Episode 69: Why Fractional Partner Management? - with Pat Ferdig

Howdy Partners

Tom and Will are joined by Pat Ferdig to discuss fractional partner management and its connection to nearbound execution. Pat shares his extensive partnership experience and explains why more companies are considering fractional partner management. He highlights the challenges organizations face when managing partnerships and the importance of focus. Pat also discusses the nearbound methodology and how it can drive new business opportunities. He emphasizes the need for internal alignment and enablement when implementing nearbound strategies. The episode concludes with a tactical tip on establishing rules of engagement for successful nearbound execution.
Takeaways

• Fractional partner management is becoming more popular as companies look to spread partnership knowledge and wealth to organizations that may not have the understanding or bandwidth for a full-blown partnership model.
• The challenges in partner management often stem from a lack of focus and the need to wear multiple hats. Fractional partner management can help alleviate these challenges by allowing someone to focus on specific pain points and initiatives.
• Nearbound execution, a framework that leverages relationships to drive new business opportunities, is gaining momentum. It involves establishing rules of engagement, enabling internal teams, and focusing on collaborative conversations and introductions.
• Internal alignment and supportive KPIs are crucial for successful partnership programs. Companies should ensure that every department has KPIs related to supporting the partner channel if they expect significant revenue flow through partnerships.
• A tactical tip for nearbound execution is to establish clear rules of engagement with partners and enable internal teams to understand the process. This will help drive successful nearbound initiatives.

Chapters
00:00 Introduction and Mustache Talk
02:11 Pat's Partnership Experience
04:23 The Rise of Fractional Partner Management
06:46 Challenges in Partner Management
09:53 Implementing Nearbound Execution
13:48 Enabling Sellers to Embrace Nearbound
16:00 Overcoming Roadblocks in Nearbound Strategy
19:46 Establishing KPIs and Internal Alignment
23:38 Setting KPIs Based on Partnership Maturity
26:07 Tactical Tip: Establish Rules of Engagement