Building strong channel partnerships is one of the keys to a strong business. Whilst the idea of establishing such close connections with other entities can seem daunting (or even risky), the reality is that it is highly beneficial for your organisation.
Considering that, according to CRN, over 80 per cent of Cisco’s revenue stems from its channel partners, the business case seems clear: invest in sturdy partnerships and you will reap the benefits. Let’s take a look at three other advantages of channel partnerships:
Strong channel partnerships give access to more information.
Choosing the right organisations to connect your strategy broadens your professional network. Furthermore, it also increases the pool of information and knowledge you can access. Collaborating with specialised channel partners can allow better decision making based on the more holistic information provided by multiple players.
The crux of managing the larger volume of information you can access with these alliances of course if to implement consistent processes. After all, no matter how much data or information there is, without the ability to understand and strategise around insights, there is little benefit from them.
With more information and partners comes access to a wider audience. Leveraging your channel organisations’ reach can open new avenues for business growth. Since partners are chosen strategically, the risk, time and money usually associated with moving into new markets is drastically reduced – if not eliminated altogether.
A Nielsen study found 60 per cent of customers prefer to purchase from a business they already know satisfies their needs to the required standard. By strategically connecting with the right channel partners, your business can benefit from using an already-established brand consumers like to buy to introduce your product offering.
Trust and mutual understanding are key aspects of successful relationships.
Developing somewhat naturally from building the essential trust between channel partners, your business can benefit from better relationships with its connections. The more you nurture and invest in positive alliances, the more favourable the long-term effects on the entire organisation.
Ideally, channel partnerships are built on mutual trust and understanding. However, offering some personal advantage or perks – such as rewards or incentives – from working with your business, you are certain to sustain success more easily.
Engage a specialist in designing and creating effective and beneficial incentive and reward programs. This also includes channel incentives, something that can help support long-term partnerships through better motivation, loyalty and engagement.