Channel sales offers a game-shattering opportunity for businesses — instead of hiring more permanent sales reps, you harness the power of channel partner that will market and distribute your products for you. Think of channel sales program as “one-to-many” selling, in comparison to a “one-to-one” that most salespeople pursue. Channel sales promotes greater efficiency by reaching a wider slice of a market at one-go.
The biggest challenge of increasing revenue is the limitation of your salespeople. They only have a limited selling hours in a day, no matter how motivated or how boosted their efficiency are.
For instance, instead of having your sales team target companies one-at-a-time, why not arrange for the firm with the same target customer group to reach out wider network of customers instead? This way, the firm becomes your channel sales partner. If the firm is convinced of your product, they will mobilize their sales team to take the product to the market for you.
As much as channel sales program is idealistic on paper, a well thought-out strategy and execution may well prove to be the success of failure of it. Therefore, we would like to share with you the 4 important criteria to maximize your success with channel sales effort and the comprehensive DATANORY Ecosystem to smooth the process for third party salesforce.
Before looking outwards, it pays to take a look at the thing that matters most: your business. The first thing you need to do is really understand your business – and we mean from the inside out. It would be hard to set up an effective channel sales program if you don’t have a clear picture of your business. A good place to start is from the data and figures that you have collected over the years. These data contain incredible story of your company and they reveal powerful insights.
There are plenty of solutions to help you understand your business. A powerful system such as DATANORY Artificial Intelligence & Business Intelligence helps you translate the data into meaningful story. Think of it as a storyteller for your company. With the system in place, you get to crunch your business’ big raw data and transformed them into meaningful information to help you understand the market demand, customer buying behaviour and product interest as well as forecasting business trend from your historical data.
Once you have a greater understanding of your business, comes the next step of finding and approaching a potential partner. Based on your understanding of your business’ size and market, you will need to shortlist a few companies that match your business’ channel sales needs. There are two ways to do this: online research or comb through your network. Next, set up a meeting and pitch your idea to the right person. Remember this rule of thumb: the bigger your pitch, the higher up the hierarchy you need to reach. However, don’t limit yourself. It’s a good idea to set up different range of products target different group of channel partner.
To better oversee the entire process, it is wise to have a comprehensive solution which allow you to manage multiple channel partners and multiple range of products with different pricing. Equip your business with DATANORY Salesforce Automation to smooth up your process, manage your channel sales partner performance, and increase the sales focus.
Once your partner is onboard, it is crucial to get your partner well-acquainted. A proper support system such as training and onboarding should be in place to ensure your partner get a head start. Once your partner is ready, they can make headway into sales and marketing, making their customers aware of your new product or service.
Now is the time to execute that sales and promotion plan agreed upon. A strong marketing solution such as DATANORY Marketing and Trade Promotion System enable you to design different types of promotions for multiple tiers of partner categories. DATANORY Marketing and Trade Promotion Solution also provide the flexibility to user to keep track of multiple promotional campaigns, for different zones, different country and different promotional periods.
With the addition of Business Intelligence Dashboard, you will be given a clear overview of the year’s sales forecast and campaign expenses. It helps to get you and your channel sales partner on the common understanding in regards to expectations and targets.
Once the partnership is in place and the partner begins to find you customers, the next thing to do is pay the agreed-upon revenue. Preferably, it is integral to have a system set up in place to attribute sales from a specific partner. By having a clear picture of how each partner is performing, you will be able to make better decisions moving forward. A flexible and powerful DATANORY system allow you to integrate various tools to speed up and improvise your business. For instance, commissions automation and rewarding system can greatly improve accuracy and personalization as commissions can be set and computed individually. You as a business owner will be freed of manual work and messy computations that might lead to partner’s dispute and disagreement.
With DATANORY Ecosystem on hand, enjoy a worry-free time to manage your entire business and your salesforce. Even though you have multiple channel sales partners & direct customers. DATANORY solutions offer every tool for your business needs, including sales, operations, warehouse & inventory, supply chain, customer & partner management, online business, risk management, business forecasting and many more.
Last but not least, channel sales effort is not a total replacement of your internal sales team, a proper channel program in place will help to take your product to market and accelerate revenue. So wait no more. Start your channel sales program with proper documentation and a mutual agreement by approaching the right channel partner.
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MC Crenergy has the experience and expertise to customize technology that empowers client’s operations. A customized solution that fits client’s needs perfectly, reducing friction and resistance, while promoting greater success in adaptation & business performance.