How to measure what matters in partnerships
IN PARTNERSHIP WITH BE IN MOTION
Welcome to Partnership Wednesday #85 featuring a lesson, a thought, an answer, and a prompt to sharpen your partnership skills and help you confidently close 6-figure deals.
By the way, if I’ve missed something, or you think this edition could be made stronger, let me know!
A LESSON
In 2012, Shopify needed to expand quickly, but building everything in-house wasn’t the answer. Instead, they leveraged four partnership pillars to fuel growth. This move resulted in Shopify generating $8.8B in revenue in 2024, a $5B+ increase since 2015. Here’s what they did.
1. Built an App Store
⤷ Opened to third-party developers, instantly expanding Shopify’s capabilities
2. Created a Partner Program
⤷ Enabled agencies to refer and build on Shopify, turning them into evangelists
3. Opened Tech Integrations
⤷ Partnered with Meta, Google, and Amazon, embedding Shopify into the global e-commerce ecosystem
4. Established Financial Partnerships
⤷ Launched Shopify Payments, making payments seamless for merchants.
Key Lesson: Strategic partnerships scale reach and revenue faster than going solo. Look for companies in your workflow and reach out to them with an offer to partner.
A THOUGHT
The greatest accelerant to growth using partnerships is to have a clear ask, and great asks have two parts, a compelling opening offer, and second, a clear basis for the partnership. Here’s an example:
“We provide AI-driven customer insights that can increase your conversion rates by 25% (compelling opening offer), and your established retail footprint would allow us to scale our analytics platform to a wider audience (clear basis for partnership).”
AN ANSWER
What are the best metrics to measure partnership? I was asked this question from the crowd this week. Here’s my answer:
I love this question. The short answer is to measure what matters.
Here are 9 metrics to measure partnerships (because it's not good enough to ‘feel good’ about a partnership).
1. Revenue Contribution - Because partnerships should drive tangible financial results
Key metrics to track
• Direct Revenue
• Influenced Revenue – Deals closed due to partner referrals and co-marketing
• Customer Lifetime Value Impact – Does the partnership lead to higher-value customers?
2. Partner Influence - Because not all partnerships drive direct revenue
Key metrics to track
• Sales Cycle Acceleration – Are deals closing faster when a partner is involved?
• Win Rate Improvement – Do partner-influenced deals have a higher close rate?
• Market Expansion Impact – Are you gaining traction in new markets?
3. Operational Efficiency - Because good partnerships also improve efficiency
Key metrics to track
• Cost Savings – Are you reducing acquisition costs and support costs?
• Customer Churn Impact – Do partnerships lead to stickier customers?
• Internal Resource Efficiency – Are your teams saving time due to partnerships?
Strong partnerships focus on at least two of these measures.
THE PROMPT
What metrics do you use to measure your partnerships?
PARTNERSHIP PLAYBOOK MOMENT
You can listen or watch full episodes of the Partnership Playbook on your next commute or workout. Here’s a short moment that will give you a shot of partnership goodness. Subscribe to the show on Apple Podcasts, Spotify and Youtube!
Tap the tile to listen!
KNOW PEOPLE WHO NEED THIS?
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Until next Wednesday,
Phil Hayes-St Clair - Partnership Expert & Coach
When you're ready, there are three ways I can help you:
1. Partnership Essentials: A self-paced, practical online course for entrepreneurs and small business owners. In just 30 days, you'll build a partnership operating system that turns conversations into contracts.
2. Partnership Lab: Coaching tailored for marketing or sales leaders ready to drive rapid growth. My promise: I'll help you close 3 game-changing partnerships in 90 days.
3. Performance Partnerships: A coaching program designed for organisations aiming for sustainable, meaningful growth. The goal: Achieve double-digit growth through strategic partnerships in 12 months—without overwhelming your team.
Looking for something different? Send me an email.
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