Strategies for Helping Channel Partners Increase Sales
Your channel partners look for quality information and tools to sell your products. With dedicated support, regular communication and training – coupled with innovative channel sales management solutions – manufacturers have the ability to offer an opportunity to increase channel sales and improve partner performance.
There is no tried-and-true formula for b2b deal closing. There are, however, strategies and tactics you can deploy to help increase channel sales.
Strategies to deploy in order to help increase channel sales
Use Psychology in Sales
In terms of providing unique advantages, teaching partners ‘how to use psychology in sales’ is a great method for differentiating your services from the competition.
Albeit uncommon, this diverse strategy is a great way to strengthen channel partner loyalty, while offering mutually beneficial opportunities for all parties involved and increase channel sales.
The “What are You Willing to Pay” Principle
When businesses opt to determine their price structure, they frequently gravitate toward:
- How much my competitors are the pricing?
- Can I afford to undercut my competitors’ pricing?
- How much money do I need in order to receive a profitable ROI?
However, rarely do companies structure their pricing around “what customers need” and “how much customers are willing to pay.”
When you have a better understanding of the individual demand of your product or solution, you can use this information to your advantage by focusing on the customer instead of the competition. Every customer views products and solutions differently, and some may need your product or solution a lot more than other interested buyers. That’s why settling for the “what competitors price their products” strategy doesn’t always increase channel sales and produce a profit.
Experiment with this channel sale strategy and set out flexible prices that focus on demand, your services (or “x-factor”), and what customers would be willing to pay for it.
Ask for a Favor
On the surface, asking customers for a favor can seem like a counterintuitive channel sales strategy that derails from monetary objectives.
However, this question is a great opportunity to establish a relationship that is oriented around trust and empathy.
When end-customers receive a sales call or email, their impulse usually comes off as defensive and dismissive. To some extent, this is a consequence of “sales fatigue,” where inboxes and voicemails are flooded with sales pitches, product information and promotional opportunities.
However, when company reps are asked to do something as a favor, their reaction is many times welcoming and curious.
The unexpected context of the message compels individuals to, at the very least, know what the favor entails.
Since the message is coming from a non-sales perspective, their impulse is to view the message as genuine and appreciative.
Here are some non-sales questions channel partners might ask:
- Can you give me a recommendation for a service provider you’ve used in the past?
- Would you be open to participating in a Q&A concerning the current state of the channel industry?
- We featured your product in one of our latest blog posts, can you Tweet it out to your network?
- Can you take a 5-question survey on [relevant issue]?
- Do you mind following us on LinkedIn? I think you’ll find the content we post valuable.
Once you establish a non-sales connection with a lead or opportunity, they will be more receptive towards your pitch in the future.
Get them to Say Yes
People, naturally, function their lives around routine and habit. Some obvious examples may include:
- Parking in the same spot every day at work
- Going to bed at a specific hour
- Buying a particular brand of milk
- Taking the same route when driving home
- Using the same path when going on a run
Changing routines don’t happen naturally, and it takes a step back and moment of contemplation before proceeding.
In day-to-day conversation, people also follow an instinctive routine. So why not help channel partners use that to their advantage? During the sales negotiation, a great tactic to use is to get the other person to say “yes” to mundane questions.
- “You’ve worked at [company name] for x years?”
- “Do you enjoy what you do?”
- “Your company is in x location?”
- “You’ve partnered with [company name] in the past?”
This simple channel sale strategy may seem small and insignificant, but in reality, it’s a powerful mechanism towards getting to the next stage in the sales process to increase channel sales.
Qualify the Lead
As a salesperson, gathering insight, understanding the profile of the end customer, and researching prospects who will benefit from the use of your product is imperative to increase channel sales. Pinpoint your target through comprehensive research; using LinkedIn, Yelp, blogs comments, business cards, and any other resource at your disposal, is essential to increasing your odds of conversion.
Making the First Contact
The single most important element to increase channel sales and deal closing success (or failure) relies on your initial attempt of contact—regardless of direct or indirect communication. Know their name, their position, their accomplishments; their company, their goals and equate to how you can accommodate their needs and eradicate their pain points.
In the b2b realm, there are typically five different types of identities you will run into—so it’s crucial to position your sales approach accordingly. The better you understand the mindset behind your lead, the better chance you have at connecting with them on a personal level—and thus—converting opportunities into deals and increase channel sales.
The five Identities Are:
- The ‘Holy One’ – This person is confident, bold and displays elements of narcissistic behavior. He or she believes their statements to be always true and wants to feel important. The chances of persuading this individual to rely on your ability to connect your product to satisfy their needs—and only theirs.
- The Professor – This person is knowledgeable in all facets of the industry. They are difficult to approach and immediately reluctant to listen. They expect you to have a high level of intellect and expertise in their industry.
- The Saint – Cares for the industry and wants to be a catalyst for positive change. They are empathic and approachable—but in order to maintain their interest—you must display the “how” your product solves a larger scale problem.
- The Conspiracy Theorist – Cynical and stubborn, this individual automatically assumes your intentions to be exploitive and unethical. Relies on numerical data and tangible evidence in order to be persuaded.
- Christopher Columbus – This person is naturally driven to encounter new opportunities. Motivated by the idea of “Being the first” to learn about a cool new product. Show off your creative side to gain (and retain) their attention.
Boost Channel Activity with Partners Via a Deal Registration Module
Increase channel sales by removing the hassle affiliated with the traditional deal registration process thru intuitive software that is able to:
- Automated deal registration-to-closure process
- Reporting tools for analytics into your registered deals
- Simple approval or denial process
- Inventory balances are automatically itemized
- Available on mobile devices