No matter the size or age of your company, nor the stage of your product’s life cycle, a focused, right-funded channel strategy accelerates revenue growth through preferred partners. Do nothing, and your product and company are pushed to the side.
The prospect of up-front funding for channel building costs can be daunting when there are no clear ROI figures. A successful channel leader is one who puts a 90-Day Action Plan to work right away, with realistic, conservative budget amounts and time lines attached to each line item. It’s focused on partner-building (recruitment, education, negotiation, co-selling) and integrated marketing (creation of sales tools, live sales events, branding campaign) programs. As long as there are tight controls on schedules and cash outlay, the results will pay out.
For instance: to find a network of qualified resellers within the European Union, Hanson Marketing set up sponsorship and attendance at a major industry trade show for its client. The cash outlay related to this event sponsorship was between $30-40k, disbursed over the course of three months. Within six months, the company was collecting new revenue from resellers that we signed up, or re-engaged through face time during and after the show, that far exceeded the initial payout.
Stay focused on the fact that channel partnerships bring in the majority of revenue for companies of all sizes, in all sectors. A company like Cisco Systems, as giant as they are, realizes nearly 80% of their annual revenues from partner sales.