Channel Partner Strategy FAQs

Businesses were able to survive the recession that hit various industries in 2009 due to a well-known business tactic called channel partner strategy

. The central principle behind this strategy is establishing a partner program allowing resellers to join your company and help sell products on your behalf. Many businesses have done this in the past, but due to the economic downturn forcing companies to play on fields they have not been on before, many businesses especially on the IT solutions industry are now dabbling on growing their pool of resellers.

If you are planning on integrating this strategy into your business, here are answers to frequently asked questions that you might have in mind.

Why go for this strategy?

All vendors go for one objective: make a sale. The only way to achieve this is to get to target consumers. And what better way to do this than by sending an army of resellers to do the selling for you. They are in a more direct contact with consumers and they have the resources and systems to ensure customer experience of your product is up to par so you can be sure to have a wider consumer reach.

How do I find partners?

Business relationships are not haphazardly established or at least, that should be the case. Choosing the right partners should be done with assessment and consideration about partner candidate's capability to contribute to the growth of the business. Partner recruitment is so important that companies are willing to invest resources and time to look for partners that meet their standards. Recruitment would entail phone calls, emails correspondents, meeting, time, and even trips to different parts of the country or the world if you're into global business. More so, there would be a need to hire professional channel recruitment agency that can provide you a list of promising partners.

How many partners should I have?

It really depends on the business and the nature of the product. You can have as few as 3 and as many as 20. But whether you have 3 resellers or as much as 20, the success of the channel partner strategy still depends on the way it was managed and executed.

How do I manage these partners?

Before the digital age, ensuring good partner performance and management is a difficult task. Now that almost everything is digitized and with partner relationship management technology in place, tracking partner performance is just a click away. It also makes it easier for sales managers to send leads and instructions to partners. The software also fosters communication between managers and resellers to avoid PRM conflicts common in the business these days.

How do I foster good relationship with partners?

One way to motivate partners to make good sales is to give incentives. The PRM software can help businesses identify partners who yield great contributions to sales and deserve the incentives.

What are the other benefits that I can get from partners?

If you are running a global business, having resellers from different countries is a good move. Each country has a different view of products, services, and businesses and having a reseller in one of your strong selling points, will bring you closer to the locals who might be potential consumers of your product.

Channel Partner Strategy FAQs

By: Jennifer Franco

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