Technology is one of the fastest growing industries, therefore in order to stay competitive sales organisations need to keep up with the latest innovations. Have you found that your competitors are constantly outperforming you? Basically this is the result of channel enablement strategies.
Channel enablement is a tech vendors holy grail resulting in revenue growth by way of end customer growth and retention, entailing two core aspects, sales data & analytics and digitizing the enablement process. Each of these features play a key role in an organisation’s success from implementing a channel enablement strategy. However, you can’t have one without the other, sales data & analytics and a digitized process go hand in hand. Ultimately providing vendor-channel visibility.
Although analogue channel enablement techniques have been successful in the past, they now no longer show results due to the increasingly digital world. Thus channel enablement strategies have transitioned to a digitized process. A digitized enablement process results in sales organisations increasing their effectiveness and productivity, with the help of data science. Channel managers can use science to work out exactly which data is relevant for driving results.
Quality sales data enables channel managers to interpret and analyse this information, determining effective insights, performance trends, prioritise leads and pin-point which efforts deliver the most ROI. Channel Managers are no longer the go-to problem solver for vendor-partner queries and problems but sales engineers, ascertaining deeper insights for decision-making.
Implementing a digitized channel enablement strategy not only improves the role of the channel manager but provides organisations with numerous benefits. But the ultimate benefit from channel enablement is the enhanced visibility between vendors and channel partners.
BETTER TRAINING AND INCENTIVES
Training sessions presented to channel partners tend to have low retention rates, due to the struggles of maintaining regular training schedules and lack of resources. As a result poor performance only continues and results in decreased sales productivity.
However, digitized channel enablement enables channel managers to deliver better sales training and mentoring sessions. Analysing sales data gives channel managers visibility into what tactics are effective, delivering the most ROI. Thus sales training sessions can be tailored and more direct, focussing specifically on the insights and content that is most effective at a particular point in time. Data science exponentially enhances a channel managers ability to manage channel performance, thus training can be altered when necessary.
Increased visibility between vendors and channel partners allows incentivised training to become a lot clearer. Digitised channel enablement means outcomes are based on real-time sales performance data. Incentives motivate employees to perform at a high standard and reach their targets, as a result sales productivity and revenue increases.
AUTOMATIC FEEDBACK MECHANISMS
An important part of a channel managers role is knowing what is working in the wider environment, especially when multiple channel partners are involved. Many vendor-partner relationships face an increasing feedback gap due to non existent or lack of communication.
Digitised channel enablement platforms are built with feedback mechanisms, closing the feedback gap and increasing communication. ROI tracking with an automated marketing platform enables channel managers to determine whether their campaign spend is in the right place, easily making campaign alterations based on reliable sales data and analytics.
Channel Enablement platforms integrated with CRM is crucial for gaining visibility. A major struggle for the majority of organisations is low user adoption of CRM, salespeople do not want to spend their time completing manual data entry. As a result managers end up with inaccurate sales data, leading to poor decisions which affect overall sales productivity rates and revenue growth.
However, digital channel enablement allows for automated data entry thus removing the time consuming task of manual data entry. Digitised channel enablement platforms feed sales analytics back to the CRM system, providing managers with important metrics on every sales conversation. Research shows paring back the amount of data and reporting by 90% significantly increases usage rates. Thus channel managers can take action when and if required due to this increased visibility.
CHANNEL PARTNER SATISFACTION AND LOYALTY
A key factor contributing to poor channel partner satisfaction and loyalty is lack of vendor-partner communication, as a result of poor visibility. However, gaining visibility through digitised channel enablement not only improves communication but also satisfaction and loyalty. Channel enablement has changed the channel managers role from problem solver to sales engineer, allowing vendors to provide channel partners with the help that need when they need it. Increased communication between vendors and channel partners results in better sales performance and productivity, with a likely increase in overall sales revenue.
Overall, channel enablement undeniably is a tech vendors holy grail. The top performing organisations prioritise channel enablement strategies, recognising sales content and its delivery is the key to increasing sales effectiveness, productivity and revenue growth by way of end customer retention. Results show that 44% of organisations want sales data and analytics regarding their sales content in order to drive results, channel enablement strategies allow organisations to do this.
So if you want your organisation to start performing in your competitors league, you need to take the plunge and implement a channel enablement strategy today.