How to Select and Manage Strategic Sales Partners?

Introduction to Strategic Sales Partner 

A strategic sales partner/channel partner is a company or an individual that provides sales and marketing support to another company or individual. They typically have a strong understanding of the products or services offered by the company or individual they are supporting and can provide valuable insights and advice on how to best market and sell those products or services. In many cases, they will also have a network of contacts that can be leveraged to help promote and sell the products or services.  

Example of a Channel Partner 

What is a channel partner? A channel partner is a business that collaborates with another organization to market or sell its services, goods, or technologies, such as a reseller, service provider, vendor, retailer, or agent. 

For example, a company that manufactures and sells electric bicycles may partner with a company specializing in marketing and selling to the bicycle market. The strategic sales partner would be responsible for providing advice and guidance on how to best market and sell electric bicycles and working with the bicycle company to develop promotional and marketing materials. They would also identify and develop relationships with key retailers and distributors who could sell electric bicycles. 

There are many benefits to working with a strategic sales partner. They can provide valuable insights and advice on how to best market and sell the products or services offered by the company or individual they are supporting.

Working with a strategic sales partner can help to increase sales and grow the company or individual’s customer base. They can also help improve the quality of the products or services offered by providing feedback and suggestions. 

Key Steps to Bringing The Right Strategic Sales Partner 

Let’s go through the key steps that can help you gain the right channel partners for an effective sales strategy:  

1. Clearly Identify Your Goals for a Channel Program: 

In order to bring the right channel partner on board, it is important to first identify your goals for the channel program. What are you looking to achieve? What are your specific objectives? What can this partner do to help you reach your targets? Once you clearly understand your goals, you can start looking for a partner to help you achieve them. 

There are a number of different things to consider when identifying your goals. What are your overall business objectives? What are your specific goals for the channel program? What can this partner do to help you reach your targets? What are the risks and potential rewards associated with the program? Once you have clarity on the big picture, it’s easier to consider options that help to achieve the big picture.

When looking for a partner, finding one that is a good fit for your company is important. They should be able to offer you the resources and support that you need to succeed. They should also be willing to work with you to develop a custom solution that meets your specific needs. 

The right partner can help you to reach your goals and grow your business. However, it is important to remember that you will need to invest time and resources into the relationship. You will need to work with the channel partner to develop the program and ensure that it is successful. But the rewards can be great if you take the time to find the right partner and develop a strong relationship. 

For example, if your goal is to increase sales, you will want to find a channel partner with a strong distribution network. If your goal is to improve customer satisfaction, you will want to find a partner that offers great customer service. If your goal is to increase brand awareness, you will want to find a partner with a strong marketing program. 

2. Start Mapping Service Areas and Watch for Overlap: 

When looking for a strategic partner, it’s important to start by mapping out service areas and looking for areas of overlap. This will help you identify which partners might be a good fit and which might not. It’s also important to look at potential partners’ service areas in terms of geographic scope. Are they local, regional, national, or international? What is their reach? What are their capabilities? By understanding a potential partner’s service area, you can better understand whether or not they would be a good fit for your business.

When looking for a strategic partner, it’s important to consider both the strengths and weaknesses of your own business, as well as the strengths and weaknesses of potential partners. You’ll want to find a partner who complements your own business in terms of service areas and geographic scope. It’s also important to consider the reach and capabilities of potential partners. By understanding all these factors, you can narrow your search to find the perfect strategic partner for your business.

For example, if you are a local business, you might not want to partner with a national company because they might not be able to provide the same level of service or attention. On the other hand, if you are a national company, you might not want to partner with a local company because they might not have the same reach or capabilities. By understanding a potential partner’s service area, you can better understand whether or not they would be a good fit for your business. 

3. Dig Into Partners’ Technical Proficiency:  

As you look for potential partnerships, it’s important to consider both the technical capabilities of the organization and its ability to scale. The technical capabilities of a potential partner will give you insight into whether or not they can meet your needs. Does the organization have the right technology? Do they have experience in your industry? What processes do they have in place? All of these factors will impact whether or not the partnership is a good fit for your business.

In addition to technical capabilities, it’s important to consider a potential partner’s ability to scale. Can they scale up or down as needed? What is their capacity? What are their limitations? Understanding a potential partner’s ability to scale will help you determine if they can meet your needs as your business grows. 

A partnership is a two-way street, so it’s important to consider both your and your potential partner’s needs. By taking the time to understand a potential partner’s technical capabilities and ability to scale, you can make sure that the partnership is a good fit for your business.

For example, let’s say you’re a small business that sells software. You’re looking for a partner that can help you with marketing and sales. It’s important to consider both the technical capabilities of the potential partner and its ability to scale. Does the potential partner have experience in marketing and sales? Do they have the right technology? What processes do they have in place? All of these factors will impact whether or not the partnership is a good fit for your business. 

4. How Many of Your Competitors Are They Working With? 

A potential partner’s customer base can give you a better understanding of whether or not they would be a good fit for your business. If a potential partner works with many of your competitors, it may signify that they could be more selective in who they work with. On the other hand, if a potential partner is not working with any of your competitors, it may be a sign that they are not familiar with your industry or that they are not a good fit for your business. 

It’s also important to look at potential partners’ customer base. What kinds of customers do they work with? Do they have experience in your industry? What is their customer mix? By understanding a potential partner’s customer base, you can better understand whether or not they would be a good fit for your business.

For example, if a potential partner is working with many of your competitors, they may not be the best fit for your business. This is because they may not be selective in who they work with and may not have the necessary experience in your industry. On the other hand, if a potential partner is not working with any of your competitors, it may be a sign that they are not familiar with your industry or that they are not a good fit for your business. 

5. Do Your External Research:  

As you research potential partners, it’s important to do your internal research and your external research. Talk to other businesses in your industry and see if they have any recommendations. Use social media and online forums to see if you can get a sense of a potential partner’s reputation. By doing your external research, you can get a more well-rounded view of a potential partner and make a more informed decision.  

When you’re looking at a potential partner’s online presence, it’s important to consider what their website and social media presence are like. Is their website professional and informative? Are they active on social media, and if so, what do their posts look like? What is their online reputation like? By understanding a potential partner’s online presence, you can get a better sense of whether or not they would be a good fit for your business. 

Conclusion 

When looking for a strategic sales partner, there are several things to consider. It’s important first to identify your goals for the channel program and then start mapping out service areas and looking for areas of overlap. It’s also important to consider a potential partner’s technical proficiency and ability to scale. In addition, you’ll want to research a potential partner’s customer base and do your external research to get a more well-rounded view of the company. By taking the time to consider all of these factors, you can find the perfect strategic partner for your business. For professional-grade knowledge and hands-on sales and marketing experience, the Executive Program in Strategic Sales Management by UNext Jigsaw in collaboration with IIM Indore is cut out for you!