Maximising The Value Of Channel Partnerships Through Digital Transformation

Businesses are inclined to prioritise most of their efforts internally when it comes to digital transformation. As a result, they tend to neglect their complex partner ecosystem—the channel partners that are essential in driving sales and growing market share.  

Enterprises that distribute products and services through channel partners understand how vital these relationships are to their businesses. An effective distribution strategy is a necessary part of the DNA of many companies, and optimal channel engagement is critical for the success of any product.

But, while the IT revolution has largely transformed business operations across the globe, channel partner management systems are often overlooked. 

Despite being essential to revenue generation, businesses still rely on old-school methods when engaging partners. However, one-size-fits-all channel management tools such as cookie-cutter campaigns, sales spreadsheets and siloed communication efforts are no longer sufficient by today’s standards. 

Enterprises risk losing out on potential sales and, at worst, risk fracturing their partner relationships if they do not adapt. There is ample opportunity for enterprises to take advantage of automation and level up their partner management platforms.

The importance of channel management tools

As businesses grow, they are likely to onboard more channel partners and expand their distribution network. The question then arises, how can enterprises continue to ensure impactful engagement across a growing number of channel partners? 

Manually rolling out campaigns and tracking sales across hundreds of channels can quickly become tedious for businesses without partner management platforms. Emails and spreadsheets may work when managing a handful of channel partners, but imagine the complexity when that number grows.

Complicating the channel management process further, many businesses commonly work with various channel partners and have different business models with them. For example, the needs of a value-added reseller will vary greatly from that of an affiliate partner or a wholesaler. 

Without proper channel management tools, Enterprises may struggle to organise and execute channel enablement efforts and fail to meet the needs of their channel partners. 

Why use a partner management platform

Digital transformation and its meteoric rise has brought about sweeping changes to entire industries, organisations and workflows. A mere two decades ago, services such as collaborative workspaces and cloud storage did not exist. Yet, it is unthinkable that businesses would not be on any of these platforms today.

The same must be said for channel partner management – partner management platforms are mission-critical to building a more strategic and elevated relationship between enterprises and their partners. 

1. Streamlined onboarding

Ease the recruitment process for new channel partners by streamlining the onboarding process. Partner management platforms can consolidate the resources required for partners to quickly understand more about the company's products and services, potentially saving time and money so they can hit the ground running. 

2. Learning management and certification

While most enterprises these days have some form of learning management system (LMS) in place, these are often not integrated with other key functions. By having an integrated LMS, partner management platforms allow enterprises to easily track the learning and certification process across all channel partners. 

3. Incentive and loyalty management 

Boost go-to-market efforts by setting up tailored incentive programmes that can be customised for each partner. With a dedicated platform to manage incentives, enterprises can track sales performance and promptly adjust incentives based on what works best for each region and partner.

4. Marketing support

Channel partners require marketing support in the form of assets, content and collaterals that they can use in their sales conversations. A robust partner platform can provide all this information in one consolidated space, cutting down on the back-and-forth needed between enterprises and partners when requesting for such collaterals.

Increase partner satisfaction

By providing channel partners with all the tools they need to sell in a convenient, dedicated portal, partner management platforms allow enterprises to engage with their partners effectively. Since vendors tend to work with non-exclusive partners, it is important to build brand intimacy in the relationship. Partners will naturally migrate towards vendors they feel are easier to do business with, as such, enterprises should consider leveraging these platforms to enhance partner satisfaction.

Collaboration is central to the enterprise-partner relationship, and a channel partner management system can help to maximise touchpoints and visibility for both parties. An effective partner management platform enhances channel relationships by providing partners with the tools they need to drive success. 

By having impactful channel engagement mechanisms, enterprises can inspire partners to sell better and grow their businesses. In turn, this builds trust and commitment to the partnership, driving better profits for all parties.