Technology is advancing faster than ever, resulting in disruptions to the business models that fail to adapt at the rate necessary to stay on top. Business entities that resist change and fail to keep up with the growing needs of their partner ecosystem end up missing all the opportunities in the market that could be potentially used to accelerate their business. While we talk about the evolving partner ecosystem, vendors should establish a comprehensive partner community where an interrelationship is created between partners, vendors, and end customers. A Partner Ecosystem is a living, breathing thing. Treating it as static, set it, and forget the business line within your organization is a recipe for failure. Relationships between vendors, partners, and end customers are dynamic and fluid. Archaic thinking that assumes the speed of business today will not accelerate tomorrow will, without a doubt, leave your organization behind the eight ball.
As mentioned by Meg Whitman, the ex-CEO of Hewlett Packard Enterprise has said that the last 10 years was all about the consumerization of the internet, but that the next 10 will see the focus on the industrialization of the internet, where we will see rapid advancement of using it to rapidly changing business process. Organizations are now evaluating and adopting a range of technologies, like
Partner Relationship Management software, that can accelerate the performance of their partnerships, alliances, and channel ecosystems. The main goal of channel technologies is to manage, monitor, and measure the partner journey while improving the overall partner experience.
Channel technology is connecting the process of Partner Enablement
Partner onboarding is the first step of the journey. When creating a streamlined road map for your partner onboarding, make sure to consider the latest trends of the market around this very topic. Even before your partners step into the market, they should have an in-depth knowledge of how your product beats your competitor's product and what use cases your advanced products solve. Keeping your partners well-equipped with the latest training on market trends, and product issues modules is important for them to be able to pitch your product/ service in the market with complete confidence. Partners should be fully equipped with the latest tools that you are already offering to your sales team. Don’t let your
partner portal become stagnant. It should not be a place where partner enablement content goes to die. Keep it fresh by putting in place a regular cadence of adding and removing content.
Channel Technology is enhancing communication, transparency, and predictability
For the longest time, partners had not much to worry about as it was often a one-way flow of information – vendor to partner. Those days are gone.
Account Collaboration
Go to market teams can now leverage tools like Crossbeam to identify key, mutual target accounts and then formulate attack plans together.
Security with a click
Advancements in authentication and security have removed the common barriers associated with partner portals (having to log in all the time).
On-Demand Enablement
Want to learn more about a product on a Saturday night, PRM software delivers the right training at the right time.
Transparency
Applications like SFDC have advanced so much that providing visibility through Partner Portal software has become almost table stakes to organizations who want to go to market through partners.
Reporting
By leveraging best-in-class tools, as opposed to all-in-one systems, business leaders can now understand down to the dollar what the ROI of their investments in partner programs are.
Channel technology helps in uplifting the existing Partner Ecosystem
“Partners roles and needs are constantly evolving, and vendors must design partner programs that are flexible and focus on value-based delivery" - Kimberly King, VP of Global Partner Strategy and Programs at Hitachi Vantara. Partner enablement has always been a key cornerstone of the partner ecosystem; however, it is not enough to only do that today. Investing in PRM software that automates properly design channel incentives could be the next best thing. Delivering an updated channel tech stack to your partners is one thing but making sure it is rolled out smoothly and properly communicated will make all the difference in the world. Don’t be afraid to try things that might seem a bit different or out of the box.
Channel Technology makes partnering easier, more consistent, and more predictable for both sides of the relationship. It can help further create a well-defined strategy and engagement model to drive better partner experience and overall outcomes.
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