Companies are always on the lookout to introduce their products and services to more and more customers. However, it can be a setback if the company does not have the required expertise on attracting new customers and reaching out to them. Depending on the nature of the business, most organizations rely on channel partners, dealers, and distributors to act as a link between them and their key customers. Many firms can benefit from channel partners, which can increase sales, generate new revenue streams, and provide access to a variety of shared resources.
Here are 5 best practices to build long-lasting relationships with channel partners
· Aligned to organization and its values – The channel partner must understand the organization and its values because you’re asking them to represent your company in front of potential clients and you don’t want to dilute your brand positioning. It’s critical that they grasp your organization and what it stands for, including the values, ethical practices and more.
· Setting expectations and ensuring proper communications – It is very essential to ensure proper communication between channel partners and the organization and make them understand what is expected of them. Communicating the plans and the scope of the co-operation with the channel partner will help instil confidence in them and a potential course for a long-term partnership.
· Proper training about the product/service – Channel partners have the expertise to sell and grow the network, but it only comes to fruition only when they have thorough knowledge about the product or service. It is also beneficial to make the channel partners understand why a product or a service can be a valuable addition to the customer. It can help them to sell the product or service better and achieve higher conversion rates.
· Being a co-sponsor with your channel partners – Channel partners would also want to increase their consumer base or market offerings but may have limited resources. If you were to invest in their marketing and promotion efforts by becoming co-sponsors for, instance, the dedicated ones. This action communicates to your channel partners that you support their efforts to sell your product or service, and it may raise the incentive to promote your product or service to the sponsored individuals or groups.
· Setting Targets – It is important to convey what you expect from your channel partners. Being realistic about the goals you set for them and putting in the effort to back up your figures with logic can help them think the goal is attainable. Rewarding them for competing for goals is an established way of motivating them. Everyone loves incentives. It is beneficial to identify and understand what the appropriate rewards are and this would help them stay motivated to achieve their goals.
As mentioned above it’s very important to recognize, reward or incentivize your employees and channel partners to make them stay motivated. Zaggle Propel is an all-in-one solution for taking care of that. It helps you achieve higher engagement, motivation, and accelerated business results. Learn more
