3 Ways to Build Strong Channel Partnerships
Solid channel partnerships are based on the ability to collaborate with ideal partners. But finding channel partners and landing the right deal is easier said than done. When you don’t invest in building these relationships, your partners may leave and become new competitors. You definitely don’t want that to happen.
By building strong channel partner relationships, you can leverage them to achieve real ROI and scale growth. In this post, see examples of how several companies have realized scalable growth by investing in their channel partnerships. Then, follow our three tips to find channel partners, build strong relationships with them, and create more financially beneficial partnerships.
Real ROI Examples of Using Partnerships to Scale Growth
Several notable tech companies have achieved significant ROI by leveraging their partner relationships to scale growth. Take a look:
- Atlassian's ecosystem entails more than 700 channel partners, who make up about one-third of Atlassian’s business.
- In Japan, Zoom owes about 40% of its business to the efforts of its channel partners.
Keep reading to see how you, too, can attract channel partners and show them the advantages of a partner program to grow revenue.
3 Ways to Build Strong Channel Partnerships
By creating a network of channel partners, you reach customers and markets you can’t connect with on your own. Follow these three ways to help you find channel partners, integrate them into your partner program, and show them how you can win together.
1. Identify and Reach Out to Your Potential Partners
Find technology partners who align with your company’s revenue goals:
- Outline your partner-specific objectives, and then define how you intend to achieve them.
- Craft relevant, helpful content for your target persona. Creating appropriate marketing messages pulls potential partners into the funnel so you can connect with the ones that are a good fit.
- Build a diverse content library to help you become an industry expert. Channel partners want content from thought leaders. Having a wide range of information puts you in a better position to connect with prospective partners.
- Recruit recruiting partners who have the right product mix to complement your products and who could potentially serve an unrepresented region.
- Learn about your channel partners’ target customers and end users. Your partners must clearly understand whether a partnership with you will result in a mutually profitable relationship.
2. Define Your Partner Program
Convey the unique selling points of your partner program to your new prospects. Going a step further, collaborate with your channel marketing team to refine promotional messaging and structure pricing details, particularly on your company’s website.
Have your channel managers set up metrics to measure partner program sales success and keep partner objectives transparent. Clarify any misunderstandings and set expectations from the start. If your goals change, revisit and adjust them.
Anticipate your prospective partners’ questions and keep responses readily available on the following topics:
- Commission structure
- Growth opportunities for greater revenue share
- Additional perks partners can expect outside of revenue goals
- Onboarding and training process
- Ways to promote partners
- Estimated time commitment
3. Show Your Partner Program Advantages
A successful partner program helps channel partners sell more effectively, expands their product range, and increases profits. Your partner program can be a key selling point for your products if you provide proper training and sales enablement content.
The following advantages help partners see value in your partner program:
- Offer reliable, feature-rich, and user-friendly cloud solutions for partner portfolios.
- Provide resources and training—including product knowledge videos, how-tos, sales and marketing collateral, and FAQs—to help partners succeed in a competitive landscape.
- Track partner success and reward partners for their wins.
Create New Avenues for Revenue
A superior partner program makes onboarding, monitoring, and managing partner relationships easier than going it alone. Healthy partner relationship management has the following advantages:
- Expands partners’ cloud offerings
- Offers sales enablement and training
- Addresses end-client needs
- Motivates partners toward common revenue goals
Reap the full benefits of partnerships by finding the right partners, establishing partnership objectives, and setting up guidelines.
Automate and Augment Your Partner Program
Streamline and simplify how your partners buy SaaS solutions and give them the latest marketing content. And automate sales and license management for greater efficiency.
With Zomentum, your partners glide smoothly through the sales process to close deals so they can focus on creating new revenue opportunities. That’s what we call “partner-led growth.”
Adopt a partner-first channel strategy. Apply to join.