It's about committing to make Cloud GTM a major revenue channel. Here's an example:

First, what top performers do differently:

List their top products

• Lead with most popular products on marketplace

• Maintain consistent offerings and pricing across all channels

• Streamline buyer experience with SaaS Free Trials (ideally progressing: PAYG → enterprise contracts)

Make marketplace a C-level priority

• Treat it as strategic GTM, not "just another channel"

• Set specific goals for % of revenue through cloud marketplace

• Have CRO directly own and track marketplace targets

Measure marketplace specific KPIs

• Compare sales cycle length (marketplace vs. direct)

• Analyze deal sizes across channels

• Track win rates (marketplace vs. direct)

Embrace all transaction types

• Renewals

• Net new business (sourced and influenced)

• Channel partners

• Why? Because accelerating a renewal or achieving 2X upsell through marketplace is incredibly valuable.

For partner-driven businesses, it’s crucial to learn how to turn channel partners into marketplace allies. This includes enabling key partners to resell on the marketplace or add services on top of your software.

Success is about making the marketplace an essential part of your GTM strategy.

Here's a telling example from Okta, 2024 AWS Marketplace Global Partner of the Year:

Just a week ago Okta passed $1 Billion in total AWS Marketplace sales. It took them 4 years, since their debut on the marketplace.

A year ago, Maureen Little, Global VP, Strategic Alliances at Okta, shared their transformation journey at our event:

Initially, Okta focused on direct sales with little emphasis on partners or marketplace. But they made a research on customer buying patterns, including different markets, which shifted their focus to cloud GTM and partners.

"We started looking and researching how our customers purchase... How are they buying? Where are they cutting costs? How are they using SIs and resellers?” she explained.

The next challenge? Convincing internal stakeholders to invest in cloud marketplaces and partners. It took several proposals to management and CFO, showing potential financial benefits and market opportunities.

In the end, Okta made an internal commitment to make the Amazon Web Services (AWS) marketplace a key GTM channel and set a revenue target.

“We had a fighting year, convincing everybody internally that this matters. Then we had the building year, and this was really the massive growth year” - Maureen Little stressed in the end of 2023.

Fast forward 15 months - the results speak volumes:

• Okta just passed $1 Billion in aggregate sales via AWS Marketplace

• Partner deals are now 3X larger than direct sales

• 40%+ revenue flows through partners

• Okta won 2024 AWS Global Marketplace Partner of the Year - a testament to their traction

Okta's methodical approach from research to internal alignment to commitment and execution paid off spectacularly. I wrote more on Okta here.