Ever wonder why some partnerships fizzle out faster than a deflating balloon? Let’s unravel this enigma together in an easy way.
First, take a breath, open your mind and let’s rethink the mysterious world of channel partnerships…
Imagine a world where channel leaders are like eager beavers in their first year, sprucing up programs and making magic happen. But just as quickly as they arrived, they started eyeing the exit door by year three. Why the rush? It’s like a game of musical chairs, but with channel execs!
While some leaders break the three-year curse, many fall into the same cycle. To make long-lasting partnerships bloom, it’s crucial to pick the right people, tools, and build strong connections with your partners. Stability is an important factor to achieve this goal so try to get your team to stay put for longer and support them properly to get the job done right.
Do you think a partner would ever receive a call from a clueless new vendor rep who doesn’t know a thing about their company? Annoying, right? This lack of understanding and connection not only sours the relationship with the vendor but also leaves the door wide open for new players to swoop in.
To crack the code of successful partnerships, focus on nurturing and supporting your channel reps who interact with partners daily. They’re like the secret sauce (glue) that keeps the partnership sizzling. The stronger their relationships are with your partners the more sustainable and predictable your sales will be. And remember, under promising and over delivering is the golden rule – nobody likes a broken promise!
Leads are the golden tickets in the partnership world of success – share them wisely and watch the magic unfold. And when it comes to marketing and co-selling, lead the charge and align your partners’ skills with your value proposition for stellar results. Marketing or lack thereof is the pitfall of many vendors. It is rare to find a partner who does marketing well so typically once the low hanging fruit customers are picked, the sales dry up. Even though you can see more opportunities, no one is going after them. Good marketing allows your partners to climb to new heights and “pick more fruits that were previously out of reach”.
Profitability is king in the partnership realm. If your product isn’t bringing home the bacon for your partners, you’re playing a losing game. Look for smarter ways to reward your partners regardless if they do the transaction or influence the deal. Partners come in all shapes and sizes these days so don’t leave anyone out!
Simplicity and ease of doing business are not just buzzwords. It’s a real thing and if you really get this right you will be rewarded. No one wants more complexity and as such will gravitate to the path of least resistance and that may be your competition! Just cut out the red tape and simplify, simplify, simplify. Remember complexity also puts another layer of burden on the channel reps on top of your partners!
Lastly, bring your partners together to learn, collaborate and exchange ideas. You could host big partner events and parties, but that will only take you so far. The learning process takes longer than three days! You want your partners to be part of smaller peer-groups so they can learn from each other over time to accelerate their success. If you do not understand what and why this matters check out the Channel Partner Alliance. This is not complicated stuff and once started, it just keeps on going!
Ready to get your partnership strategies in gear and watch your growth soar to new heights?
Stop overcomplicating matters and get the basics right, then build from there! Not sure how to make this happen? Do your own research or ask about joining one of our vendor Mastermind peer-groups so you can learn from others.
