Acquiring and managing channel partners is a crucial aspect of growing a business and expanding market reach. Channel partners, such as resellers, distributors, and system integrators, can help companies reach new customers, increase sales, and drive brand visibility. However, acquiring and managing channel partners can be a complex and time-consuming process.
To ensure success, companies must adopt best practices for channel partner acquisition. This includes identifying potential partners, building relationships, onboarding new partners, managing and measuring partner performance, and continually evaluating the partner roster.
One of the first steps in channel partner acquisition is identifying potential partners. This includes researching potential partners, assessing their fit with your company, and evaluating their market reach and potential to drive sales. According to research by PR Newswire, companies that invest in market research and partner selection see a 20% higher return on investment compared to those that don't.
Once potential partners have been identified, companies must work to build strong relationships with them. This includes establishing clear communication channels, providing support and resources, and working together to set and achieve mutual goals.
A study by Forrester Research found that companies with strong partner relationships see a 20% higher return on investment compared to those with weaker relationships.
Once a partnership has been established, it's important to onboard new partners effectively. This includes providing product training, sales support, and marketing materials. It's also important to establish a single point of contact for ongoing support and ensure that partners understand the terms and conditions of the partnership.
Managing and measuring partner performance is also crucial to the success of channel partner acquisition. This includes setting specific objectives, monitoring progress, and taking action to ensure that partners are meeting or exceeding expectations. According to PRMI, companies with a formal partner performance management process see 25% higher revenue growth from their partners compared to those without one.
Finally, it's important to continually evaluate the partner roster and identify opportunities for improvement. This includes assessing the performance of existing partners and identifying opportunities for new partnerships.
According to a study by Accenture, companies that regularly evaluate their partner roster see a 25% higher return on investment compared to those that don't.
By following these best practices for channel partner acquisition, companies can ensure that their channel partnerships are mutually beneficial and drive increased revenue. Want to take your partner acquisition efforts to the next level? Get in touch.
Our Channel Partner Acquisition eBook is your ultimate guide to building successful partnerships that will drive growth for your business. Learn how to identify, recruit and nurture channel partners, create compelling partner programmes, and measure partnership success.
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