14 July 2020 | Business Intelligence, Data Management
When your distributors are working more successfully with competitors, the need arises to be better positioned at distribution level and improve sales through distribution. Here are some insights into how business intelligence can address these types of challenges and identify new opportunities.
Whether small partners and distributors are not aware of your products or solutions and this awareness aspect needs improvement or whether there is a lack of knowledge to identify the right partners to grow in specific segments, business intelligence can open the door to new insights and opportunities.
When facing these types of challenges, it is important to identify new partners within relevant segments and to gain a better understanding of existing partners and their growth potential. By utilizing business intelligence, existing partners that have partnerships with big vendors and competitors, and therefore already conduct business via distribution, can be identified. Furthermore, new partners that have partnerships with competitors within specific segments can also be identified.
In a recent interview, Vedran Lescan, Co-Founder and Chief Business Development Officer at FinScore INC. who is an expert in the field, stated that the current trend of using business intelligence boosted by big data is going to stay and be accelerated. He said it is important to evolve with, leverage and benefit from the opportunities business intelligence and data analytics provide, stating: “The world is changing and one of the most valuable resources at this moment is data, which is being generated on daily basis in enormous amounts”.
Here are some areas you can focus on to gain more insights with the help of business intelligence software:
- The competitor landscape
- The existing reseller base
- Resellers that best match your portfolio and/or partner base
- Resellers partnering with competitors
- Product names
- Company sizes
- Buying power
- Technology partners
- Social media channels
- The potential to cross- and upsell
- The strategic direction to take
- Which partners to invest in.
Once you have these insights, you can get a clear understanding of the partner landscape and how the partners are linked to competitors – also based on partnerships and partner levels. Furthermore, by identifying new suitable partners, there is new potential to meet business goals through new opportunities.
Having this type of data can also assist in approaching audiences in a more targeted and individualized way and create marketing campaigns accordingly to gain share of wallet. This type of customized approach will improve your chances to achieve business goals more effectively.
[CASE STUDY] Overcoming Key Challenges Across the Channel
Find out how Aximpro’s business intelligence and data management solution, and the sales incentive, partner enablement and loyalty solution were tailored to the needs of a global IT company to unlock growth.Read Case Study