In today’s hyper-competitive marketplace, you can’t continue to grow your business if you decide to go it alone. Your sales force is a force to reckon with. But channel partners can amplify your business potential when they work in tandem with your sales team members.
It pays to build an ecosystem of like-minded partners that’s aligned to your business growth and expectations. And that’s just the beginning! You need to support them as if your business banks on them: totally! Here’s where the importance of partner enablement comes to the fore. It’s indeed a tried-and-trusted way to generate more leads, close more deals and increase revenue streams, while keeping your partners inspired.
It takes a lot to attract, retain and grow your partners. That’s because they are not part of your organization, yet they are your indispensable partners in progress. They are the ones who represent your company’s brand in the marketplace. Call scripts, case studies, whitepapers, datasheets, pitch decks, demo videos and SOW templates are no longer an attraction, they are the necessities of a new-age partner enablement program. The following best practices can be handy, if you are trying to make the most of your existing program or giving it a new lease on life.
Outlining the Business Goals
In a partnership model, both sides have their own vested interests! A mature partnership ensures that there is transparency in terms of targets and expectations. Draw up an ROI-based roadmap that also underlines the sales forecasts and benchmarks, so the partners know where they stand at every juncture. They also need to know and believe that it’s a win-win situation. This step is critical for cementing a robust relationship based on trust. A study by a market research firm revealed that companies using sales enablement tools are more than twice as effective at linking sales actions to revenues, while seeing a 23%1 higher conversion rate.
Hand Holding Until the End
No two fingers are alike. So it goes without saying that all your partners are on the same page. Make them your subject matter experts, train them to sell, and support them throughout the journey. Where possible, tailor the training programs in a manner that breaks the barriers of language, distance and technology. A research study revealed that companies using sales enablement tools were 58%1 more effective at finding, training and retaining sales talent. Stated simply, do everything to make their business flourish. If their business grows, your business grows too!
Growing and Staying Together
Mere survival is passé. More success is the in-thing. Allow your partners to work in tandem with your technical and marketing teams, so they, too, are up to speed on your business strategy, customer expectations and market dynamics. Beware of the 80-20 rule trap2, wherein 80% of channel revenue comes from 20% of the partners.
Ineffective and inadequate partners not only fail to sell, but also can tarnish the image of your brand and gradually suck the life out of your company. Recognize every single partner for their efforts by way of awards and rewards, not just for sales, but for learning, caring and sharing too!
Last but not least: Make sure your partner enablement program is not a one-way street. Ask for feedback and act on it.
Growth and loyalty are the yardsticks of success in a partner program. What this implies is that you need to factor in the inconsistency element while rolling out or revising your partner program. Make sure there’s something for everyone, while keeping the accent on mutual benefits and growth! That’s when your partners become truly enabled to raise the bar and take on bigger challenges along with you.
References:
https://www.entrepreneur.com/article/315039
https://www.docebo.com/blog/7-partner-channels-enablement-best-practices
