Your partner sends over their co-marketing proposal. Joint webinar. Co-branded whitepaper. Shared booth at a conference. Both teams execute flawlessly. You get decent attendance, some leads, nice LinkedIn posts.
And then nothing converts to pipeline.
This pattern repeats across thousands of partner programs. Activity that looks like progress but doesn't generate revenue. The problem isn't execution—it's strategy. Most co-marketing treats partnership as a marketing channel instead of a growth multiplier.
After building partner programs that generated $50M+ in mutual pipeline, I've learned the pattern: successful co-marketing starts with aligned incentives, not coordinated campaigns.
Here's how to build programs that actually work.
Why Most Co-Marketing Fails
The typical co-marketing playbook goes like this: two companies with complementary products decide to collaborate. Marketing teams meet, brainstorm tactics, split costs, execute campaigns, collect leads, hand them to sales.
Then both sales teams ignore the leads because they don't fit their qualification criteria, came through an unfamiliar channel, or seem less serious than self-generated opportunities.
The fatal flaws:
No revenue alignment upfront. Marketing teams agree to collaborate without confirming both sales organizations are committed to working these opportunities. You get marketing alignment without sales buy-in.
Wrong partner selection. You pick partners with overlapping audiences instead of partners whose customers have your problem and vice versa. Audience overlap doesn't equal buying intent.
Tactics before strategy. You jump to "let's do a webinar" before defining what success looks like, how you'll measure it, or whether this tactic addresses a real go-to-market gap.
Equal split assumptions. You assume 50/50 cost sharing and lead distribution makes sense. Sometimes one partner has more to gain, better distribution, or stronger brand. Equal doesn't mean fair.
The teams that succeed do something different: they start with revenue goals, work backward to tactics, and ensure sales teams are committed before marketing teams execute.
The Partner Selection Framework
Before you build any co-marketing program, validate you have the right partner.
Filter 1: Customer problem alignment
Your ideal partner's customers should have the problem you solve, and vice versa. Not "similar customers"—customers with active, urgent problems that both products address.
Example: If you sell marketing automation and they sell CRM, your partner's customers likely need better email campaigns. Their partner's customers likely need better lead management. That's true alignment.
Filter 2: Non-competitive positioning
You need partners where buying both products makes customers more successful, not partners where customers choose one or the other. Integration partners, complementary solutions, and workflow enablers work. Direct competitors don't.
Filter 3: Sales motion compatibility
If you sell through inside sales to mid-market and they sell through field reps to enterprise, your sales processes won't align. Different deal cycles, different buyer personas, different qualification criteria. Co-marketing only works when both sales teams can work the same opportunities.
Filter 4: Balanced value exchange
One partner shouldn't carry all the cost or provide all the value. If they have 100x your audience but you bring deep expertise, define how expertise offsets reach. Unbalanced partnerships create resentment.
Start with these four filters before discussing tactics. Most partner relationships fail filter 1.
The Revenue-First Program Design
Once you have the right partner, design the program around revenue outcomes.
Step 1: Define mutual pipeline goals
Not lead goals. Pipeline goals. "Generate 100 qualified opportunities worth $5M combined pipeline by end of Q2." Both companies commit to this number. Both sales teams know their targets.
Step 2: Identify the ideal co-customer profile
Who benefits from using both products together? Build a specific ICP: company size, industry, use case, tech stack, buying triggers. This becomes your shared targeting criteria.
Step 3: Map the joint value proposition
Why is buying both products better than buying either alone? This isn't "here are two separate value props." It's "together, we enable this specific outcome that neither enables alone."
Example: "Companies using [Marketing Automation] + [CRM] together see 40% higher conversion rates because marketing can trigger sales actions based on buyer behavior in real-time."
Step 4: Assign sales ownership
Which sales team owns which opportunities? Common models:
- Partner's customers: Their AE leads, your AE supports
- Your customers: Your AE leads, their AE supports
- Net-new accounts: Split by geography, industry, or size
- Referral model: Partner refers, originating company pays referral fee
Define this before launching campaigns. Ambiguity kills conversion.
Step 5: Pick tactics that match the goal
Now—and only now—do you choose tactics. If your goal is top-of-funnel awareness in a new market, joint content and webinars make sense. If your goal is expansion revenue in existing accounts, co-selling playbooks and customer workshops make sense.
Don't start with "let's do a webinar." Start with "we need 50 qualified ops" and work backward.
The Co-Marketing Campaign Playbook
Once strategy is set, here are the tactics that consistently drive pipeline:
Tactic 1: Co-created thought leadership
Joint research reports, industry benchmarks, or best practice guides. Both companies promote to their audiences. Works best for top-of-funnel awareness in new markets.
Tactic 2: Integration-led campaigns
Launch or promote a product integration. "Now [Product A] + [Product B] work seamlessly together." Create case studies showing integration value. Works for existing customer expansion.
Tactic 3: Joint solution packages
Bundle both products with implementation services for a specific use case. "The Complete Revenue Intelligence Stack for Mid-Market SaaS." Simplified buying for net-new customers.
Tactic 4: Co-hosted customer events
Workshops, roundtables, or dinners for mutual customers or prospects in specific markets. High-touch, relationship-building. Works for enterprise deals.
Tactic 5: Referral campaigns
Systemized programs where customer success and sales teams identify referral opportunities. "Which of your customers need [partner solution]?" Incentivize with referral fees or co-marketing credits.
Choose 2-3 tactics per quarter. More tactics mean less focus and worse results.
The Measurement Framework
Track these metrics to know if co-marketing is working:
Pipeline created: Total pipeline value generated from co-marketing campaigns. Split by partner-sourced leads vs. jointly-acquired accounts.
Conversion rates: How co-marketing leads convert compared to other channels. If conversion rates are lower, your targeting or qualification criteria needs work.
Sales cycle length: Do co-marketing opportunities close faster or slower than standard deals? Faster indicates good value prop alignment.
Win rates: Are you winning a higher percentage of co-marketed opportunities? You should be—warm introductions and joint value props improve close rates.
Cost per opportunity: Total program cost divided by qualified opportunities created. Compare to other demand gen channels.
Set a baseline expectation: co-marketing should generate 20-30% of new customer acquisition pipeline within 12 months of program launch.
Making It Work
Partner marketing fails when marketing teams execute campaigns without sales teams being committed to working the opportunities.
It succeeds when both companies align on revenue goals first, select the right partner, design programs around mutual customer success, and measure pipeline outcomes.
Start with one partner. Prove the model. Then scale.