It's true that channel partner programs can be a key driver in a bid for financial growth, but that path to success isn't always clear-cut.
The very nature of channel partners - a professional relationship built on trust, loyalty and education - requires fluid communications between both parties, which is always difficult to consistently accomplish. Not only that, but it's likely that your organisation is just one of many vying for salespeople's attention.
When evaluating the success of your program, ask yourself a couple of questions:
Are our partners able to easily access a centralised platform that contains metrics, marketing tools and other information about our product?
What incentives are available to our partners that exceed expectations and exhibit true loyalty?
"Communication is key to partner program success."
If you're having trouble answering, then it's a sign your program could be lacking structure and dealer incentives, which are two key components of a successful partnership.
Provide a centralised platform
Keeping your own sales staff up-to-date with the latest marketing and product information is far easier than educating another company's staff because your employees are in-house. But, an effective partner program relies on this high level of communication to effectively expand your market share.
Organisations that utilise a platform to share information and track metrics will find it easier to maintain close relationships with vendors, according to B2B Marketing Directions. This allows your company to create and monitor the brand culture it wants its partners to exhibit when following and closing leads, and disseminate that material in a timely manner.
But, creating a portal is just the beginning. Salesforce also recommended keeping a good rapport with your partner's sales team, as the more they communicate with your company, the more likely they are to recommend your product to customers.
Give incentives for sales
This is the bread and butter of any channel partner program. Erratic payout scales or handshake agreements can create dishonesty among your partners, which may cause their sales teams to shy away from pitching your product to their clients.
Utilising your portal, make it clear what exactly the rewards are for certain achievements and allow these companies and salespeople to view their progress through the help of real-time metrics - an essential component of any centralised partner program platform.
Having a clearly identifiable financial compensation system in place will not only create competitiveness among partners, but also help to acquire new channels and help further their own success, New Breed Marketing reported. At the end of the day, your company's growth is closely tied to those it works together with.
Find out how dealer incentives can improve your channel partner program by contacting a Power2Motivate representative today.