Nowadays, many companies are opting to pursue a channel partner program to boost their revenue and sales. In a channel partnership, companies use third parties to sell their products, which grants them access to new customers and additional revenue sources. Here are five crucial steps companies should follow to establish a successful channel partner program.
Step 1: Figure Out Your Business Goals
The first step is to clarify your vision and set measurable goals for what you want to achieve with the channel partner program. For example, are you seeking to achieve accelerated growth, more brand awareness, or greater revenue?
Step 2: Determine Your Channel Partnership Strategy
Next, identify a channel partnership strategy for your business. There are three main partnership options you can pursue:
- You sell through a partner that distributes your product.
- Your partner sells your products as an upsell to one of their own.
- Your partner sells your products to new markets or adds your service to their own offerings.
Step 3: Identify Potential Partners
An ideal channel partner will offer solutions that complement your own, has customers that would benefit from your product, and has adequate marketing and technical expertise. It’s also crucial to choose companies that will reap significant benefits from the partnership.
Step 4: Establish a Connection
Next, reach out to your prospective partners and establish a connection with them. It’s important to ensure your marketing, sales, support, and technology teams – and your partners’ teams – are adequately trained and focused on the launch and the ongoing partnership.
Step 5: Measure Results, Adapt, and Drive Growth
After implementing a channel partner program, regularly track and measure your results. If necessary, adapt your strategy and continue to track and measure until the partnership achieves your desired results.
The Key to Successful Channel Partnerships
Ultimately, the key to a profitable channel partnership is to remember that your partner wants to be successful too. A partnership needs to be a two-way street, in which both parties benefit. By taking the time to strategize, analyze, and establish ongoing communication, you will be well on your way to having a successful channel partner program.