14th Mar, 2018
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For any B2B organisation, the way to their audience goes through a channel which in turn, is managed by partners. In a way, channel partners are the face of your brand and thus, you know how much significance do they command.
Finding the right channel partner might appear like a daunting task because as much as you research, you get the sense of real performance only once they come on board. Therefore, that initial decision of zeroing down on only the ‘right’ partner becomes extremely crucial. Even after onboarding, the wavelength of your relationship with them is reflected in the revenue you are able to gather through them.
How can you get the best out of them?
While sales organizations generally use recognition programs, appreciation dinners etc. to reward their channel partners for sales volume/revenue figures, what at times gets ignored is the customer experience aspect. While the numbers represent the complete story, the end-consumer experience is an important element which ramps-up your recurring revenue sheet.
A thumb rule to be etched for nothing less than forever, monetary incentives are important, however, the way you foster the partner-relationship, also plays a big role in the final output.
Why you need to increase your focus on Partner Strategies?
They know your products and have a vested interest to increase your market share. If you manage your partner community well, they offer an army of sales experts who can deep dive into your markets to promote your products and services.
How do you find & retain the perfect partner?
Simple! Just Follow the 80/20 rule which states that 80% of the effects come from 20% of the causes (for example, in a business, 80% of the revenue comes from 20% of the customers). Similarly, one has to stay laser-focused on identifying partners who can give the biggest bang for your bucks.
It often requires lot of time and energy so you not just have to deep and understand them better but also communicate with them, invest maximum efforts to train them and enable them as per your requirement if you want to receive benefits in the longer run.
Having an efficient partner network can also facilitate new and innovative ideas for improving the distribution strategy, messaging and channel processes. With a thorough understanding of the industry, the potential partners can put you forward in a position to make effective pitches and close a fruitful deal.
What is your take on this? Let us know! Please share your thoughts in the comments section below.