3 min read
Mar 15, 2024
Looking for an easy and practical approach to building an effective channel partner strategy to manage all your channel partnerships? Handling a partner program becomes effortless when you know how to strategize the partnerships. That’s why we have 3 successful steps for you to craft a winning channel partner strategy. So, let’s check it out now!
3 Steps to Craft a Winning Channel Partner Strategy
Channel partners are of great help for business development. But crafting a successful channel partner strategy is the first step to achieving that success. It can get your business 1000% user-base growth and many other benefits. Let’s find out how to manage a successful channel partner strategy in just 3 steps!
Adopt Clear Communication for Goal Alignment
Aligning your goals with the channel partners means achieving business objectives quickly. Both the channel partners and the business should know what the expectations are from the partnership.
Let the channel partners know how you see success and provide them with a timeframe to achieve your business goals.
Clear and effective communication helps with aligning your goals accurately. Successful channel partnerships are only possible when there is effective two-way communication so that the channel partners can let the business know what they expect as well.
The best policy here is to provide the channel partners with an efficient communication channel such as Slack or Trello.
A clear written plan also works well so that everyone is on the same page. The document can consist of objectives, target markets, tactics, resources from both parties and realistic ROI.
Decide Rewards and Incentives Beneficial for Both Parties
Channel partnerships are all about mutual benefits. So, all the rewards and incentives should benefit both parties. You should decide on a reward system with the channel partners such as tier-based rewards, commission-based rewards, etc.
The incentives should help the channel partners grow as well as fully help your business. So, be mindful while deciding on an incentive program for the channel partner strategy.
Decide rewards such as bonuses for the channel partners to motivate long-term partnerships.84%of US businesses use non-cash incentives so you can also decide such rewards that benefit the partner program more than financially.
Businesses also share resources with channel partners to help them grow their companies. The more the channel partner’s company grows, the more they can benefit you in the long run. This way, their market reach will increase and they can present your services on a larger scale.
Include both monetary awards and resourceful awards while deciding the incentive program for the channel partners. These can include guides, certifications, training, community access, access to marketplaces, etc.
Utilize Technology and Facilitations for the Channel Partner Strategy
When it comes to managing channel partners, technology is your best bet. The most suitable choice here is to use a partner relationship management software. PRM software is an all-in-one technology partner for all your partner program management needs. They act as managed service providers for all your partnership needs.
PRM software allows you to align your channel partner strategy for all the partners in a centralized location. The integrations of partner program management software consist of communication software, billing systems, CRM software, emails, etc. So, the partner programs can easily access everything from one place.
You should also facilitate the channel partners by providing them with training material and courses.LMSintegrations on PRM software are helpful for that.
Other facilitations you can provide to the channel partners include clear details about how your services and products work. This way, the channel partner will be able to portray and market your product or service effectively.
Provide potential partners with technical support whenever they find themselves lost due to software or tools.
Things to Avoid While Crafting a Channel Partner Strategy
Making minor mistakes while creating a channel partner strategy can lead to a failed partner program relationship. And you definitely don’t want to experience that!
Here are some things to avoid while crafting a channel partner strategy for a successful partner program relationship:
Don’t set unrealistic goals for the partners.
Choose partner programs that have a suitable market in accordance with your services.
Craft enable partners by providing them with relevant training material.
Avoid picking the wrong partner programs only because they have a high reputation in the market. Always handpick a partner program for your business development.
Research in detail about your potential partners.
Avoid depending solely on channel partnerships for your business growth.
Conclusion
Crafting a winning channel partner strategy boosts the chances of a successful partnership as well as business. You can reach your business goals faster with a strong strategy and professional channel partner program. Your ways of choosing the partners, managing them, and dealing with them are crucial for your business growth. So, always handpick the partners, provide them with beneficial rewards and incentives, communicate with the partners, clarify your business goals, and facilitate the partner programs through technology.
