As the director of channel sales for an emerging growth company, your primary duty is to grow and retain revenues. Although supporting channel partners to sell effectively in support of the end-user consumer seems like a straightforward objective, ensuring that you are optimizing the performance from your company’s sales channel is far from simple. To make certain that you are optimizing channel partner performance, it is imperative to have full visibility of channel partner sales behaviors and results, in real-time, on a dashboard so you can act fast and seize opportunities to make improvements immediately.
Managing channel visibility requires knowing:
- Who your channel partners are
- Who are the most effective channel partners
- What the best-in-class partners do better than the laggards
- Why are deals being lost and opportunities being missed
- What deals in which vertical segments are the most profitable
- Why certain partners have better success with certain product offerings
- The challenges your channel partners face in the field
- Your partners’ sales against quota
- Your partners’ lead conversion cycles
In an emerging growth company, it is vital that you have real-time visibility and control of your sales channel via business offers and incentives to effectively manage your channel profitability. Without a highly integrated and structured channel management system, acquiring channel visibility can be a timely and expensive undertaking. Failure to answer all of the questions above has negative consequences. Such losses include a failure to identify and track revenues, partner functions, programs and performance within the channel resulting in unnecessary expenditures and a severe competitive disadvantage.
As opposed to using outdated processes and procedures that a majority of emerging growth companies tend to initially implement; which consist of simple excel sheets, ad-hoc catalogs and email databases, it is a best practice to employ a channel partner management solution. Specifically, when dealing with channel sales, partner relationship management (PRM) software is the ultimate tool for smart decision making and greater pipeline visibility.
PRM allows for easy access and visibility into your channels by providing:
- Reporting and forecasting: Cross-channel reports, keeping track of your partners, their performance and their regional/global coverage
- Channel performance management: Establishing clear channel communications, business terms, MDF limits, marketing material, pricing, promotions and incentives
- Recruitment: Visibility into your recruitment and onboarding pipeline
- Automation: Enforcing channel partner communications, reports, approvals, audits and reporting history
Partner relationship management systems provide a clear view into your channel ensuring full channel visibility and repeat success. Emerging growth companies that implement PRM software into their channel sales early on become market leaders. How many emerging businesses already implement PRM software? Don’t be the last to find out. Stay ahead of your competitors with a channel sales partner solution.
For more on PRM and how it will springboard your channel visibility, click here.