When is the last time you’ve taken a step back and looked at ways to improve the ROI of your channel ecosystem? Even if things are going well from the standpoint of sales and expansion, there are almost always ways to cut costs, increase efficiency or -hopefully- do both. Much of the time, this can be accomplished with relatively small tweaks and improvements, rather than with major overhauls.
In our own work consulting and working with growing indirect sales ecosystems, here are some of the most useful tweaks we’ve identified for boosting your ROI.
Six Straightforward Ways To Improve Your Ecosystem’s ROI
1. Encourage marketing partnerships
Marketing in an indirect sales system works best when you’re collaborating with your partners. You have the money and resources to produce quality marketing materials, while they have the insights into buyer behavior and motivation you need for effective market targeting. Better marketing almost always translates into improved revenues.
2. Refine your channel partner profile
As your ecosystem grows, it’s a good idea to periodically ask the question, “What are the attributes we most want in a partner company?” Those attributes are likely to change every few years! Take a long look at the data you have on your partners and their performance, and use what you learn to craft improved guidelines for seeking out new partners in the future.
3. Constantly keep tabs on partner performance
With modern data-gathering and analysis techniques, there’s no reason to simply take partners’ word for it that they’re doing their best. You should be able to easily track matters such as lead-to-sale conversion ratios, time-to-conversion, and customer lifetime value to see which partners are truly performing well. Use these insights to guide your less-productive partners to better success.
4. Host more co-branded events with your partners
Co-branded events are great opportunities to create synergy. They help improve recognition of both your brand, as well as that of your partners, while also helping improve your relationships with those partners. Better yet, the Internet offers plenty of ways to host events such as online webinars which are relatively inexpensive, making them a great investment.
5. Centralize your documentation distribution
Thanks to online cloud servers with shared access, it’s easier than ever to put all your marketing materials, technical documents, and other vital pieces of information all in one place. Look into cutting paper out of the equation, if you haven’t already. All-digital content distribution will save you and your partners plenty of time and money.
6. Use eLearning to streamline education
If you’re still flying representatives around conducting training sessions, you’re probably wasting a lot of money. Modern eLearning systems can impart all the information you need to convey, in a memorable format, while allowing you to track individual users’ performance. It’ll save you time, and your partners will appreciate not having to constantly make time for seminars!
LogicBay Can Be Your Partner In Boosting Your Ecosystem’s ROI
Our approach of methodologies, consulting, and software-based innovations can quickly turn around even under-performing ecosystems. From getting more from your data, to streamlining onboarding, to improving communication with partners, LogicBay can make your ecosystem perform better while also looking more attractive to potential sales partners.