How to build a successful Channel Partner Program?
Whenever you want to increase your profit, you always look at the sales team first. Your business depends on sales and therefore the team needs to find prospects, work towards getting the sales done, get signatures and close the deal. But a company just cannot rely on its sales force for revenue generation. And therefore, other strategies and programs need to be instituted. If the goal of your company is to boost revenue, you might need a secret weapon outside the sales team; a channel partner business. By partnering with channel partners, you can increase your sales numbers, drive new customers and grab the opportunity you may not have been exposed to.
Look for a channel partner that fits your DNA
- Look for a company or a person who can ideally sell your product or services.
- Make sure your channel partner fit is logical and long term in nature. Check for the cultural and competency fit too.
- Understand if your channel partner is ready for this opportunity? Do they have all the resources to invest in this opportunity or partnership?
- Analyze if they can make you reach your goal?
- Do they have the skill set they need for a successful implementation?
Build relations with your channel partner
- Building a mutually beneficial plan is the key to making a channel partner work. Make sure it is a win-win situation for both.
- Build a relationship with your channel partner where they invest in selling your product the way you and your team do.
- Your first partner should be the one whom you are familiar with and can trust.
- Make an agreement where your channel partners see enough value in the partnership for them to focus on it.
- Work closely with your partner and build a strong relationship, if you want it to be effective. This will help you understand what works and what needs to be adjusted.
- Build a team of relationship managers to maintain a relationship with the channel partners. For example; Bada Business Pvt ltd has a team of proficient 25 relationship managers to maintain relations, get feedback, and follow up with the partners and also check if all the formalities are in place.
Equip your channel partner with the right tools
- Provide a sales toolkit to your channel partner business and show them what the selling process is going to be like.
- Have multiple training sessions with your partner on how your product is pitched and positioned. This process will make sure they represent your brand well in the market.
- Build a channel partner business plan that includes development assets like company videos, success stories, landing pages to encourage them.
- Go the extra mile to educate and empower your partner with whatever they need, this will add more value to your company.
Make sure you can scale along with the new channel partner
- Before approaching a channel partner, make sure you do your homework on them.
- Build a solid team to handle the partner and divide them into regions.
- Look for a partner who fits your DNA, then provides them effective training and sales tools to ensure your commitment towards the opportunity they bring in.
- With a smart channel partner strategy, you can dramatically grow in no time.
- Selling through channel partners can take your business to a new market effectively.