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Tech partnerships, anyone?
Tim Kock
January 09, 2024
Gm. This here is the first issue of bucket - the weekly newsletter that keeps you in the loop about the Shopify partner ecosystem. So if you’re building an app, working for an app, or connecting apps with merchants, this is for you.
In today’s newsletter:
🤝 How Klaviyo, Okendo, Yotpo (and others) build tech partnerships.
📝 Why Gorgias said goodbye to 1-year OKRs.
🕵️♂️ How to research your and your competitor’s audiences.
👥 The reason you may want to look into Shopify Audiences.
🦄 A donkey (that is soon to become a unicorn).
COVER STORY
How Klaviyo, Yotpo, and Okendo build tech partnerships that drive millions in revenue
They’re known to have the best partnership programs in our ecosystem for a reason. And usually, you’d have to pay some good money to get consulting from the folks who established those programs. But you’re lucky; the people from Crossbeam, Klaviyo, Okendo, and Loop (and ex-Swell & ex-Yotpo) revealed everything they know on how to build a successful technology partnership program.
A key question for two companies considering a technology partnership is ‘how would this partnership improve a shared customer’s experience compared to what our two companies can do already on our own? How does 1 + 1 = 3 for customers?” There may be lots of other reasons to partner with a company, but having a shared understanding of the answer to these questions makes a partnership more likely to succeed.
But that’s easier said than done.
So how do you get the results you’re looking for? The answer lies in four key principles:
Building meaningful integrations.
Crafting data-based narratives.
Building strong relationships with all stakeholders.
Focus on top priority partners first.
Key #1: Building meaningful integrations
Relevant integrations are the backbone of every partnership program. Without them, your partnership program is just a logo exchange machine. You’ll never see the results you’re hoping for.
Merchants don’t care too much that you had several Zoom meetings and sent endless messages in a shared Slack channel if all they get is an email with a 10% discount on your partner’s plans.
Build something useful.
Key #2: Crafting data-based narratives
Just because you build an integration, even if it’s super valuable, doesn’t mean merchants will adopt. It’s your job to make sure brands, agencies, and internal stakeholders are convinced that what you’ve built is worthwhile to check out.
This is where data comes in handy.
Collaborate with your data folks “to objectively evaluate the integration’s impact on performance metrics and customer outcomes.”
Key #3: Building strong relationships with all stakeholders
The word “partnership” says it all. You can’t do it on your own and you need everyone who’s involved to be on board. From R&D to CS.
Setting clear expectations of what you can (and can’t) deliver is a crucial part. Having a shared document with the full scope, from building to GTM, is an essential tool for everyone.
Key #4: Focus on top priority partners first
“Focus on your top priority partners and get it right, then repeat with the next most valuable partners. Adapt to changing priorities and don’t be afraid to say “not now” when a meaningful partnership doesn’t seem feasible.”
Building valuable partnerships is not a walk in the park. It costs a lot of resources; time, money, and people. Prioritization is the key to success. Using a tool like Crossbeam can help you get a better understanding of which companies to partner with first.
And if you’re really keen to learn more about a few of the greatest programs in the Shopify partner ecosystem, you should read the full article here.
PS. You may like co-marketing. But what about co-retentaining and co-succesing?
TODAY’S ISSUE IS BROUGHT TO YOU BY AppStoreResearch
No matter if you’re just starting to build your app or already serving hundreds of thousands of merchants; understanding the needs, pains, and desires of your audience has to be a crucial part of your product and marketing strategy.
Now, one way to do this is to interview your existing customers. And while this is for sure important, it doesn’t give you a true inside look into the thoughts and decision-making processes of merchants that aren’t yet your customers. Wouldn’t it be amazing if you could speak directly to your competitor’s customers and learn what you could do better so they’ll sign up for your app instead?
Well, you’re in luck.
My buddy Jonathan Kennedy built AppStoreResearch for you. It’s a premium service that is being used by leading Shopify app companies (Pushowl, Kimonix, Convertwise, and more). They all use it to book 1-1 research interviews with real Shopify merchants. And heck; they’re seeing amazing results.
Wanna target participants by role? Or by category? Or by apps they use? No problem. Recruit, schedule and pay your research participants - all in one place. Only available on AppStoreResearch. It’s really that good.
Now you.
Try AppStoreResearch today by clicking here.
Gorgias passed $50M in ARR in 2023. That’s huge. And because of that, they had to change how they plan. “Creating a 1 year vision doc with OKRs and quarterly plans wasn’t cutting it”. Romain, Gorgias’ CEO, shared their evolved planning process on LinkedIn; three simple steps that could benefit you.
Impress your merchants with Shopify Audiences
Shopify is proud of their unique tools. From very solid apps to bigger projects like Markets or Audiences. They’re pushing their products and developing the stuff that merchants actually want.
And with the launch of Shopify Audiences in May 2022, Shopify gave Plus merchants one more tool. One that is so precise that it reduces customer acquisition costs by up to 50%.
The latest release, Audiences v2.1, takes everything a step further by integrating with major ad platforms such as TikTok, Snapchat, and Criteo. This expansion allows merchants to tap into a broader audience and explore new avenues for growth.
But that’s not all.
A new benchmarking feature enables merchants to compare their ad performance with similar peers, providing invaluable insights for strategic optimization.
Based on “commerce intent signals” (yep, we also don’t know what this actually means), Audiences craft personalized audience lists and delivers unique insights. And to top it all, an improved algorithm enhances ad targeting precision
A case study featuring Happy Hippo showcases the benefits of Shopify Audiences on sales, return on ad spend, and customer acquisition costs.
Shopify Audiences is a huge benefit for Plus merchants. It has helped lower customer acquisition costs so our investments can stretch much further with Facebook ads.
Audiences v2.1 seems to be not just an update; it's a strategic leap forward. With improved algorithms and benchmark data, it's here to elevate your digital advertising game. For merchants (and you as a partner) eager to harness its potential, Shopify published an in-depth article that outlines practical steps, emphasizing experimentation, customization, and continuous testing for optimal results. Read it here.
Content is king: How one agency helped Okendo with powerful content.*
Demo calls: you won’t find a single “sign up” button on Yotpo’s website.
Hi: 57 new apps have been published on the AppStore last week.
Reviews: Industry celebrity Jon Kennedy on better AppStore reviews. Give it a read, it’s good.
Brand: The Loox brand is unique. Click the donkey on their career page and see what happens.
*Sponsored content.
Thanks for reading. Next week, same time?
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