Manage Channel Partner Relationships to Assure Growth

Manage Channel Partner Relationships to Assure Growth

Partnering with partners can allow your business to communicate with customers you might not be capable of reaching without considerable cost and time. Partners can broaden the scope of your service by combining items and services that are required by the client. Partners can help you improve your position through their reputation as a brand. Partners sign a long-term commitment when they decide to incorporate your service or product in their offering to their clients.

This commitment could include investment in human resources and financial investment; as an example, partners may have to improve their systems to help you with your product or provide training for sales and support. They’re also putting their reputation at stake. Suppose their product is not appreciated by customers and causes damage to the importance of your partner and yours. Partners must be vigilant in organizing and managing their involvement to ensure success for all parties.

Learn about the specific commitments that must be made by both partners, and then implement strategies and procedures to ensure the relationship continues to function efficiently.

Respect your partner and be able to appreciate their point of view and communicate your own. Respect the commitments you make to your partner to help the efforts of your partner by offering products or solutions.

The most important aspects to take into consideration when making a decision on a new channel partnership are:

* Customers to target.

It’s not a good idea to choose an associate simply because they’ve earned an excellent reputation if they’re not serving your ideal customers. Find out what their customer segments are, their locations and how they can be reached by the partner them and how many there are.

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* Value of product added.

A partner can include additional services or components to provide a more comprehensive service offering that is greater in comparison to your product. This can increase the value of your product for your customer.

* Value added to the business.

A partner could have a distribution system to connect with customers, which is very expensive to establish. Partner may also offer additional business-related services, such as technical support or other tasks that you might be lacking to meet the needs of the customer in full. Different segments of customers could have distinct needs and buying cycles, which require the specific services offered by channel partners.

* Product is suitable.

If your product isn’t essential to them-just a “nice to have,”-don’t think they will put the time and effort to promote it effectively. In ideal circumstances, your product will make a great addition to their products and services.

* Channel conflict.

Consider whether you can offer different channels within markets that are the same. If there is a conflict, then you might be able to design restrictions for customers or geographical regions to avoid conflict. Make the purchasing process more straightforward for customers as much as is possible by offering easy choices. Make sure the channel partners promote your brand consistently. A number of channels can result in adverse reactions from Channel partners.

* Partnership commitments.

Write down commitments in writing, such as sales volume, training support marketing, and promotions, resources, and integration of technology.

*Your commitments.

Record the training, marketing as well as support and integration of technology commitments you’ll take.

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* Management processes.

Accept the processes that are in place that are used for operational, financial as well as sales, and marketing performance. Regularly scheduled management reviews enable you to plan and anticipate any changes to the product or relationship to be able to adjust to market changes. Assisting your partner to anticipate changes and plan ahead enhances their value business.