24th Apr, 2018
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âIf you want to run fast â run alone. If you want to run till far â run together.â
An old African proverb which perfectly fits in the context of business scenario everywhere.
In todayâs competitive environment, for the organisations to survive and thrive successfully, it is critical to keep looking out for the newer market opportunities and leverage advanced technologies to avoid becoming obsolete.
Along with this, it is equally important on how you are focusing on reducing the overall operational costs and capturing synergies to compete in an increasingly price-sensitive environment while mitigating the risks in an uncertain economic settings and ever-changing regulatory regimes. Hence comes in the concept of âCo-Innovationâ.
Joining forces to be able to reach the target in a faster and more efficient manner, leveraging each otherâs strengths while complementing the lacks. Sounds like an ideal marriage, isnât it? It is indeed somewhat similar!
Essentially, racing ahead alone can be a daunting task altogether â however, collaborating intrinsically with relevant and empowered channel partners can help you reach the objectives that would be unattainable if flying solo.
If done right, conjoining the energies with a right channel partner certainly enables any tech-driven enterprise not only to gain the market share but also strengthens the brand positioning, while remaining competitive within the industry.
Just imagine a power couple wherein each of the individual is a strong driving force for pushing each other for the better. Sounds lucrative indeed!
Itâs not easy to find a perfect match – neither in a holy marriage nor in a business scenario. But itâs not an impossible task after all. More importantly, how you leverage the partnership for pacing ahead in the competitive scenario, is what counts the most.
Letâs have a look at some of the best practices which will bring out the best in both the parties involved and prepares scenario apt for some serious business innovation:
Aligning the business goals
For ensuring anÂ overarching business strategy and mutual success, itâs crucial to put up the quantifiable goals and objectives which are specific, actionable and measurable. For a partnership to work, both the parties must be working towards the same end goal â customerâs success!
There can be nothing worse in a partnership wherein two strong entities are in conflicting mindsets. Itâs often said, youâre as good as your team â and the partners are nothing but your extended teams. They succeed, you succeed and vice-versa.
And of course, in case of partner management, itâs important to first focus on your partnerâs business and enable them to deliver the best. And when those brain juices of complementing forces flow in the same direction, exemplary innovation is generally the outcome.
Provisioning a customized experience
As the decision-maker for your sales organisation, itâs up to you as to how you are empowering your channel partners to sell. There is no denying if we say that yourÂ channel partnersÂ should also be treated like your customers. For sure, at times they would require tailored resources to address their needs and ensuring that compliance issues are resolved.
Providing them with the relevant, timely and useful information like sales and marketing collaterals, effective training and prompt & consistent support can help them deliver better results while tilling the ground apt for some amazing outcome.
Thoughtful designing of the rewards/ incentive programs
Undoubtedly, rewards and incentives strengthen the ongoing partner relationships. However, incentive programs must be aligned with your overarching business model and should not be there just for the heck of it.
These kind of timely recognitions, of appreciating the efforts of your partners go a long way by strengthening the loyalty and motivation in the partners with the sponsoring organisation.
As per an industry study, when enabled with the right platforms and processes which supports the efforts of the partners, the channel achieves:
- 28% shorter sales cycles
- 13% more sales reps achieving quota
- 12% higher lead conversion rates
Weâd love to hear your thoughts on this. Write us in the comments section below.