We’re all in the business of generating sales and ultimately building a profitable business. Historically this has involved developing a successful sales team that have the knowledge, experience and contacts to deliver a steady pipeline of opportunities. Increasingly though this is becoming an antiquated approach and places limitations on the exponential growth of a business. By aligning with the right channel partners who have the market knowledge, distribution channels, sales expertise and customer relationships you can successfully grow your business and services to a far greater audience.
Let’s look at some of the key benefits in adopting a Channel Model;
1. Save Money on Sales Teams and Resource
One of the biggest costs to businesses is personnel. Looking for the right skillset, experience and character doesn’t come cheap and there is often a lag time between recruitment and sales delivery. A recent study found that 47% of companies said it takes 10 or more months for new sales people to become fully productive (67% are 7 or more months) (CSO Insights). Couple this with the fact that the average tenure of a sales person is less than 2 years (Sales Readiness Group), then you can quickly see that hiring, onboarding, developing and managing internal staff is an expensive process. Fundamentally relationships are key. Trust and confidence takes time to build, but can your business wait for this to happen?
Using a Partner, or explicitly their sales resource can negate a lot of these problems and overheads. As long as your product / service overlaps and adds value to their core proposition you are instantly giving the Partner a new weapon in their armory and gaining in return a pipeline of opportunity to upsell to.
2. Allow Customers to Access Your Products Globally
Developing a new marketplace or territory can be challenging. Marketing your services to specific customers around the World can add complexity when you consider regional and cultural differences. There is also consideration needed in supporting customers and managing the sales engagement locally. Language barriers can provide a further obstacle and many businesses may take a parochial approach to using suppliers.
Partners allow you to localise your products and services for better visibility, particularly into foreign locations with different languages. Marketing ideas can be translated and used effectively to tap into these new markets. Your Partners will have prior relationships and they’ll understand the best way to convey the right message to their customers.
3. More time to focus on other business areas
By avoiding having to hire extra people and deal in costly facilitates to house your workforce, partnering eliminates a lot of the management hassles. As such, you can focus on the important stuff, like developing a marketing leading commodity and providing an exceptional level of customer service. Depending on whether you partner on a referral or reseller basis there may be additional efficiencies that can be made from a contractual and operational perspective.
Managing Partners can be a complex and time-consuming task, but the effort you invest will pay dividends and produce a steadily stream of Channel opportunities, greater in size and frequency than that of a direct sales team.
To summarize, Partners can help you generate quick revenues so you can expedite your business growth in a short period. Through a simple process of education, enablement and support, Partners can do the heavy lifting so you don’t have to!
To discuss becoming part of our successful partner program at PCI Pal, get in touch with one of our experts here.