘excellence.’
Revelesco’s COO, Emily Assender, is Gatekeeper’s VP of Partnerships on a fractional basis - and for the past three years has been building out the team, strategy, and NetSuite partnership.
What happens when we win - inside a partnership ecosystem like NetSuite, what is the opportunity, why do we care?
Ultimately, entering strategic tech marketplaces is a big investment, however it comes with significant ROI. Being successful in an ERP/tech marketplace not only drives referrals, it is a snowball effect of credibility, brand awareness, visibility across your ICP. It is particularly important to consider this strategy when working in North America, where brand visibility is critical. Often, it is the company garnering the most the most attention that wins.
Emily & the Revelesco Team