How do successful companies make their channel partners more productive? Sales productivity is a key metric that all companies are focused on in today’s competitive environment, whether a company is deploying a direct sales strategy, channel partners or some combination of the two. Key metrics that are tracked include:
- Lead generation and qualification
- Customer acquisition
- Customer retention
- Individual sales person performance
- Actual vs. quota results
- Sales Cycles
There is a direct correlation between performance in these areas and companies which are best-in-class based on revenues, margins and shareholder value. These top performing companies observe and study how their most successful channel partners execute areas against these metrics. It should be obvious. These companies monitor their top performers so they can better understand their behaviors and then find ways to share these best practices across the sales team. Companies that invest in new hire programs (training, certification, mentoring, etc.) demonstrate better results in terms of reducing the cycle time to bring new hires up to full productivity.
It is also important to understand what motivates top sales performers. At first pass, many of us would say that “compensation” is the number one motivator and driver behind a successful sales person. In fact, clear direction, communication and overall vision is more important. Sale people want to feel engaged and part of something where their efforts make a difference and their voice is heard. They want to work in a collaborative and nurturing environment. A company with these traits will have a highly motivated and successful sales team.
When working with channel partners, it is critical that you engage with them to understand their ‘new hire’ process and existing training programs. You want to find channel partners that value training and development and that look to build long-term relationships with their sales team. Top companies will want to partner with you (sign on as one of your channel partners) if they feel that your corporate priorities and values are aligned with their own. How can your company demonstrate this alignment?
The simple answer – demonstrate to your channel partners that you follow best practices and have the right system in place to support their efforts. This is where a robust partner relationship management (PRM) system is critical. Such a system incorporates best practices and cloud-based technology around four critical areas:
At its core, a PRM system is a partner portal through which your channel partners are able to access all of the resources they need to sell and service your products. A partner portal truly helps to simplify the interaction between your company and your channel partners. Your interaction with your partners takes place in this single portal – no need to bounce around from system to system (CRM, ERP, marketing content management system, learning management system, etc.). Today’s robust, cloud-based PRM systems can create a highly personalized environment that is easy to maintain and update. It is fully configurable, scalable, and easily accessible from anywhere. Such a system will allow provide you and your channel partners with the tools to attract and retain top sales performers and position all parties for the best chance of success.
As an emerging growth company in the early stages of implementing your channel partner strategy, you have the opportunity to make the right first impression with your partners. By having a PRM system to rollout at the beginning of the relationship you will demonstrate your commitment to creating a collaborative and engaging partnership. This commitment will help you to develop strong ties with the right channel partners.
LogicBay’s Partner Relationship Management (PRM) Technology is rich with best practice workflows making it easier for organizations to do business with channel partner re-sellers. The result: More engagement and Mindshare. Greater Efficiency and Cost Savings. Alignment with Channel Partners. And, Performance Improvement for the Entire Sales Enterprise.
|Download this premium white paper to learn Channel Management Best Practices – Make it easy for dealers to do business with you, Heighten dealer engagement, Gain mindshare and maximize financial returns. Learn about LogicBay’s 4Core Best Practice Framework including methods for more effectively training and monitoring dealer employee certifications.|
|Link to LogicBay’s Library of Partner Relationship Management White Papers. These white papers provide best practice ideas on a Channel Readiness and Performance Improvement strategies. Topics include subjects such as: Effectively launching a LMS for the Channel, Applying Lean Principles to Channel Management, Channel Life-cycle Management, Partner Portal Technology Unification, and much more.|
|Link to LogicBay’s Library of Client Case Studies. Learn how LogicBay’s PRM Solutions and Technology have created significant performance gains for clients such as Caterpillar, HP, Daimler Trucks and Outdoor Living Brands.|