The Role of Partner Data Acquisition in Building a Channel Friendly Partner Program
The vendor's knowledge of partner behavior and persona plays a key role in the…
Adopting a partner data driven, persona-centric approach to partner relationship management help companies improve partner engagement and channel relationships. This makes it important that companies take into account the various partner personas when investing in a PRM platform. Companies that understand the needs of each partner persona and offer them the right tools and support are able to build and grow successful partner relationships. In our blog this week, we discuss the partner engagement model and how companies can leverage the partner persona data they collect to drive partner engagement effectively.
For partner engagement models to really work they have to be relevant. A lot of businesses capture partner profiles and characteristics in the early stages of the partner relationship but fail to keep them updated. In order to be able to engage partners throughout the different stages of the relationship, and to keep the relationship sustainable, companies need to update their partner profiles regularly and ensure the partner engagement model deployed for each partner profile type is relevant at all times.
Updating the partner profile often, helps companies engage their partners better. Building a versatile partner engagement model involves thoroughly understanding who your partners are, what motivates them and then deciding to use those motivational factors to engage them with your brand.
Capturing partner profiles and keeping them relevant in today's hyper-competitive B2B environment can be challenging. Your partners are constantly generating digital footprint−data that tells you more about them, and you need to be able to capture, understand and act on it at the right time. Partner competencies are dynamic too, and the answers to questions like who comprises your partner set, what else they sell, how they sell, where they sell and with who else are you competing for mindshare, all need to be answered before you can create the blueprint for an effective partner engagement program.
The next step is to personalize your messaging to appeal to each of the prospect personas. It is giving your partners a custom partner passport which provides them access to personalized partner journeys, workflows, onboarding, training, asset delivery, sales recommendations and not just marketing and sales messages.
For partner programs to really work, they need to be
Companies need to remember that it is not just money that motivates channel partners. There are other elements in the mix to drive value for the partner-vendor relationship and all of these elements have to come together to make the channel program a success. Most partner programs are complex and there are various blockages on the path to its success.
Vendors have to understand their partner types and partner personas and tailor the partner programs and support offered, to suit each one of them. That's the only way to remove any kind of blockage that prevents the channel program from being a success.
Mindmatrix's whitepaper, Partner Sales Enablement : The Mission-Critical Component Of ROI Generating Channel Programs, states that an analysis of the partner ecosystem revealed that
While these numbers are certainly not positive from a company perspective, organizations can treat this as an opportunity to boost partner engagement, by assisting partners in these areas. At the end of the day, partners are looking to generate revenue and these 3 elements; a business plan, growth strategy and sales plans can help them achieve their revenue goals.
Vendors who assist partners with these elements will help drive revenue for them, thus strengthening the partner relationship and partner engagement.
Companies should prepare a clear roadmap for partners to follow when working with them. This can act as a business plan or a future growth plan for the partners as far as the vendor product/services are concerned. In a multi-vendor environment, when vendors are struggling to gain and retain partner mindshare, this approach can be a game changer.
While the channel-based sales model has evolved over the years in line with the end customer's journey, one aspect has remained the same-ease of selling vendor products. At the end of the day, those products and services that are the easiest to sell are the ones that channel partners will focus on more. Those are the brands that will see maximum partner engagement and those are the vendors with most partner mindshare.
Your channel partners need to be able to see value in partnering with you. By providing them with a clear business plan (for your products), offering them a roadmap to growing their business and helping them move from one step to the next by clearly setting the milestones they need to achieve, you are adding value to their business.
Liked what you read? Check out our whitepaper, Partner Sales Enablement : The Mission-Critical Component Of ROI Generating Channel Programs, to learn more.
Mindmatrix is a leading provider of PRM software, channel partner marketing software and sales ecosystems enablement solutions including partner portal software. Since its inception in 1998, Mindmatrix has been focused on helping companies sell more, faster. A pioneer of sales (direct & indirect) and marketing enablement technology, today Mindmatrix is the only company offering a fully unified platform (Bridge ™) that connects and enables sales (direct & indirect), marketing, alliances and partner ecosystems. Backed by Mindmatrix's innovation and expertise, Bridge expands sales ecosystem enablement beyond its traditional boundaries to cover not just Sales Ecosystem Enablement, but also Partner Marketing and Multi-vendor Solutions Management