16 March 2020 | Business Intelligence
Whether it’s finding new partners or identifying the right existing partners for specific strategies and campaigns, targeting is crucial in channel marketing – and business growth, for that matter. Christine Röder, an Executive Director at Aximpro, explains how to get it right.
To grow, vendors have two options: Firstly, growing with new partners and secondly, growing with existing partners. Here are some guidelines on how to go about it:
- New Partners
In order to recruit new partners and perform effective channel marketing, it is crucial to first identify them. Key questions to ask, include: Who is the right partner? What is the right approach to engage with the partner? What is the right content strategy for the partner? With budgets and vendor resources often being limited, it is important to be very specific in finding and addressing the right partners.
There are various means of finding new partners, but the more you know about potential new partners, the easier you can address the correct pain points. Moreover, it will also be easier to make the correct offer that will get a specific partner to join your program.
- Existing Partners
To foster relationships with existing partners by upselling, cross-selling or simply by nurturing them along the chain, aspects such as historical data, predictive analytics, sell-out data and market research need to be zoomed in on. This can be quite challenging due to siloed data across multiple disconnected systems. The main challenge here is to get the data in a consolidated view, in order to take out some learnings and recommendations. Once you know the strengths and weaknesses of partners, you can leverage the information to unleash potential growth areas, as well as recognize and develop sales.
Having clearer insights will empower channel marketers to make smart decisions on the marketing budget, plus with the help of business intelligence analyses, each individual group can receive material specifically suited to their needs. For both new and existing partners, the winning formulas for successful partner targeting and approaches are in business intelligence, as well as structured data consolidation and management.
Read the complete opinion piece by Christine Röder and find out how to overcome key channel marketing challenges.