Investing in the right channel partners in a deeper, more personalized way through tailored, easy-to-use marketing development funds and incentives. Partner marketing programs
can help your organization achieve key growth and your ROI objectives. You need to take risks, be creative and use the rapid digital transformation to identify your top channel and dealer partners.
Here are some ways to help you identify which channel partners you need to focus on and how to categorize your partners:
Creating a Robust Channel Strategy
Create a strong channel strategy based on the ideal channel partner profile. Find answers to questions like what your channel strategy aims to achieve, what drives the growth of your business, what separates you from your competitors and what is important for your partnership. Defining what you want from your channel strategy is the key to recruiting the right partners for your program.
Defining IPP (Ideal Partner Profile)
Your ideal partner should be capable, ready, willing, and able to sell your products. They should have the same mindset, a partnership mentality, make the most of the sales enablement resources you provide, and align with you in terms of business perspective. Stability in aspects like finance, human resources, market reputation, and performance is crucial.
Analyze Partners’ Performance
Rate your partners based on their capabilities, their ability to come up with competitive solutions, their willingness to communicate clearly and their ability to inculcate new ways to increase sales and revenue. If their performance is not up to the mark, be prepared to knock them off the list. Be selective when investing in a partner.
Be Ready to Support Large Channel Partners
You should have the mindset and resources to support large channel partners. Devote your funds to offering them training and relevant content, and give them the support they need to succeed. Employ a team who can manage such partners, regularly get an overview of their performance and issues they are having so they know you care.
Harness Technology to Manage Partnerships
Use sophisticated PRM tools to analyze how your partners are performing against defined KPIs and identify areas for improvement, and the type of training they are receiving and their incentive history.
Channel Partnerships Aid in Revenue Growth
Creating channel partnerships with the right companies can help you broaden your customer base, achieve your ROI objectives, and create lasting business relationships.