Chip Royce, Flywheel Advisors
If you’re reading this newsletter your company wants faster growth. Or, you’ve found sales are slowing and look to (re)ignite sales.
Most companies start by selling directly to the customer.
This makes sense, and the internet makes this easier than 30 years ago.
Yet, think of the most successful companies. Companies you patter after. Or your competitors. These companies sell via many channels, direct and indirect.
Indirect channels offer cost-effective ways to reach new markets and new customers.
But channel success hinges on selecting the right partners.
Partner selection is a critical process that can propel your business to new heights.
Here are five tips for choosing the right B2B channel partners.
1) Find Complementary Offerings
Today’s world is fast-paced and ultra-competitive.
Seek out partners whose products or services align with yours. You’ll improve the odds of success. And identify synergies between your companies.
You will appeal to the prospective partner. You will have a stronger footing for negotiations.
Together, you’ll create more value for customers. You’ll address customer pain points. You’ll offer the customer comprehensive solutions.
2) Align Around Target Markets
Sometimes you’ll want to go after the same market with your partners.
Other times, a partner in a completely new industry may be the key to driving adoption for your product or service.
When you pool resources and expertise, the partnership will penetrate new customer segments and access untapped markets.
Ensure the partnership delivers targeted, relevant solutions to its customers.
You’ll get meaningful business outcomes.
3) Find Reputable & Credible Partners
Pay attention to the reputation and credibility of a future partner.
You’ve worked hard to create your brand. A brand with respect and integrity with customers.
Conduct thorough research to gauge a partner’s track record. Take a look at their industry standing, and customer satisfaction levels.
Partnering with respected companies influences your brand’s perception and builds trust.
A partner with a sketchy past or poor business practices, like bad customer focus, impacts your brand and negates any future benefits.
4) Align Around Shared Values and Goals
Partnerships should extend beyond business objectives.
Your partnership must have shared values and goals.
Seek partners whose organizational values align with your own.
When both parties share similar goals and principles, decision-making becomes more streamlined,
Conflicts resolve more easily, increasing the probability of a sustainable and long-lasting partnership.
5) Ensure a Strong Distribution Network
Examine the partner’s distribution network and reach. Partners with a wide and well-established network can help you access new markets.
Strong, established distribution networks are crucial for B2B partnerships.
Look for partners with extensive reach and distribution channels that can open new doors for your products or services.
By leveraging each other’s distribution networks, you get access to new markets and customers. You will expand your market presence and drive sales growth.
In closing…
Leveraging indirect channels is vital for growth.
Finding the right partners is key to your success.
When you choose the right indirect sales strategy.
And choose the right partners.
You’ll get successful and fruitful partnerships.
You’ll achieve mutual success.
Whenever you’re ready, there are 3 ways we can help:
1) Schedule 25 minutes to chat about your businesses: new opportunities, current challenges, aspirations, pretty much anything!
2) Sign up (if you haven’t already) for this newsletter.
3) Read back issues for more insights into how to (re)ignite growth for your company.