Generally speaking, in channel sales it’s a good idea to have a plan and stick with it. Your partners need to have a sense of consistency, and having a well-defined plan with shared goals and strategies for achieving them will help keep everyone on the same page. That said, no plan lasts forever – particularly with the current business world moving as quickly as it is.
So, when is it appropriate to start making major changes to your channel partner program? In this blog, we wanted to briefly discuss some of the key indicators that you need to modernize your ecosystem.
1. It’s been more than three years.
Generally speaking, an ecosystem which has gone more than 3-4 years without an overhaul is probably in need of modernization. There have been huge advances in technology and partner management software in the last few years so, at the least, an ecosystem which hasn’t been updated lately could probably benefit from better-optimized tools.
Even if you’re hitting all your sales goals and you’re basically happy with performance, better tools will lower your costs.
2. A sustained slowdown in partner performance.
Stagnation is a major issue in partner ecosystems. If you’re not growing, you’re probably shrinking. Any company can have a bad quarter, particularly if you can point to outside factors beyond your control affecting your market. But a sustained slowdown is almost always a sign of stagnation. At that point, you would want to start re-examining your market, your approaches, your marketing, and your partners’ sales tactics to look for ways to turn things around.
3. An increase in partner complaints.
If your partners are complaining about the state of your ecosystem, or about having difficulty doing their jobs effectively, that’s something which needs to be taken very seriously. Your partners are your lifeblood, and if they aren’t happy, you can be certain they aren’t working as hard as they could to sell your products\services. If you’re hearing more partner complaints, especially complaints that echo each other, you should definitely look into addressing the problems.
4. Major expansions to your operation.
The same strategies that served you well as a state-focused operation aren’t going to work if you’re looking to go national, or if you’re a national brand looking to go global. If you are thinking about a major expansion to your operation, a complete overhaul of your partner strategies and long-term plan should absolutely be a part of that. We’ve seen plenty of ecosystems dip into “sub-optimized” territory for failing to update their procedures along with a major new expansion initiative.
5. Your buyers are changing.
It’s vita for a modern business to keep tabs on their buyers, and their buyer behavior, while always being ready to adapt to changes. Social trends are changing even more quickly than business trends, and buyers can now shift their behavior incredibly quickly. You should always be keeping an eye on your buyers, as well as talking to your sales partners, to ensure you’re continuing to properly target your markets based on their current behavior. If the buyers change, you need to change with them.
Streamline Your Channel Partner Program With LogicBay
Are you looking for a solution which can centralize your partner management, while making it easier for you to track performance and easier for your partners to do business? LogicBay’s revolutionary combination of software and strategy can overhaul and streamline your entire ecosystem quickly and efficiently.