Channel Sales Strategy for Sustainable Growth
Developing Your Channel Partner Strategy
The first step to building a successful channel program is defining your strategy. Elements include identifying target markets, setting financial objectives and creating a compelling partner value proposition. In addition, you will also need to determine your organization’s ideal mix of direct and indirect sales.
Components of building a successful channel strategy include:
- Identifying potential alliances and the types of partners that align with your business goals and target market
- Developing mutually beneficial relationships that provide value to both you and your partners
- Providing training and support to your partners to ensure they have the knowledge and skills to sell your products or services effectively
- Establishing a clear engagement model with communication and feedback channels
- Monitoring and evaluating channel partner performance and identifying areas for improvement and growth
Alexander Group can help you develop a strategy that aligns with your revenue goals and supports successful channel partnerships.
Channel Partner Strategy Should Drive Revenue Growth
A successful partner strategy helps accelerate growth and includes both direct and indirect channels. When considering your channel strategy, you will need to answer the following questions:
- What is your target market for partner coverage? Identify the customer segments you want to target with your channel partner strategy. Which segments benefit most from indirect coverage vs. direct coverage? Consider factors such as geography, industry, customer size and purchasing behavior.
- What types of partners should you choose? Identify the channel partners that best fit you, such as value-added resellers, systems integrators, distributors or service providers. Each type of partner provides different value, so choosing partners that align with your business goals is essential.
- What is your value proposition to partners? Clearly define what your organization can offer your channel partners, including financial incentives, training and support, marketing and sales resources, or other benefits.
- How should your partner program be structured? Develop a formal program for onboarding and supporting your partners that offers guidelines for partner selection and tiering, training and enablement, and rules of engagement between your internal sales roles and partners.
- What are the goals for your partnerships? Define the performance metrics you will use to measure the success of your channel partner program, including sales targets and revenue growth goals.
Developing a solid and effective channel partner strategy will allow you to optimize your partnerships, reach new markets and maximize the profitability of your overall go-to-customer strategy.
Alexander Group can help you identify your partnership needs and develop an approach that drives revenue growth for you and your partners.