Scaling High-Performing Partnership Programs: A Strategic Approach by Betterment’s Matthew Doong

Introduction:

This article summarizes key insights shared by Matthew Doong, Head of Referral Partner Sales at Betterment, regarding the successful scaling of high-performing partnership programs. Doong emphasizes that building a robust program isn’t simply about signing up partners; it’s a strategic, multifaceted process rooted in identifying the right partners, aligning internal teams, and leveraging technology to drive sustainable growth.

1. Foundational Pillars for Success

Doong identifies several critical pillars for a successful partnership program launch:

  • Right People: The team responsible for the program needs experience across strategy development, tactical execution, and results delivery.
  • Defined Processes: Establishing clear, repeatable processes is crucial for efficiency and scalability.
  • Ideal Partner Profile: A precise definition of your target partner – based on their offerings, target market, and sales processes – is paramount. He specifically recommends considering third-party service providers offering complementary solutions to your core offering, targeting the same buyer personas.
  • Executive Buy-in: Securing full support from executive leadership is essential, particularly when launching a new initiative.

2. Measuring Performance: Key Metrics

Doong focuses on specific metrics to gauge the program’s health, emphasizing a holistic view:

  • Partner Sign-Ups: Tracking the number of partners joining who align with your ideal profile within key verticals.
  • Lead Conversion: Monitoring the progression of leads from unqualified opportunities to qualified prospects.
  • Rep Activation: Assessing the engagement of partner representatives – particularly their customer-facing roles and leadership – to ensure effective referrals.

3. Alignment Across Teams – A Unified Go-to-Market Strategy

Doong stresses the importance of aligning the sales and marketing teams around a unified approach to partner engagement. This “operating model” focuses on the entire cycle, from identifying and engaging potential partners to executing sales and managing referred deals. He advocates for targeting partners who will drive the most impact in the short, medium, and long term.

4. Strategic Partner Selection: TAM & SAM Analysis

Doong highlights the need for rigorous partner selection criteria, leveraging Total Addressable Market (TAM) and Serviceable Available Market (SAM) analysis. Understanding the overlap between your target market and your partner’s offering is a critical factor in identifying the most impactful partners. Notably, Betterment has discovered unique opportunities within sectors like healthcare brokerage, where partners may not offer in-house retirement solutions but do serve the same client base.

5. Leveraging Technology and Tools

Doong recommends utilizing technology to streamline partner management:

  • Crossbeam: This tool facilitates the identification of overlapping prospects and clients across sales processes.
  • PartnerStack: A platform for simplified partner onboarding, referral tracking, and automated compensation.

Actionable Steps for Next Week:

  1. Define Your Ideal Partner Profile: Spend 2-3 hours outlining your ideal partner’s characteristics, including their target market, business model, and sales approach. Use the criteria Doong suggests (complementary solutions, shared buyer personas).
  2. Identify Key Metrics: Select 3-5 key performance indicators (KPIs) to track based on the metrics Doong outlines (partner sign-ups, lead conversion rate, rep engagement).
  3. Research PartnerStack: Explore PartnerStack’s features and determine if it aligns with your organization’s partner program needs.

Conclusion:

Matthew Doong’s insights reveal that scaling a successful partnership program is a complex undertaking that demands more than just recruitment. By prioritizing the right people, establishing clear processes, meticulously tracking performance metrics, and strategically aligning internal teams, alongside leveraging technological tools, organizations can build robust partnerships that drive sustainable growth and deliver significant value. Doong’s emphasis on dynamic partner analysis – particularly understanding unique opportunities within diverse verticals – underscores the importance of adaptability and a commitment to ongoing discovery within the partnership landscape.