Paid Marketing in 2021: A Complete Analysis

SAGAR SRIVASTAV | July 13, 2021

Paid Marketing for Businesses
Paid marketing in 2021 has become the most impactful method of marketing that provides high ROI within a specific period. Delve into our latest article to know more about paid marketing and its benefits.
One of the best, quickest, and prevalent forms of marketing is paid marketing. A paid marketing tactic isan advantageous wayto strengthen your brand identity and buildstrong connections with your customers. As a result, companies are constantly investing inpaid marketing and experiencing ideal outcomes.

87% of retail shoppers begin their searches on digital channels. According to the Hanapin marketing survey, 79% of marketers say PPC is hugely beneficial for their business. The data clearly shows how impactful paid marketing is.

Introduction


Paid marketing is a form of marketing wherethe company pays to promote its product or services. Brands pay for content promotion to reach potential customers based on their interests and convert them into long-term customers. In addition, paid marketing helps encourage customer engagement, boost brand recognition and makethe brand capable of measuring and optimizing the campaign.

Organic Marketing vs. Paid Marketing


Both marketing strategies are practical, and result-driven to gain brand recognition, leads, and website traffic. But, the differences between both of them specify their way of working and help marketers know when to utilize one over the other.

Organic Marketing

Organic marketing is entirely based on your creativity and time. In organic marketing, once you understand buyer persona, you need to develop relevant content, including images, gifs, videos, etc., organic marketing is frequently referred to inbound marketing. It establishes companies as thought leaders in the space by educating audiences and building long-term connections with customers. In organic marketing, brands can share information at no cost; also, it looks more authentic to customers as it is not a sales pitch.

Paid Marketing

Paid marketing means you are paying for intended outcomes. It assists brands in reaching audiences more directly than organic marketing. Paid marketing can be executed in billboards, posters, or other print advertisements. Today, businesses are investing in paid marketing to enhance digital marketing efforts. This method involves distributing ads and sponsored posts on social media and search platforms. The focal point of the paid marketing is achieving positive ROI at a faster rate than organic marketing, converting visitors to customers, and reaching sales goals in the designated time frame.

Why is Paid Marketing Important for Businesses?


Paid marketing is one of the best options to run an efficient and customize campaign. It attracts the attention of the viewers to experience your products or services. Investing inpaid marketing will certainly utilize your content to escalate your brand by attaining specific leads. It allows you to receive high-quality traffic to your website by ranking on the first page of Google results without focusing on search engine optimizations.Ads are pretty affordable and measurable in paid marketing which helps you to reach a large audience. You can keep an eye on the moneyyou have spent on different ad platforms and set a budget for a specific campaign to avoid overspend. There are plenty of platforms to run a campaign. You can effortlessly find out which platform your target audience is using and modify your messages andcampaign accordingly.
  • US social media ad spends reached $43 billion in 2020. This was a 20% increase from 2019.
  • 63% of people say they’ll willingly click on Google ads.
  • Google estimates that PPC helps to increase brand awareness by 80%.
  • Google will remain the most prominent digital ad seller globally in 2019, accounting for 31.1% of worldwide ad spending, or $103.73 billion.
  • Brand awareness can be increased by up to 80% through Google paid ads.
  • Paid advertising returns $2 for every $1 spent – a 200% ROI rate.
  • 53% of paid clicks are made on mobile devices.
  • Google drives 95% of all US paid search ad clicks on mobile.
  • Mobile will account for 72% of US digital ad spend by 2019.
  • In 2020, US Facebook ad spentexceeded $31 billion.This represents a 5% increase from 2019.
  • The average cost-per-click (CPC) in the marketing industry is $3.33, and the most expensive marketing industry keyword CPC is $165.


Types of Paid Marketing

There is a wide variety of paid marketing you could use to heighten your business regardinglead generation, growing sales, building a solid connection with customers, etc. Here are some common paid marketing types.

Paid Search Marketing

Paid search marketing is a cost-effective and accessible method of web marketing aimed to connect your ads with searchers actively pursuing what you deliver. With the right platforms and in-depth research, you can convert your potential customer into a long-term customer.


Paid Social Media Marketing

The most popular platform is social media. Almost every social media platform offers paid options where you can pay to publish your ads for your target audience based on their interests, behavior, demographics, etc.


Influencer Marketing

Influencer marketing is a kind of marketing where businesses focus on influential people to convey their brand message to reach maximum audience and boostsales. Choosing the right influencer for your brand can help you in receiving positive ROI. For example,80% of consumers have purchased something via an influencer recommendation.


Native Marketing

Native marketing is a form of paid media where the ad experience follows the natural form and function of the user experience in which it is placed. Owing to its soft approach, native marketing is more influential in capturingthe audience’s attention. Viewers are always ready to share, like, and comment only when they find the content informative, engaging, and appropriate.


How to Launch a Paid Marketing Campaign?

There are some procedures to make any advertising successful. Those procedures are essential to attract the customer and experience profitability. First, you need to strategize the campaign and measure it. Let’s take a look at the vital steps of launching a paid advertising campaign.


Set SMART Goal

A smart goal should be specific, measurable, achievable, realistic, and on time. Before launching a paid campaign, setting a goal is the most essential step. First, it’s important to understand the purpose of the campaign. Is it about increasing followers? Getting more likes, comments? Or is it for brand awareness? Once you have identified your goal, it’s vital to allocate the budget for your campaign.


Define Your Audience

You need to have detailed information about your target audience. Keeping thorough research about buyer personas is the second most crucial step to make your campaign successful. It includes hobbies, requirements, gender, age, etc.


Identify Platforms for Promotions

Once you have your objective and detailed information about your target audience, you need to discover appropriate platformsfor your campaign. You must know which platform can give you desired outcomes. However, it differs from business to business.


Final Thoughts

Plethoras of examples are there around us about paid marketing. Paid social media marketing, paid search marketing, influencer marketing, native marketing, banner ads, and so on. It has become the most prominent form of advertisement that businesses are executing. More than 63% of marketers are ready to increase their paid marketing budget for the following year, owing to its quickest and optimistic results.


Frequently Asked Questions


What's the best-paid marketing channel for B2B?

Paid search marketing is the best-paid marketing channel for b2b. It helps in growing sales and reaching the maximum audience.


Does paid marketing work?

Yes, it works incredibly to build brand awareness, encourage customer engagement, and to reach a target specific audience within a time frame.


What are the top paid marketing channels?

Paid social media marketing, paid search marketing, influencer marketing are the top marketing channels that various businesses utilize.

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OTHER ARTICLES
CHANNEL PARTNERSHIPS

How to Build a Channel Partner Program in 7 Steps

Article | April 6, 2022

Channel partner programs help multi-billion dollar companies like Microsoft, Oracle, eBay, and many more increase their revenue and grow their businesses. A channel partnership is when a company partners with another company to market or sell its products, services, or technologies. What exactly do channel partnerships do for your revenue? What do channel partner programs entail? Let us take a look. Why Are Top Companies Engaging in Channel Partnerships? Channel partnerships accelerate business growth They create high brand awareness at a low cost They increase revenue through various partner channels They allow seamless expansion into new markets and verticals They contribute to a better customer experience C-level Executives Are Sitting Up and Taking Notice In an interview with Media 7, Sam O’Brien, CMO at Affise, discussed the growth of channel partnerships. Since joining Affise I've had many senior, experienced CMOs, head of marketing, demand generation leads reaching out to me asking how they can learn more about partner marketing. We want to solve that and make it easy.” Sam O’Brien, CMO at Affise Global partnership ecosystems are thriving. They accelerate the growth and expansion of companies into new markets and verticals. Managing channel partnerships needs to be taken seriously. C-level executives are doing their bit by hiring competent ecosystem managers. An example of this is Reputation, the global leader in reputation experience management (RXM) expanding its executive leadership by hiring its first-ever Chief Ecosystem Officer, Brent Nixon. He is the other ‘CEO’ who creates and fosters a long-lasting partner ecosystem as Reputation continues to grow across Europe and Asia. How Many Types of Channel Partnerships Are There? There are many types of channel partner programs that B2B companies create. Here are some important ones: Affiliates Referrers Resellers Tech Alliance Partners Cloud Service Providers Original Equipment Manufacturers Strategic Partners What Does a Channel Partner Program Entail? A channel partner program is a way to get channel partners to do more for your customers. Implementing channel partner programs can transform the way you do business. However, creating them is not easy. They take a significant amount of time, effort, and, most importantly, strategic planning. To ensure the success of your channel partner program, you need to get into deep waters, research potential partners, brace for swift growth, streamline your processes, and confidently venture into markets while being aligned with your business goals. Here's what you should be looking at before creating a channel partner program: Status of business Your products or services should be tried and tested for your partners to invest their time, resources, and trust in them. The demand and appreciation of your product or service offerings should be motivating enough for them to go the extra mile. Streamlined sales cycles Streamline your sales cycles so you know what works best for your in-house sales processes. Only then can you explain to your partners how you want them to sell and distribute your products. Key markets identified You need to figure out which key markets your partners can help you target through your channel partner program. How can your partners help you position your brand in these new markets? How can your partners do more for you in these markets? If you think they can do more for you than you can do for yourself, then it can be a great foundation for creating your channel partner program. Readiness for growth Channel partnerships steer new clients to your business. Ensure that you are ready to accommodate this growth, and serve these new customers with the same enthusiasm that helps you retain existing customers. Your customer support personnel are key to creating an excellent customer experience for your new customers. How to Build a Channel Partner Program in 7 Steps Discover the Right Partners Arrive at a consensus with your stakeholders about expectations from a new partner. The partnership should be based on common business goals and brand culture. It should be based on mutual respect, shared vision, and values so customers have the best experience while interacting with your product. Your partner should complement your skills and alleviate your weaknesses. Apart from these factors, choose a partner who has access to the markets you want to enter the ability to help you achieve expected revenue distribution channels that meet your needs a customer base that serves your purpose a strong intention to enter a lasting partnership Reaching Out to Shortlisted Partners Once you find a potential partner who ticks all the important boxes on your checklist, approach them to discuss your business goals and what you can achieve together. Highlight your challenges, previous partnership achievements, and the benefits of the proposed partnership so that your partner program creates great value for you both. It is crucial to work towards relationship-building from the get-go, so your intended partner understands your mindset to address customer pain points. Create a Partnership Agreement After you finalize your partner, work on creating a partnership agreement. Put on paper your shared partnership goals, target markets, specify your duties in detail, commit to the resources you and your partner will offer to enhance the partnership, clearly state your expectations and terms, list the strategies and tactics you plan to use to achieve your goals, and detail your incentive plan. Other factors like payment terms, indemnification terms, and partner marketing efforts should also be mentioned to ensure transparency from the beginning. Creating a solid partnership agreement will hold both parties accountable for their actions and will protect both businesses from any mishaps. Get a second professional opinion on the agreement to ensure you are not missing out on anything important. Decide the Metrics Without tracking the measurable goals of your partnership, you cannot ensure the success of your channel partner program. Follow the SMART analogy for your goals. They should be specific, measurable, attainable, relevant, and time-bound. Your channel partner program should measure KPIs like these: Total and average revenue per partner per channel tier Revenue achievement against specific products Revenue by geography Number of deals registered Partner satisfaction Channel attrition rate Effective MDF (marketing development fund) utilization New Customer Logos Renewal Rates By deciding on the metrics that effectively illustrate the performance of your channel partner program, you and your partner can easily understand the weaknesses of the partnership and address them in time to get the most out of the program. Streamline the Partner Enablement Process Partner onboarding doesn’t end after signing the agreement. You need to invest time and effort in channel partner management by enriching the partnership through partner enablement activities such as: Customized training for partners Explaining your product to the partners for appropriate brand representation Providing them with tools and resources to sell your product better Continuously communicating and updating the partners about product updates Listening to partners’ concerns and issues in the selling process Congratulate and reward your partners for their achievements Efficiently Manage Partnership Using PRM Tools Manually managing all the channel partner program data can be overwhelming. The PRM software eases the management process. You can streamline your recruiting, training, and partner relationship management. Partnership tasks can be managed efficiently through PRM software. Here are the features that your PRM software should have: Create Partnership Incentive Plans Incentives are a great way to keep your partners on their toes to sell your product better. They will strive to offer your customers a great customer experience and remain enthusiastic about their partnership commitments. SiriusDecisions’ Principal Analyst, Jay McBain, noted that partners are looking for better partner experiences and more innovative partner incentives. Your partnership incentive plans should be structured, comprehensive, personalized, clear, and transparent because they can drive an increase in revenue and market share, draw in new customers, and enhance teamwork and collaboration. The most popular incentive plans used by businesses are: Gift Cards Merchandise Award Points Trips and Travel Commissions (Rebate) Sales Performance Incentive Fund (SPIF) Market Development Fund Conducting special events to commemorate the success of the partners, treating them to frequent dinners, and hosting special educational sessions for them can also create positive reinforcement to work harder towards revenue generation and create an emotional connection with the partners. Ringadoc Got a 1,983% Boost in Their Annual Revenue Ringadoc’s channel partner program is a great successful partnership program example. The start-up company saw a 1983% boost in its annual revenue and a 1000% user-base growth within just six months. Interestingly, they did not have to bear any upfront costs for these results! Summing It Up To grow sales, revenue, and a loyal user base, B2B organizations need to create successful channel partner programs that can help them thrive in new markets. The best channel partner programs can create higher brand awareness and pave the way for success in new verticals. FAQ How can you motivate channel partners to increase revenue? By nurturing your channel partnerships, providing partners with technological support to sell your product, and remaining connected to your partners, you can motivate your partners to generate revenue for you by aggressively selling your product to the targeted customer base. What is a great example of a channel partner? A channel partner is a company or an individual that helps you sell products. Affiliates, resellers, tech alliance partners, and cloud service providers are some of the types of channel partners. How do channel partners make money? Channel partners make money through referral fees, pre-defined commissions, or by selling services like customer support, training, or consulting.

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CRM

How Can a CRM Strategy Enhance Your Business?

Article | March 10, 2022

In the B2B domain, relationship management plays a key role in business growth. As compared to B2C, B2B relationship management is complex. B2B sales cycles are longer, business is catered to key accounts, which are retained through regular contact, and there are multiple decision-makers who make purchase decisions. Seamless co-operation can happen only when a powerful tool like cloud-based CRM (Customer Relationship Management) software collects crucial data and assists the management strategy. 74% of respondents say that CRM solutions give them better access to customer data, which is crucial to offering personalized services to accounts. (Source: Resco) What is a B2B CRM Strategy? A Customer Relationship Management (CRM) strategy helps improve the conversion rate, retain customers better, and capture more leads. A B2B CRM strategy is used to sell services or products to accounts and has complex sales processes, fewer leads, and a longer sales cycle as opposed to B2C’s simple sales processes, more leads, and shorter sales cycle. A customer relationship strategy includes listing methods to oversee an influx in profits and an increase in sales. It helps in detecting shortcomings in your B2B CRM process and comes up with advanced solutions using critical data to enhance your management. To execute this strategy, you should choose an efficient cloud-based CRM software that is securely hosted on the servers of your CRM provider. You can access it over the internet from anywhere. With the help of good CRM software, you can manage your contacts, gain insights into your customers, understand and fulfill their needs at every stage of the sales cycle. Types of CRM Strategies for Business There are three types of CRM strategies for businesses. You can choose an appropriate strategy based on your business goals and objectives. Collaborative CRM This type of strategy focuses on breaking the silos between the sales, marketing, and customer service teams. These teams may not be in the same geographical location, use different channels to connect with the customer, and have different skills and specialities. Such differences make it hard for these teams to come together and work towards the same goal - an outstanding customer experience. Sharing information between these teams throughout the customer journey is vital for an optimum customer experience. Operational CRM Businesses use operational CRM for streamlining customer relationships using tools to understand and handle complete customer journeys, even those with multiple touch points. It also supports marketing automation, service and sales automation so that employees don’t have to manually carry out all the campaigns. Instead, they can allot more time to carry out activities that need human interaction. Analytical CRM New B2B marketing strategies include digital tools and platforms. A big chunk of customer data that is gathered through these tools and other channels may not be used accurately without a feature-rich platform that analyzes customer behavior. Through analytical CRM, you can get a detailed analysis of the data. It helps with customer retention and solving customers’ problems swiftly. Role of CRM in Business Strategy The main role of CRM is to enable teams that handle customers with relevant customer data so that they can offer an optimum customer experience (CX). So, a CRM strategy example would be a business strategy that focuses on customer satisfaction. “The C-suite plays a fundamental role in giving appropriate weight to CRM across the business, thereby ensuring that it is executed appropriately across all layers of the business and all the way down to the customer.” - Anders Lindholm, Managing Partner of Boyden Italy. CRM helps C-level executives to: Understand their customers better Retain their customers with impressive CX Bring in new customers Increase their revenue Manage customers economically Using CRM in business is also necessary if you want to achieve business growth through consumer-centric ideas. Let us take a look at the role of CRM in business strategy in detail: Provides Reliable Reports Businesses procure actionable customer data from social media, Google Analytics, apps, and business software. However, it becomes useless if it is unorganized. CRM organizes this data and collates it for better understanding. It can also categorize the customers into leads, sales, or opportunities. AI-based marketing automation is also possible using CRM. Allows Drip Campaigning Implementing drip campaigns to target a specific audience cluster with an interest in a niche product is easy because of the dynamic content that CRM provides. These drip campaigns are triggered by specific actions and send out emails to get in touch with the audience. They can be used to convert leads throughout the sales funnel. Enhances CX Through the data it collects, CRM provides insight into the issues and needs of the customers. This makes it easier for a customer service team to tackle issues that customers face. They don’t have to spend time or energy digging for information because they have all the data they need on their CRM dashboards. A quicker resolution time and higher customer satisfaction translate to an improved bottom line. Cross-department Data Accessibility CRM data can be accessed across departments that may not necessarily be in the same location. This kind of accessibility makes it easier for all departments to optimize their processes. Provides Business Insights Companies easily track business intelligence metrics that help them understand which campaigns are generating leads and how much time it takes to follow up with leads. They can also gauge salesperson performance, business KPIs (closed cases, average call time, average user rating), customer sales, and product sales, up-selling and cross-selling data. Aligns Core Teams All the teams that come into contact with customers are used to working in silos. That doesn't mean that CRM data won't help them. It can show them how to focus their goals and efforts on getting, nurturing, and converting leads, as well as giving customers a great experience. Creating an Effective CRM Strategy To create an effective CRM strategy, follow these steps: Identify your position in the market Know your product or service Define goals and vision Determine the ICP and target audience Map the customer’s journey Create a 360° CX experience Choose a good CRM software Sync everything with your CRM software Measure the performance of your strategy using KPIs British Airways’ Volume Requests Increased after Using CRM British Airways set a great example of a CRM strategy using Teradata CRM. Their volume requests increased by 150%. They automated campaigns and customer communications for their integrated warehouse through Teradata and saw amazing results. Conclusion The role of CRM is crucial in your business strategy. Adopting the best CRM strategy can bring you outstanding results and help you focus on your customers closely. FAQ Which companies offer CRM software solutions? Companies like Salesforce, Oracle, Zendesk, Microsoft, Hubspot, and Agile offer CRM software solutions. How can a CRM strategy help you scale your business? CRM can help you offer an enhanced customer experience, analyze customer behavior, bring your core performance teams together, and automate your marketing campaigns. How can you measure the success of your CRM strategy? Upsell rate, close rate, average value of deals, duration of sales cycle, and length of pipeline stages are some of the important KPIs to measure the success of your CRM strategy.

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CHANNEL PARTNERSHIPS

5 Tips to Boost Your Channel Partner Sales Strategy

Article | March 10, 2022

According to Forrester, 75% of the world’s commerce uses channel sales to generate revenue. What does this mean? Instead of preferring direct channel sales, where there is no intermediary, companies, or ‘vendors’ are trusting their partners to sell for them. Channel partner sales contribute to revenue and sales growth, adding to the company’s headcount and associated expenses. They are also enriching the customer experience. In a LinkedIn Live, Kori O'Brien, SVP Alliances & Channels at Salesforce, talked about how partner sales contribute to a great customer experience. “I really think it’s about segmenting the market and realizing how you get your best scale. And at the end of the day, it’s about what is going to make your customers more successful. You want them to have access to and experience of engaging with your product and brand successfully. I think if you can make sure that the partners you bring on board hit the profile you want and you segment your market effectively for productivity, I think there is a healthy balance between direct and indirect sales.” Are you planning on expanding into new markets, enhancing your customer experience, or creating a channel to scale your growth efficiently? If you are, then you must dive deep into channel partner sales, understand how to face the challenges they present, and make the most of a channel sales strategy. Understanding Channel Partner Sales One of the many ways to scale a business is to hire salespeople. However, hiring, training, and retaining salespeople is expensive and can even deplete the resources you can use to grow your business. Even with the best tools on the market, sales reps face limitations. A game-changing idea would be to set up a channel sales strategy. In a channel partner sales strategy, you use partners, including but not limited to affiliate partners, value-added partners, and resellers. Anybody who doesn’t work for you directly but sells your product is a channel partner. Examples of Channel Partner Sales Alliances: Partners that sell complementary products Affiliates: Websites that send customers to your site for a paid commission Dealers: Intermediaries between customers and manufacturers Distributors: Buyers who directly buy from you but market and sell to customers in their region Franchisees: Use your brand identity and business model to sell products and services Resellers or VARs: Purchase products to resell them, often adding features to enhance them Brokers and Agents: Arrange purchases in exchange for a pre-set commission Retailers: Sell products to consumers in small quantities Channel Partner Sales: Benefits, Challenges & Solutions Let us look at some benefits that channel partner sales can offer: Brand Awareness and Trust A well-known channel partner can help you create brand awareness and credibility in the market. Efficiency and Cost-effectiveness Channel partners can bring more revenue at a fraction of the cost of hiring new sales reps. Experimentation Space Experiment with new products, packages, customers, and marketing campaigns at low risk. Customer Experience Vendors help with customer success by giving service and support to customers on your behalf. So far, channel partner sales look promising for business growth, right? However, your channel partner’s sales ride may not be a smooth-sailing one. Let us look at some challenges this model presents and how you can tackle them without burning yourself out. Lack of Control Your partners represent your brand when they sell your product to end customers. However, you cannot control their interactions with customers. The only way to ensure that your partners give their best to achieve customer success is to provide an excellent partner experience for them. If you nurture your partnerships, give them time and effort, it will prompt your partners to offer the same support and effort for you. Unprecedented Conflicts When you use a combination of direct sales and partner channel sales, unexpected conflicts can arise between you and your partners. Your partners may feel like they are competing with your salespeople. To avoid such conflicts, proactively set guidelines around products you want to sell through your channel partners and those you wish to sell directly through your team. Zeroing-in on the Best Technology Finalizing a tech platform that best suits your partnership needs can be challenging because of the options available in the market, your partners’ expectations, budget constraints, and business goals. In this case, you can identify the areas that need special attention and leverage the tech resources you have to expand your functionality over time instead of making drastic changes immediately. Partners’ Changing Expectations Over time, your successful channel partners may ask you for better margins. It may be hard not to entertain such expectations if their numbers are good. Ensure you know the pricing structures you are comfortable working with from the get-go. Decide how frequently you need to revisit these structures. To minimize risk, recruit new partners instead of relying on a select few. Poor Performance of Partners Some of your partners may not live up to your expectations. Assessing metrics to know which ones are consistently underperforming is a smart way to figure out your next steps in time. Eliminate the partners who aren’t doing much for your sales channel. To improve results, you can also train your partners’ sales team. You may have to shell out for this solution, but it can be a good investment over time if appropriately executed. 5 Tips to Boost Your Channel Sales Strategy Here are five tips you can use to boost your channel sales strategy: Set Ground Rules and Expectations Definable sales expectations, which can be measured with KPIs, are crucial for the success of a channel sales strategy. Your partners should clearly understand your expected close rate or account growth expectations beforehand. In turn, you should also make sure that all your channel partners chase the goals they have set for themselves. Create checkpoints in your partnership journey to make sure everything is in order. Support your partners at every step and reward their good performances. Engage a Channel Partnership Management Platform Use the best partner relationship management (PRM) software in the market to track your partners’ performance. Robust PRM software may help you position your channel strategy better and drive your sales. Resources like webinars, training materials, and sales dashboards will keep your partners on their toes. Your PRM software should have the following features: Maintain an Open Communication Channel You should be in touch with your partners frequently. If the partners are not updated with the latest news surrounding your offerings and any other strategic announcements, they will not be able to benefit from them. You may also not hear much from them, missing out on issues that may fester if left unattended. Sending periodic emails, creating social media groups, conducting meetings, and participating in webinars can help you maintain an open communication channel with your partners. Stress on Training and Reinforcement Hone the skills of your channel partner managers and partner sales managers to help them perform optimally. By training your partner sales assets in marketing and selling your products, you can reinforce your brand knowledge and give them motivation to confidently sell your products. Ensure that you plan and execute good training programs for your channel partner managers, take feedback, and gather information on their performance to optimize efficiency. Grab a Bigger Mindshare for Your Product Mindshare is the limited time and resources your channel partner spends on marketing and selling your product. Apart from you, it is highly likely that your partner sells products for other companies. Therefore, your goal should be to get more considerable mindshare for your product. Engage your partners with content, incentives, referral programs, and more so that they remain committed to investing more time and resources in selling your products. Allbound PRM Helped Garland Technology Get a 33% Increase in Their Partner Referral Revenue Garland Technology, a network product and solutions enterprise, used Allbound’s PRM tool for channel sales management. With the help of the PRM tool, they automated training, marketing, and deal registrations and saw a 33% increase in their partner referral revenue. Their partner onboarding and training numbers also improved significantly. Conclusion With the help of these five tips, you can enhance your channel sales management. An effective channel sales strategy can increase your sales revenue, motivate you to scale your business in different markets and strengthen your channel partnership program. FAQ What are some examples of channel sales partners? Some examples of channel sales partners are distributors, consultants, alliances, affiliates, resellers, franchisees, and dealers. How can you avoid conflicts with your channel sales partners? To avoid conflicts with your channel partners, set clear boundaries on customer targeting, define the products you are going to sell indirectly, and offer lucrative incentives to partners. Also, keep an open communication channel, and decide on the customer segments that your partners shouldn’t target. What are some of the popular PRM tools? Some popular PRM tools are PartnerStack, Impact Partnership Cloud, Salesforce PRM, Allbound PRM, and Impartner PRM.

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CHANNEL PARTNERSHIPS

Words of Wisdom: 5 Inspiring Quotes from Women Leaders

Article | March 8, 2022

“It is within everyone’s grasp to be a CEO.” – Martha Stewart, Founder, CEO, Martha Stewart Living OmniMedia From the 1970s to the present day, women haven’t stopped dreaming about and chasing the goal of successful entrepreneurship, building healthy communities, and uplifting other women in their pursuit of excellence. Women who are not afraid to take on challenges, vow to break stereotypes, have an exemplary sense of duty, and have the ambition to reach new heights, make femininity a force to be reckoned with. On International Women’s Day 2022, we are celebrating inspiring women who have made a difference in their industry. Take a minute to read through the conversations we’ve had with them. Know Your Most Powerful Asset “Your most powerful audience is your employees. They are your greatest point of social proof.”- Kate Bradley Chernis, Founder and CEO at Lately What You Should Focus On “Rather than focusing on strategy, planning and creativity, many marketers instead spend the majority of their time cleaning and analyzing data.” – Yogeeta Chainani, Co-Founder and CPO at Swaarm There Is No End to Learning “Be a sponge and listen as much as you can. Go to those optional meetings. The more you learn and are exposed to early on, the better.”- Elizabeth Irvine, VP of Marketing at MarketMuse Time Management Is the Key to Success “Plenty of people never thought they would end up where they did, but almost all of them had discipline, rigor, and a deep learning mentality. Be flexible with your goals but really clear on how you spend your day/week/life.” – Kady S, SVP Global Head of Marketing at Klaviyo Carve Your Niche “If you have a topic you know no one else is talking about and that’s important to your clients, put your focus there.” - Amanda Sexton, Founder at FocusWorks Marketing

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Spotlight

Vrity

Vrity is a data company specializing in measuring the ROI of values for brands. We use AI, surveys and social listening to give brands an unparalleled look at how consumers see your values and how much revenue you can attribute to your brand’s values.

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