Can You Be My Partner? 5 Key Considerations.

Working with channel partners or resellers is long term. In order for the partnership to reap benefits for both parties, there needs to be synergy, common goals with the right resource and capabilities.

Distributors or vendors, even retailers who need to recruit new channel partners for existing or new portfolios would need careful considerations in order to be effective in meeting goals and generating the required revenues. This is especially so if the portfolio of choice is an enterprise one.

"This template which we named it, Partner Selection Template, is offered FREE to all our blog subscribers. Click HERE to request for the template."

So what are some of the key components to consider for a right choice of channel partner? Cherrypick Consulting offers the following few to consider :

#1 - CULTURE FIT

While looking for culture fit is getting its fair share of attention in the human resource world, it is often a neglected consideration when it comes to choosing a new channel partner or reseller. It does make sense to consider this since the new channel partner will be a long term family member of the community.

Any cultural misfit between the partner and the vendor or distributor would result in unwanted conflicts and negative business results that both are trying to achieve.

#2 FINANCIAL

Needless to say, a channel partner's financial stability is a key pillar to both the vendor or distributor and the customers as well. The last you want is an insolvent partner who is compelled to stop business due to financial reasons. Not only time will be wasted but customers will be unhappy too.

#3 REPUTATION

Different people would have differing views when it comes to a channel partner's reputation in the market. While many would consider the fact that there is no negative historical indication from the channel partner over the years in the market, we would like to include an additional perspective on this.

We now live in a world where user experience is crucial. The ability of the channel partnership to offer a "wow!" experience to their customers will bring an edge to the market, especially so when the Millennials are taking over the workforce.

#4 PORTFOLIO FIT

The point here is whether the channel partner is currently in an industry where they can bring new sales with your portfolio and if they have their own solutions that could complement yours.

Assuming if they don't, and they represent your brand and products, not only will you realize that they will it hard to go to market, but soon, it seem that they need you more than you need them.

The rule of thumb here is - expand and recruit a channel to expand business, not to compete.

#5 CAPABILITY & CAPACITY

While many understand the importance and concept of this point, most would look at this from a competency standpoint. Eg, do they have dedicated resources for my business? Do they have trained technical, sales and support team?

It is also extremely vital to consider capability from a management, strategic and infrastructure standpoint. What good is a team that brings in sales and provide support while they lack the management prowess, organizational fortitude and analytical efficiency?

While there are multiple factors to consider in a new partnership, but we believe the above 5 mentioned will be listed as a top few.

Do you have a partner screening process where you assessment and rate potential channel partners before offering a contractual agreement?

Cherrypick Consulting has designed a template which you might find it useful. This template which we named it, Partner Selection Template, is offered FREE to all our blog subscribers. Click HERE to request for the template.

This will lead you to send and email to us. Do make sure you include your name, company and email address. We promised no spamming of information we received.

"One is to invest in trained salespeople which are more likely to be costly and there are no guarantees of retention of the talent. Or two, to invest in training the existing salespeople to drive growth and at the same time induce motivation and improvement in talent retention."

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We hope you find this week's post useful. If you have any comments or advice, do share with us. Sharing brings great joy to the community.

Cherry-O!

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