In their efforts to foster a competitive workforce and devise innovative business, marketing, and sales strategies, many businesses tend to overlook the significance of channel partners, vendors, and resellers, in driving business performance and growth.
Whether you are a market leader or an incubating enterprise, it is essential for your organisation to establish strong ties with your channel partners and maintain positive and progressive business relationships.
Investing your time, efforts and resources to build sustainable relationships with your channel partners will pay off in terms of accelerated growth and optimised returns. Here’s an insight into how you can establish promising relationships with your resellers and channel partners.
- Incorporate a Conflict Management System
Business partnerships and relationships bring along a fair share of conflicts as part of the deal. Especially if you have multiple resellers, vendors and channel partners on board, their mutual competition for the same business might raise a conflict on pricing, products or distributions channels.
In such case, your partners will look up to you to find a way out. Therefore, you need to incorporate certain conflict management policies and standard operating procedures in your channel partner program and strategy. This will specify domains and job roles for each partner and ensure that all partners operate within their circumscribed limits.
- Foster Communications
Communications is the key to building promising business partnerships. A smooth and efficient system of communication between your organisation and the channel partners will make it convenient to track the status and progress of sales and distribution and maintain an effective feedback and response mechanisms on various tasks and operations in real-time. An instant and effective system of communication optimises efficiency, identifies risks and builds mutual trust.
- Organise Networking Sessions
If you are seeking to establish long-term and sustainable relationships with your resellers, vendors and channel partners, you need to get an insight into their expectations and seek ways to scale along with potential channel opportunities.
Additionally, it is also essential to impart your vision, goals and future prospects to your partners, to make it convenient for them to align their strategies with your goals and meet your requirements and expectations.
Frequent informal networking events can provide a good platform to interact with your partners. Events such as beachside meet-ups and networking harbour cruise make a good opportunity to invite your channel partners, discuss future prospects and identify potential opportunities.
- Get them Onboard as Brand Ambassadors
Channel partners, vendors and resellers play the role of an intermediary between business and the market. Since they are directly responsible to market and sell your products in the consumer markets, they can efficiently represent your brand and promote it among general consumer segments through word of mouth and branding support materials.
- Make Payments on Time
A business is all about making profits and pursuing growth and returns. Just like you, your channel partners and resellers are running their own businesses and providing you their services. Therefore, it is essential for you to maintain a prompt and smooth mechanism of payments and cash flow.
Making timely payment to your channel partners vendors and resellers will enhance your reputation and credibility in the market and foster a trusted and progressive relationship between you and your partners.