Key Considerations for a Successful Channel/Partner Strategy
Posted by Chip LeBlanc
During this pandemic, a top priority for sales leadership is to strengthen your organization’s competitive position. The primary consideration is to invest in customer relationships and channel partnerships so sales leaders can increase and reward loyalty from key stakeholders. In addition, they must find ways to help equip critical customers, channel partners, and suppliers to succeed during and immediately after the crisis.
As companies targeting industrial clients consider a partner/channel go to market strategy or program, these organizations must be aware of the top five reasons partner/channel strategies and programs fail:
Lack of focus, resources, and commitment
Lack of partner/channel strategy and plan
Incomplete channel ROI assessment
Partners are not being prioritized according to fit with your partner/channel strategy
No test market of strategy and plan
So, to avoid these points of failure, consider the following questions:
Are you operating your partner/channel program by committee?
Are your key stakeholders (e.g. C-Suite, GM, sales, marketing, and engineering executives) working with partners without company and executive alignment?
Are you fully committed and staffed for partner/channel GTM execution?
Do you have a strategy that has executive commitment?
Has the strategy been communicated and rolled out to your organization?
Are you using a focused approach to recruit partners or spray and pray?
Do you even have a partner/channel play?
Have you collected the data and done the analysis to support a partner/channel GTM program?
Are you recruiting partners primarily based on the biggest/best brand?
Have you developed a comprehensive partner taxonomy to support your strategy?
Before you devote too much time and resources, have you tested your plan with prospective partners?
Are you taking your program to market prematurely?
Addressing these questions will help you avoid disappointing channel performance, loss of incremental revenue, and wasted time. In today’s business climate, when building a partner/channel strategy and program, failure is not an option
Building Channel/Partner Programs That Work
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Momenta is the leading Digital Industry Advisory firm accelerating growth for our clients across energy, manufacturing, smart spaces, and supply chain, both organically and inorganically. To learn more about our Value Acceleration Programs, click here.