You already know the invaluable benefits of building a channel partner program, but how do you find the right partners to make your program a success?
Not all channel partners are right for your software, and it’s essential to focus on the most high-value partners that align with your business goals and marketing strategies.
This guide will show you the four most important criteria for choosing the right channel partners and how to evaluate potential candidates during your onboarding process.
Before you open your new channel partner program for sign-ups, it’s important to create an ideal channel partner profile.
It’s easy to get caught up in vanity metrics and aim for as many partners as possible. However, a handful of high-quality partners can be much more valuable to your business than hundreds of poorly engaged sign-ups.
The best way to ensure your program attracts the right partners is to target your marketing, and we do that with an ideal channel partner profile.
Define the characteristics of your ideal channel partner – who would best align with your company’s values, target market, and business goals?
Your channel partner strategy is unique to your business, but a few common profile characteristics you might want to focus on include:
- Industry expertise or specific qualifications.
- Market reach – perhaps you want partners with established audiences and influence.
- Geographical location – are you targeting specific countries or regions?
- Fit – does the partner fit your company’s goals, mission, and values? Do they have customers that match your ideal customer profiles? Also, consider the partner’s compatibility with your marketing and sales strategies.
The more detailed you are with your ideal partner profile, the easier it will be to create marketing campaigns, incentives, and offers that attract the right people.
Get in touch today to discover how ChannelBoost can help your partnership program reach new heights.
Channel Partner Criteria
Hopefully, you will get hundreds of new applications for your partner program. Having a set criteria will help you choose the right partners who closely align with your goals.
Partner Experience and Expertise
The strength of your partner program depends on the experience of the shared customers. To deliver outstanding results, your channel partners should have the necessary experience and expertise to sell and support your software products.
You can easily evaluate these criteria by assessing:
- Past performance – have they been part of similar partner programs in the past? What were their selling metrics?
- Relevant certifications – do they have the training or qualifications necessary to support your software?
- Industry reputation – do they have good standing within your industry? Can you find any reviews or testimonials from previous clients/partners?
Recruiting new partners requires due diligence, but it’s worth it to curate a highly qualified team of successful partners.
Think of your channel partner strategy as interviewing a candidate for a new job position – you’d never hire someone without doing a thorough background check first!
Market Coverage and Reach
Next, assess the potential partner’s market coverage and reach. Do they have a complimentary audience that would help you expand your reach? Do they have the right geographic presence and industry focus?
Just because a potential partner has a huge audience doesn’t make them right for your program. They need the right industry focus and complimentary customer segmentation to translate their reach into sales for your business.
Alignment with Sales and Marketing Strategies
Each of your channel partners should align with your sales and marketing strategies. For example, do they share similar marketing tactics, messaging, and approaches to sales?
This alignment opens up co-marketing opportunities, such as social media posts, ad campaigns, and blog collaborations.
If you don’t share similar marketing strategies or goals, it becomes difficult to collaborate with your partners, which can limit the success of your channel partner strategy.
Compatibility with Channel Management Processes
Finally, assess any potential partner’s compatibility with your channel partner management process. If your potential partner isn’t a fan of your partner relationship management (PRM) software or collaboration process, you won’t see results from the partnership.
When onboarding new channel partners, be clear and upfront about your marketing strategy, collaboration process, PRM software process, and support infrastructure.
Open communication is essential for channel marketing success, so it’s important to ensure your partners understand your protocols from the start.
Takeaways for Software Providers
When onboarding new channel partners, focus on the four main criteria: experience and expertise, market coverage and reach, marketing alignment, and channel compatibility.
By focusing on these four criteria and evaluating each new channel partner, you’ll be able to build a sustainable, successful channel program that aligns with your goals, values, and growth objectives.
