WHAT IS NEARBOUND MARKETING?
You're likely familiar with Outbound and Inbound marketing strategies. Outbound strategies include placing yourself in the path of potential customers through various forms of media and advertising, such as cold-calling. Inbound strategy, by contrast, focuses on attracting customers through informative and relevant content, such as podcasts and eBooks.
More and more, buyers now seek recommendations from trusted networks rather than relying on company information. The Nearbound strategy works within this framework, allowing you to build credibility with leads through your trusted connections. It involves (as the name would suggest) fully utilizing those near you — your ecosystem partners. Nearbound leads are the customers or prospects of your partners, and they yield 41% better win rates and can increase the size of deals by 43% (ELG Insider).
PARTNER ECOSYSTEM MAPPING
Unlocking the full potential of Nearbound hinges on the ability to engage and execute with partners in an organized and scalable manner.
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Partner referrals: A referral partner will recommend your products or services to to people they've built relationships with. This pre-existing trust is powerful when it comes to closing sales.
- Data sharing: Partner Engagement Platforms (PEPs), such as tools like Crossbeam and Reveal, help companies within the same ecosystem to share data, such as contact lists and customer accounts. This allows you to co-market and co-sell effectively.
- Reseller programs: Reseller programs help you tap into new markets by leveraging the expertise and existing customer base of your reseller partners.
The "Who" Economy by Reveal.
THE NEW ICP
Previously, you carefully reached out to your ICP. The next step is to overlay Nearbound into your existing marketing strategy by following the ICE model (created by Mark Kilens, Isaac Morehouse, and Jared Fuller):
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Identify: Once you’ve identified your target accounts, determine who they trust, their network connections, and their partner overlap.
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Collaborate: Engage with partners to assist in reaching your ICP, prioritizing partners based on their proximity to your ICP.
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Execute: Implement your usual marketing strategies, ensuring that your messaging is tailored based on the partner data you’ve collected.
WHAT'S NEXT?
The key takeaway of Nearbound is connecting with buyers through trusted relationships. As we move into 2025, focus on building strong, mutually beneficial partnerships.
- Who can you developed cobranded content with?
- Are there industry influencers with a strong following among your target audience?
- Does your technology or service integrate or pair well with another tool or company in your ecosystem?
- Is there a reward your can provide for those who recommend your company?
Consider how you can start leveraging the power of your partners to accelerate sales and win more deals.
👀 TLDR: You've heard of outbound marketing, you've heard of inbound marketing—now welcome Nearbound marketing, a strategy that focuses on targeting your audience through a partnership ecosystem. Tactics include partner referrals, data sharing through Partner Engagement Platforms (PEPs), and reseller programs. Keep an eye out for opportunities to develop strong, mutually beneficial partnerships as we move into 2025.
Best Regards,
WEBITMD TEAM
