Channel management strategy - how do I get to my number fast
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Channel management strategy can have a significant impact on sales performance. Part of a well thought out strategy is the use of sales performance management tools to drive results from your channel sales force. A presentation by Sales Benchmark Index.
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Channel management strategy - how do I get to my number fast
- 1. Channel Management Strategy How Do I Get To My Number Fast?
- 2. We want this, but…
- 3. The path to results isn’t a straight line The curves slow you down
- 4. What we really need is… Speed through the curves
- 5. If you want speed through the curves… First, map out the path.
- 6. Then, you know exactly where you are going.
- 7. How does this translate into Channel Management?
- 8. How do you increase results from a mature sales channel? Client Case Study
- 9. 340 certified partners $1B in channel sales Sales volume was flat last 18 months Goal to increase revenue by $100M The Situation
- 10. Imposing higher targets Equal distribution of increased MDF dollars More channel managers What Didn’t Work
- 11. Assessed partner competencies #1 deficiency was partner lead generation Partners welcomed help in this area What Did Work
- 12. Teach channel lead-gen best practices Monitor performance Reward achievement The Solution
- 13. The Result
- 14. Learn More Contact us to hear the rest of the story... Email - info@salesbenchmarkindex.com Phone - 1-888-556-7338 Web: http://www.salesbenchmarkindex.com
Editor's Notes
- Driving increased sales performance through the channel is a challenge. Ideally, we want our partners to generate fast and consistent results.
- The reality is anything but a straight path to improved results.
- We need to find another way to navigate the sales force effectiveness challenge. We can’t eliminate all the curves in the path to improved results. So, our best option is to develop the capacity to speed through the curves.
- We all know that it is more difficult to speed through an unfamiliar path. If we map out the path ahead of time, we know where the curves are and plan accordingly to push through at the optimum speed.
- Once you know where the rough spots are, you can work on them and create optimal conditions to speed through these previous obstacles.
- So, what does that mean exactly as it relates to Channel Management Strategy?
- Our client had an interesting challenge. They needed to ramp sales performance for a sales channel that was doing very well already.
- The sales channel consisted of 340 certified partners that represented the company’s products well. They had reached $1B in annual sales but growth had flattened in the past year and a half. The SVP of Sales had directed the VP of Channels to break out of the plataeu and grow revenue by 10% over the next 12 months.
- Simply imposing higher targets did not achieve the result. The company increased Marketing Development Funds across the board for all partners but it failed to produce the desired result of #150M in additional revenue. More channel managers were added to drive more activity and oversight but it created only a small lift in revenues.
- Each Partner was assessed on key activities that add value for the customer. Lead Generation was noted as the number one deficiency across the majoirty of the partner eco-system. When this information was shared with the partners, they expressed a desire for improve in this area and committed resources if the company would help them.
- The Company chose to focus their efforts on teaching their channel partners how to leverage best practices in lead generation. This was paired with active performance management to monitor each partner’s progress and results. In parallel, the company deployed incentive management tactics to reward the partners who generated the best results compared to their prospect database.
- The VP of Channels was pleased with the over-achievement of the goal ($150M vs. $100M) one year later. An interesting by-product of this effort is that the top 10 channel partners by sales volume changed. Those that had embraced the newfound lead-gen capabilities overtook their rivals and gained a position on the top 10 list. These firms were rewarded with additional resources and an increase in marketing development funds.
- Contact us if you would like to understand how you can achieve your sales goals througha well defined channel management strategy.Email - info@salesbenchmarkindex.comPhone - 1-888-556-7338Web: http://www.salesbenchmarkindex.com