5 Tips To Creating A Successful Channel Strategy
Selling your product or service or channel selling as it is sometimes called makes up an effective sales model, especially to B2B. However, channel marketing is not so easy to design as you need to consider the needs and wants of your two target markets — channel resellers and end-users.
To address this difficulty, here are five tips on how you can create a successful channel strategy.
Choose The Right Timing
Ideally, you should have set your channel strategy as part of your onboarding process and when you have awarded the selling of your product or service to channel resellers. If you have not yet done so, you need to set it when your P&L is nearing double digits. Other clues that you need to urgently set your marketing strategy is when the demand for your product is more than what you can supply or when the orders from your channel partners or distributors have more than your direct sales.
Speak Your Client’s Language
Talk to your target audience using the right voice and tone so your message is understood and favorably received. Remember that your channel partners will be more receptive to pushing your product or service if they are part of the co-branded marketing. This way, they can add value to their clients by incorporating your product or service with theirs or other products that they are also selling. If they get some credit with the sales mix, then they will be encouraged to upsell your product.
In addition, remember that resellers expect you to provide a marketing strategy that enables them to easily sell your product or service. After all, they resell to make money and not to think of how to promote your product or service. You’re supposed to teach them your marketing strategy and help them understand your product or service and how to best sell it.
Remember: Your Reseller Most Likely Caters To Others Too
You have to understand that when you are dealing with resellers or channel only vendors who most likely are also catering to other products and services. In line with this, you realize that each product they promote requires almost the same things you require. From product information to orientation and marketing strategies to employ… need I go on? So, if you make it easiest for them to sell your product or service, then they will naturally and probably unconsciously push your product or service more than the others.
Use Proper Content And Communication
These two play a crucial role in advancing your product and boosting confidence and support from your channel partners. This means providing them with your content and marketing tools to give them the edge in selling your product or service. Provide proper training on how to offer your product or service to your target market and also on how to close sales. Provide proper incentives and compensation will also spark vendor initiative in actively selling your product or service. On the other hand, communicating your support and how you value your resellers to your target market or end-users boost sales from end-users while earning the respect and support of your channel partners.
Make Your Engagement Model Easy
Put your shoes in your reseller’s shoes and make it easy to work with you. In short, test your model yourself to evaluate if you can easily find your company and your program. Check your website and compare it with your closest rival. Consider the security of your clients’ information and sensitive data as well. In the end, you must make the engagement process easy and convenient for your prospective reseller or channel partner. Can you imagine cooperating with a partner whose product or service is difficult to sell? No? Then design yours to be user-friendly and enticing to boot!
All in all, realize that you are selling your product or service two ways — one to your channel partners or distributors and another to your end-users. Thus, your channel marketing strategy must take these into consideration to provide for both parties’ needs and requirements. As a result, you create an effective and successful one.
ForzaDash posts a blog every Monday. Learn some interesting facts about our latest feature article on channel strategy decisions here.