Implement a Channel Partner Marketing Strategy to Engage Partners
Unleash partner engagement with a well-crafted channel partner marketing strategy. Dive into our blog to learn how to develop an effective approach that amplifies collaboration and mutual success.
Vendor-partner relationships have evolved as companies shifted to remote-first environments with a strong focus on cloud-based technologies. These events have created greater competition for software vendors, putting them under increased pressure to enhance marketing for partner-driven engagements. Beyond getting partners’ attention, they need to engage them and build long-term relationships with them to grow revenue yearly.
In this blog, we talk about how vendors can use partner marketing efforts to promote the value of their partners and helps them effectively sell vendor products and services.
What is Channel Partner Marketing
Simply put, channel partner marketing allows vendors and their partners to increase brand awareness, generate leads, grow revenue, and improve customer satisfaction - creating a mutually beneficial relationship between the two companies.
A partner marketing manager drives channel partner marketing. They create joint marketing plans and activities and manage any conflicts. They also ensure that both companies get the most out of the partnership.
For example, a partner marketing manager might create a co-branded marketing campaign to drive awareness and leads for the channel partner and their products or services. Or, a channel partner might create a loyalty program that gives customers points for spending money with the partner. This would drive more business to the partner while incentivizing customers to spend more with them.
Building a Channel Partner Marketing Plan
As a marketing manager, one of your key responsibilities is to develop and implement marketing plans for your channel partners. This can be a complex and challenging task, as you need to consider the different objectives and goals of each partner, as well as your company's overall objectives. Your channel partner marketing plan should include a mix of marketing tactics that will reach your target market.
You can take key steps to develop an effective marketing plan for your channel partners.
First, you need to understand each partner's business model and goals. It's important to align your objectives with theirs and ensure that you work towards common goals. Once you understand your partners' businesses and objectives, you can develop a marketing plan to support their goals.
Your marketing plans should include strategies for each stage of the funnel, from awareness to consideration to purchase.
Don't rely on one or two marketing tactics to reach your target audience. Instead, create a mix of tactics to reach them through multiple channels. This could include everything from email marketing to social media to webinars and events. Your plan should include lead generation, demand generation, and joint marketing initiatives. Generate leads for your partners through online marketing campaigns, tradeshows, and webinars. Create awareness and interest in your products or services among potential customers via online advertising, PR, and content marketing.
Once you've developed your marketing plan, you'll need to allocate a budget to each tactic. This will ensure that you have the resources necessary to execute your plan.
Don't forget to measure the results of your marketing efforts. This will help you to determine what's working and what's not and make necessary adjustments to your plan.
How to Build Content for Channel Partners
Developing marketing content for channel partners can be challenging, but it's worth the effort. By taking the time to understand your partners and develop content that meets their needs, you can build strong, long-lasting relationships that will benefit both your company and your partners.
To start, it is important to understand the needs and objectives of your channel partners. What are they looking to achieve? What type of content will help them reach their goals? Once you have a good understanding of this, you can start to develop content that will be of value to them.
There are a few different types of content that partner marketing managers can create:
- Product information: Helps partners understand your products and how they can be used to solve customer problems. It can include product guides, how-to videos, and webinars.
- Thought leadership: Showcases your company's expertise and can help partners position your products as solutions to their customers' challenges. It can include white papers, e-books, and blog posts.
- Sales enablement: Provides partners with the tools they need to sell your products effectively. It can include sales decks, proposal templates, and email templates.
By creating content that is relevant and helpful to your channel partners, you can develop strong relationships that will lead to success for both you and your partners.
Timing is everything. Make sure you release your content when your partners are most likely to use it. If you release content too early or too late, it may not be as effective.
Finally, don't forget to measure the success of your marketing content. This will help you determine what's working and not, so you can adjust your strategy accordingly.
KPIs and Metrics to Track Partner Marketing
As a partner marketing manager, it's important to measure the performance of your marketing to channel partners. Here are four key metrics to track:
- Engagement Rate
Use this to measure your channel partners' engagement with your marketing materials and content.
To calculate it, divide the number of interactions (clicks, views, downloads, etc.) by the number of impressions (the total number of times your marketing materials were delivered).
- Leads Generated
Use this to measure how effective your marketing is in generating leads for your channel partners.
To calculate it, divide the number of leads generated by the number of impressions.
- Pipeline Coverage
Use this to measure the percentage of your channel partner's sales pipeline attributable to your marketing efforts.
To calculate it, divide the number of deals in your channel partner's pipeline by the total number of deals in their pipeline.
- Revenue Attributable to Marketing
Use this to measure your channel partners' revenue from your marketing efforts.
To calculate it, divide the total revenue generated by your channel partners by the number of impressions.
Streamline Your Partner Relationships with a Strong Marketing Strategy
To facilitate collaboration between you and your partners, enlist the channel partner relationship management capabilities of Zomentum PartnerAlign. With PartnerAlign, you can take charge of your channel marketing strategy, show partners your enablement strategy, and equip your partners to sell better. When you make PartnerAlign the command center of your channel partner marketing program, you can:
- Onboard and train partners on your products.
- Bring together all your stakeholders and partners on one platform.
- Upload marketing collaterals that partners can use on the go.
- Support partners actively and provide shadow assistance on deals.
Adopt a partner-first channel strategy. Start a free trial for PartnerAlign.