How to Increase Your Profits through a Channel Partner

So you want to increase your sales and revenues? Yes, there are literally a thousand ways to go about this, but your first bet is always your direct sales team, right? You reach out to them, asking them to find more prospects, close more deals, and sell out more of your items.  But did you realise that there are other ways to go about this as well? There are so many other strategies which you may be overlooking or not paying enough attention to.

The primary goal is to increase your earnings; how this is done is a concern, but if you are getting sales, anything works. Try to boost your sales through partner channels. When you cut deals with companies that sell similar products and services, your sales activity rises, you get revenues from new channels and you capture more opportunities that you previously may not even have been exposed to.

Partner channels help you expand by allowing you to offer your products and services to a bigger audience. Both of you benefit from each other, so the situation is win-win.

Let’s look at what you should be doing to boost revenue through a sales partner programme.

Find partners that are the right fit

Choose a channel partner that fits with your company, and can fit in the long term. Whichever company you choose, should offer complementary products to yours. So for instance, if you are a phone provider, you can partner with a carrier or a company that sells phone cases. Also try to match your core strengths with your partner channel, such that both of you can give something to each other.

Reach out to your chosen partners through a proper plan

Once you know which companies you want to partner up with, you need to start building a connection with them. Begin by companies who’d be more willing to work with you. Initially opt for smaller channel partners; their customer base may be small but they are quicker to work with and more eager to sell your products. Establish a relationship with their teams, so that they might suggest your product to their clients.

Pitch to all these companies through an enticing and valuable proposition, which contributes to their revenues as well.

Define a marketing framework

Give your channel a sound framework, in which to operate. Your direct sales team shouldn’t be competing with any of your partners. Divide your targeted audience based on industries, markets, geographies and so on, and then ask your direct sales and partner channels to work on different segments.

Develop appropriate programmes for generating leads

Your coverage and distribution models should be cost effective. Your lead generation programmes, special promotions and partner incentives must be thoroughly tested to ensure greater effectiveness.

Train the representatives to communicate as if they are decision makers

The decision makers at an executive level prefer speaking to people who communicate like them. If your channel partners speak as if they are a lower level, then they will be delegated to speak to people at lower levels who don’t have any decision-making capabilities.  

Train your partners on effective communication so that they can keep potential buyers engaged.