Many industries use channel partners to boost sales and increase revenue. But how can you get the most from your network? Follow these four simple steps.
From automotive to IT, a broad range of industries use channel partners and resellers to increase revenue and improve results. But some succeed more than others. The best channel partner networks are created when vendors regularly review processes and communications to ensure they are getting the most from their resellers. Here are some simple steps you can follow to ensure success in your network.
Each channel partner is different, and it's important you treat them as such.
1) Set unique goals with each channel partner
Each reseller is different, and it's important you treat them as such. At the start of the relationship and then at regular intervals down the line, sit down with each channel partner and set some goals together. Targets should be both annual and quarterly, and you should review them at set points to ensure your resellers are on track to achieve them.
Goals can be based around a broad range of areas, but shouldn't just be about sales. In addition to more standard selling aims, consider including targets around undergoing product training, getting more people into the pipeline, increasing brand awareness and retaining customers. That way you can have as broad an approach to increasing revenue as possible.
Setting goals together will help show your channel partners that you're invested in the relationship and in their personal achievements, which will encourage them to prioritise selling your products over a competitor's.
2) Refresh your current channel partner portal
Most vendors use an online portal that gives their channel partners access to a whole host of information on products, as well as lets them log sales and other essential information. The technology supporting portals changes frequently, so it's a good idea to regularly review this to ensure it's as easy to use and effective as possible. You also want to make sure you're using it as a content hub, uploading useful and relevant information frequently to keep your resellers engaged.
Use your portal as a content hub, uploading useful and relevant information frequently to keep your channel partners engaged.
3) Review your channel partner communication practices
It's essential channel partners are able to get hold of you when they need to. This is especially the case for resellers that might be in different countries. They don't want to leave a potential customer hanging because they are unable to check a price or product spec with you. So linked to ensuring your portal is working effectively is the need to regularly review your communication practices.
Consider sending out surveys asking your resellers if they are able to reach you when they need you or find the information they require to sell effectively. If not, ask why and create strategies for improving the flow of information. If you notice one particular area or type of reseller that's struggling, look into what's unique about them and whether they may need a different communication plan to the rest of your channel partners.
4) Introduce a Channel Partner Incentive Program
One of the best ways to drive results in your reseller network is by introducing a Channel Partner Incentive Program. Through these you can offer resellers rewards for a broad range of activities, from undergoing product training to making sales or increasing brand awareness.
To find out more about how a Channel Partner Incentive Program works at Power2Motivate, reach out to the team today or request a demo.