how to build a channel partner program
How To Build a Channel Partner Program: Your 7-Step Guide to Success1. Find the right partners …2. Actively reach out to potential partners …3. Form a channel partner agreement …4. Know the metrics you’ll use to track the success of channel partnerships …5. Make partner onboarding and communication smooth …6. Offer fair and strategic channel partner incentives …7. Use PRM software to manage channel partners …
How to build a successful channel partnership?
The success of a partnership and channel sales lies in the value each party gets out of it. So your channel partnership largely depends on what value you are building for your customers. For that, you need to identify and define the type of partners that may be relevant to your business and choose the best among them.
What is a Channel Partner Program and how does it work?
The definition of a channel partner program is: “A Channel Partner Program is a strategy to motivate and engage channel partners to create more value for customers.” If you want to understand the definition in detail read my article by clicking here.
How to create a professional reseller channel partner program?
Creating a professional reseller channel partner program is a big investment of time, effort, and resources. This is why it is essential that the partner program you want to create is aligned with the company strategy and business goals. This is also why it is essential to have executive support before you kick-off the process.
How to build a successful partner program?
Start by creating a list of all those tasks and infrastructure you need in order to build and start executing your partner program. Create all marketing materials ready including sales presentations, brochures, videos, and educational material.
What is a Channel Partner Program?
The definition of a channel partner program is: “A Channel Partner Program is a strategy to motivate and engage channel partners to create more value for customers.”
What is Hubspot in marketing?
If you’re into inbound marketing, you are likely to have heard of HubSpot, a developer and marketer of software products for inbound marketing, sales and customer service. HubSpot has implemented this strategy perfectly.
Why is it important to create a reseller channel partner program?
This is why it is essential that the partner program you want to create is aligned with the company strategy and business goals. This is also why it is essential to have executive support before you kick-off the process.
Why is it important to define channel partners?
Each new relationship is an investment and it is important that you define characteristics or attributes of the ideal channel partner required to address a particular market segment. This will help you to decide what channel partners you would like to invest in and build a deeper relationship with. Define how many partners you should recruit and set a target.
What is motivation and engagement?
Motivation & Engagement elements refer to the effort and values you will deliver to channel partners to help them become successful. It also encompasses how you choose to deliver it. The purpose of constructing Motivation & Engagement elements is also to create a culture of partnership and understanding.
Why is value proposition important?
It’s the number one thing to define because it will determine whether people will bother learning more about your solution, services, or product.
What is value proposition?
Defining a value proposition is about letting people know clearly what they will get out of using your product or service. You can use some tools to define customer gains, pain points, and rank what is more important for them. The next step is always to compare your value proposition with that of your competitors, what the market wants, and available alternatives. Once you have this data, you can define a solid base value proposition.
How many partners does Optimizely have?
Today, Optimizely has a rich partner ecosystem consisting of 150+ solution partners and 60+ technology partners. The benefits are significant:
What is 80-20 rule?
The 80–20 rule says that a few of your partners will provide most of the revenue. Some vendors take this rule too far and focus only on the larger players, providing no support to their mid-tier and smaller partners. They don’t realize that enablement of smaller partners doesn’t have to be messy and time-consuming.
Why is amplitude important?
Being metric- and business-outcome focused throughout a product’s lifecycle is important to us, and using Amplitude allows us to measure and achieve our goals in that regard.”
What is a good partnership?
It’s understood that, in a partnership, each side has their own vested interests. Good partnerships are transparent about those interests and are built upon the understanding (and reality) that the success of one partner contributes to the success of the other.
What do both parties need to know?
Both parties need to know what the expectations are, how you are defining success, and what contributions (on both sides) will help you get there.
What is the goal of creating an ideal partner profile?
To focus on cultivating the right relationships, create an ideal partner profile.
What is the focus of digital transformation?
As companies look to digitally transform their businesses, their focus is shifting toward solutions that deliver complete business outcomes. This creates a unique window of opportunity for strategic partnerships.
What is a channel partner program?
A channel partner program is a business initiative in which one company enters a partnership with a third-party company or individual to maximize its collective reach, efficiency and value. Depending on a company’s specific industry, mode of operation, clientele and market position, a channel partner program may take many shapes.
What are the benefits of a channel partner program?
There are various benefits businesses can enjoy by implementing a channel partner program. Here are a few of the most significant benefits explained:
How to implement a channel partner program
There are various routes a business can take to implement a channel partner program. With this in mind, though, there are a few basic steps a business can take to ensure its program’s success. Here are six steps to follow when establishing a channel partner program:
What is partner marketing?
Partner marketing leverages the synchronicities of two companies – each with its own brand equity, core expertise, unique value proposition, and its own distribution strength – to create strategic alliances to gain market share both companies otherwise may have a long and arduous process of acquiring.
Why are partners important?
Intelligently managing partners also helps marketers understand what can be attributed to each marketing factor and channel to explain the influence on sales. Most importantly, partners should help deliver one shared experience to your end consumer.
Why is conversion tracking important?
Most marketers today are interested in – okay, obsessed with – metrics, data, and analytics. And conversion tracking is just as important to partners. By giving partners visibility into your sales process, partners are empowered to see the prospect go through the entire lifecycle, not just hand over a lead.
What is strategic partnership in EMEA?
These partners are experts in the region, have their own networks and existing customer bases of the target profile, and can be quickly brought up to speed on the product offerings. This will decrease the timeline and cost to acquire and service customers in EMEA. Additionally, this partnership provides greater marketing exposure which, ultimately, drives new customers.
What is a tiered model?
Tiered Model: Partner leads close a much higher rate than other channels, but not every lead immediately turns into new business. These valuable leads are likely worth some small incentive – think $20-$100 – as a way to recognize and encourage more partner engagement and activity. Then, when a partner lead closes and becomes a paying customer, you should provide them a larger commission.
What is a dual incentive?
Offer a Dual Incentive: Rewarding both the partner and the referee, shared end customer, can provide a substantial lift. And, helps the partner further establish a relationship with their referral prospects.
How to use self service registration?
Once they submit an application via the registration form, you can choose to immediately deliver access to your program, or do additional manual screening. Either way, applications or registration pages substantially reduce the front-end administrative time with prospective partners that may not be a good fit. Don’t forget, for relationships you’ve established with existing partners, include them into your program to make participation turnkey.
What is a Channel Partner Program?
The definition of a channel partner program is: “A Channel Partner Program is a strategy to motivate and engage channel partners to create more value for customers.”
What is the role of large organizations in a partner framework?
Larger organizations have the resources and time to create a more complex partner framework. They can organise the framework in many different ways. It all depends on what works for them.
What is the primary motivator for channel partners?
Money: Many people think this is the primary motivator for channel partners. While this is a common motivator – after all, which company doesn’t want to make money – it is just one of many. You need to make sure that the effort your partner puts in corresponds to the revenue you offer them.
What is the success of a channel partnership?
The success of a partnership and channel sales lies in the value each party gets out of it. So your channel partnership largely depends on what value you are building for your customers.
What is reseller channel partner?
Creating a professional reseller channel partner program is a big investment of time, effort, and resources. This is why it is essential that the partner program you want to create is aligned with the company strategy and business goals.
What are the factors to consider when developing a channel partner program?
Business goals, vision, and executive support. Before you start developing your own Channel Partner Program, there are a few important factors you need to keep in mind: business goals, vision, and executive support. Creating a professional reseller channel partner program is a big investment of time, effort, and resources.
Why is it important to define the parameters of KPI?
Whenever you have objectives , it is important to define the parameters that will decide whether you have achieved your objectives or not. Define the parameters of KPI (Key Performance Indicators) to measure your success.
How many employees did Appland have?
At that time, Appland had about 15 employees. Like any other start-up, it had a great solution but lacked the resources – money, employees and time – to be able to sell that solution to telecom operators all over the world who would take it to Appland’s end users.
Why was Appland so successful?
Appland was at the cusp of something big at that time because it had designed a truly unique solution. It offered an ad-free subscription model for high-quality mobile phone games, which addressed a problem that perhaps only one other company had addressed properly before (there were other low-quality versions of the concept, of course). Appland’s differentiator was that it offered a high quality service with some of the best games available.
How many countries does Appland service?
In just three-and-a-half years, Appland was able to build a global partner network and launched their value-added services in over 40 countries including Oman, Nigeria, Indonesia, Myanmar, Poland, Mexico and Panama.
What is post sales tool?
Post-sales tools were for after the channel partner signed a contract with the telco customer and we started working together to deliver value to them. These tools focused on helping our partners deliver a good product that would be extremely successful.
How many steps to build a reseller channel partner program?
In one of my earlier blogs, I had explained how you can build your own reseller channel partner program in just 14 steps.
What is a partner program?
A partner program is a strategy to motivate and engage partners to create more value for your end users.
What is reseller channel partner?
Reseller channel partner – A local presence who can conduct physical visits and offer local support. These are useful especially if you are a company who wants to establish yourself in a new country but want to lower the risk. The local reseller helps you introduce your solution to the market.