For channel partners, stagnation can be a killer in a hyper-competitive market. At the same time, partners willing to go above and beyond can realize significant growth and capitalize on opportunities to grow their businesses, expand their reach, and acquire new partners. As we head into the second half of 2022, here are some of the best practices.
Don’t Only Focus on Net-New Business
Like any sales-driven organization, filling the top of the funnel with fresh clients (or potential clients) is essential to driving growth. But sometimes, the best growth opportunities are right in front of you: existing clients. As a channel partner, it is essential to proactively assess and analyze current customers and look for opportunities to collaborate further and expand relationships. If your offerings have changed since you originally built your relationship with the customer, it might be time to explore how your new portfolio can benefit them. Perhaps there is even an opportunity to explore a new service that could meet the needs of an existing customer. If the potential payoff is worth it, investing in new offerings can make sense. Be proactive and don’t forget that new business can often come from old business.
Learn by Listening
As channel partners, we often spend a lot of time telling and not as much time listening. It’s an easy trap to fall into, especially when trying to sell new partners on the benefits of working with us. Frequently, the best growth opportunities come from listening to customers’ needs. Where are the gaps that you can help fill? What are their pain points? By working to better understand customer needs, you can help identify opportunities to connect your solutions with customer needs. This can only be achieved through intentional listening.
Develop a Plan—But Don’t Be Afraid to Pivot
When planning your strategy for the second half of the year and beyond, it is vital to have direction, milestones, and long-term goals. But being inflexible can mean leaving opportunity behind. An internal plan is essential for unifying teams and providing organizational direction. However, having the ability to pivot and still move quickly will create an environment capable of capitalizing on opportunities as they present themselves.
Being a successful channel partner is often about creating and sustaining momentum. As you enter the second half of the year, use the tips above to help build momentum that will not only energize your organization in the short term but also help foster sustainable growth in 2023 and beyond. By expanding existing relationships, listening to customer needs, focusing on two-way communication, and building a focused-yet-adaptable business plan, you can position your channel organization for success today, tomorrow, and in the future.