If you can increase your channel partners, you'll also be able to raise your revenue. But that's easier said than done. Here are some tips to help you.
More channel partners = more revenue. It's simple maths; increasing your channel partnerships means more industry connections and an expanded market knowledge, as you'll be able to tap into locations you're not personally familiar with. This in turn will bring higher sales and increased revenue.
While the maths might be simple, the method of increasing the number of channel partners you have can seem a little more complicated. However, by categorising your resellers at different levels, and then providing training, comms and a Channel Partner Incentive Programmeaccordingly, you'll stand in good stead to increase your number of partners (and sales) significantly.
1) Categorise your channel partners at different levels
Not all channel partners are the same. The ones that have a long standing relationship with you will already know the basics about your brand and products, so they won't require the same sort of information and regular communication as a channel partner that's just started with you.
Likewise, the type of partner they are won't always be the same. For example, some might act more like sales reps, while others will have much more technical expertise and may assist with other aspects such as implementation of your product.
It's therefore a good idea to categorise your channel partners. Create different levels depending on how long they've been with you, how many products they sell, their knowledge of your brand and what sort of partner they are (whether they are standard sales reps or if they do technical work such as implementation or integration).
2) Have different comms plans for different channel partners
One of the principal reasons why it's important to create different levels of channel partners is that they will need varying levels and types of communication. New channel partners will require much more information at a more basic level than those who have been with you a while. Likewise technical channel partners that perform software integration will require more information on the technology behind the products than if they are just sales reps.
So once you've categorised all your channel partners, you can then create different comms plans according to their level of expertise and the type of channel partner they are.
That said, it's also important to create events that cater to all your channel partners. Consider an annual conference that draws together all your resellers and makes exciting announcements about new products. Likewise, road shows and regular in-person training will also be a great way for you to seal the relationship between you and your partners, although of course, these can still be tailored to the different categories.
3) Tailor your Channel Partner Incentive Programme accordingly
Just as communication and training plans should depend on the type of partner you're working with, so too should any Reseller and Channel Partner Incentive Programme you have in place. The best incentives and rewards programmes are tailored to the company giving out the rewards and the partners who are receiving them.
At Power2Motivate, you can create different focuses for different partners. So whether you want to boost brand awareness, or reward positive behaviours (for example deal registration or training), or incentivise specific sales and growth targets, there's something for everyone with a Channel Partner Incentive Programme.
The cloud-based platform allows you to measure ROI on your programme in real time, and our global rewards gallery means that channel partners are empowered to choose their own rewards from a broad range of prizes, including electronics, retail accessories and even travel.
For more information on creating a Reseller and Channel Partner Incentive Programme with Power2Motivate, reach out to the team today.