This post on Partnership Managers Job Description is detailed for those that are aspiring to become a partner manager in any organization.
B2B partnerships (business-to-business) are professional relationships that both benefit the companies. Modern commerce has made the partnership model more complex. This makes it necessary to have a partner manager. Partner management is a great career option for those who have a solid business background, are good at networking and can plan strategically. This article will discuss the role of a partner manager, how they help partners, and how much they usually earn.
What it means to be a partnership manager
Answering the question “What is a partner manager?” This will help you to understand key business professionals. Partner companies come from different industries and work together to share customer bases, products, and services. Partner managers work with business partners to build professional relationships and achieve company goals. Although the exact role they play varies from one organization to another, their primary goal is to find beneficial connections and create opportunities for business growth.
Who is a partner manager?
Although the job description of a partner manager is different depending on the employer they work for, there are some aspects that are the same across all industries. These are some of the most basic tasks that a partner manager might perform:
Establishing professional relationships with partners
Partner managers invest time in building relationships with colleagues at other companies. Partner managers should network because a lot of their work involves communicating. The flow of information can open up many possibilities and opportunities for growth by making phone calls, attending meetings, and liaising at events.
Evaluation of new partnership opportunities
A partner manager’s role is to evaluate new partnerships. This includes reviewing applications, researching products and connecting with people. A partner manager may decide which partnerships to prioritize, since entering into a partnership requires a significant investment of time and energy. As they analyze data about partners and products, it is crucial to identify the areas of overlap that are most relevant to the target market.
Use partnership software
Partner software can make a manager more efficient and productive in their work. Partnership management software is often an option for smaller organizations. It can be essential as a business grows. There are two types of partnership manager software. Below is a list of the functions of each software type:
Software for managing partner relationships (PRM software)
PRM software transforms everyday tasks into measurable results and key performance indicators (KPIs).
- Tracking partner relationships and connections
- Recording interactions with important connections
- Distributing marketing materials to promote your products
- Referrals and leads capture
- Track productivity
- Recording conversations
PRM software is great for small and medium-sized partner networks, as it requires a lot of manual work.
Data escrow software
Data escrow software, a cloud-based innovation in PRM software, automates the search between organizations for potential opportunities by:
- scanning sales pipelines
- Assessing and scanning leads
- To find potential partners, check customer lists
- Data confidentiality for all parties
Data escrow software can be a great choice for large companies with complicated partner relationships and needs. The automation factor makes it fast and simple.
The goal of a partner manager is to increase revenue for a company. Although partnerships have an impact on every stage of the sales process, including lead generation, qualification and closing, the most significant influence is in the lead generation or closing stages. Partner managers might be focused on short-term sales growth, but also cultivating long-term prospects and growing the market share.
Closed-loop sales and lead generation
Lead generation is affected by a partner manager. Potential customers are referred to by partner organizations as new leads. These leads are also known as qualified partners. These leads can be a great fit for your business and could result in a higher conversion rate.
The relationship they have with the buyer is often what makes a partner’s ability to close deals. It can reflect well on the manager of the partnership if the partners they manage achieve great results.
You may be able to become a manager of a team.
It may take many years of experience to become a partner manager. You can gain the communication and negotiation skills necessary for this job by gaining experience. A majority of partner managers hold a bachelor’s in business administration. A person who is fresh out of college might not be able to become a partner manager immediately. The role is dependent on the relationship built and the experience gained. There are many career paths that lead to partner management.
Team members are created
Many of the founding members and early employees of the company are also partners leaders. They have previously worked in various roles within the company. This could give them an understanding of the company’s vision, market position and history. A senior employee who has a strong relationship with the company might increase their credibility.
Strategic thinkers are often promoted to partner management by sales reps. For managing partners, their product knowledge and outgoing nature can make them a great combination. An analytical mindset is a good fit for the role.
Many product managers feel comfortable changing to partner manager roles. Technology is evolving to enhance customer experience and product integrations. Technology-savvy product managers may find this knowledge helpful as they transition into the role of partner manager. A background in product management is a great asset to project managers.
Background information about the product
There are more partner programs that deal with technology and product integrations. Social media advertising helps companies create value together and collaborate through social media. It is not uncommon for product managers to shift their career focus to partner managers. A strong product background may be a benefit for the role of partner manager.
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What a manager of partners might do for their partners
Partners may receive different levels of support from their partner managers. They are able to draw on their strengths and character traits as leaders. Partner managers often invest more time and care in the relationships they have with their partners. This can strengthen the team dynamic, and increase income generation. These are some suggestions for what a partner manager can do to make the most of the team.
- Provides strategic advice: Partner managers can play the role of coaches and help partners to think strategically in order to run their businesses more efficiently.
- Assist your partner in identifying their growth goals. This includes understanding what they want to achieve and helping them reach those goals.
- Respect their partner’s resources limitations. A partner manager who is successful can clearly comprehend a manager’s brief, and work within the limitations of their partner.
- Quickly respond to information requests: Being available to answer questions promptly can help partners conduct their business with accurate information.
- Assist new partnerships in establishing their businesses. A good management of the start of a partnership can increase the chances of the relationship succeeding.
- Participate in sales calls when asked. Less experienced partners might benefit from having a partner manager, who can sit in on sales calls and offer guidance afterward.
- Coaching and sales training: Partners managers may have years of sales experience and can understand various techniques. They might train and coach their partners until they are comfortable.
- Offers product training: Some partner managers share their product knowledge with their partners.
- Partners can pass on their lead: A strong partnership is one where both sides benefit. Partner, client, and eventually the manager of the partnership may all benefit from passing a lead to a partner that can meet their needs.
- It creates an ecosystem: A network of partners that is managed by a partner manager can help to build a mutually-beneficial community.
- Updates and product training available: This is a good idea if the product being sold is still in development. Some products are more stable and don’t need ongoing training.
- Provide assistance with marketing campaigns: Partner managers are available to share tips and tactics for creating effective marketing campaigns, as well as offer insight into how to find new clients.
- Extended team mentality: Partners who are viewed by their managers as an extension of their team can create a sense of loyalty and trust.
What is the salary of a partner manager?
A partner manager earns an average salary of $104,528 annually. This is a salaried, full-time position that can also pay commission. This role can require employees to work irregular hours as networking events often take place at night or on weekends.