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Three Ways To Maximize New Products and Services Partner Revenue

Broadening your product lines and services can be an effective strategy to minimize revenue peaks and valleys often experienced by companies with a limited offering, or “one-trick-pony.” At the same time, you cannot take for granted that your existing customers will resonate to your new products and services just because your current solution meets their needs.

In other words, each product and service within your portfolio of offerings may address a different market segment, have different value propositions, and require different educational and promotional elements. And, the same goes for your partners.

So, keep the following three tips in mind as you look to your channel partners to help you grow revenue for new products and services.

• TAKE A STEP BACK, BEGINNING WITH TARGET MARKET. If your new product or service is an extension or an upgrade to your existing offering, then this step back is a small one. Current partners are likely a viable channel to market. However, if your new product or service is a significant departure from your current line-up and offers entirely new capabilities, then you need to ensure that your partner’s target market aligns. Is the decision maker, or person who will use your new product or service the same as that of your existing offering? If not, then, ask yourself if your current partner base has access to those individuals. New target markets and decision makers may require additional partners to help you broaden your reach.

• TREAT EACH NEW PRODUCT OR SERVICE LIKE A NEW PRODUCT OR SERVICE. Sounds insanely obvious, of course. Yet, time and time again, it’s assumed that because a current partner knows how to sell your existing products or services, the partner will know what to do with your new offering. Unless customers are clamoring for your stuff and all you need is partners to take orders, don’t expect your partner to figure it out. Like you do with your own sales force, invest in all the onboarding and enablement tools, and then, processes necessary to ensure your partners can hit the ground running.

• MAKE NEW FRIENDS, AND KEEP THE OLD.. The partners that got you here may not be the partners that take you to the next frontier, especially if you’re expanding the breadth of your offerings significantly. At the same time, be careful about getting too enticed by the promise of bigger, better, faster partners at the expense of those who supported you through your initial growth and maturation. While an existing partner may not seem a direct fit on the surface, your partner may be willing to invest what it takes to get you there over time. We’ve seen this happen as the market transitions to Cloud solutions, for instance. While there may be a direct path to market with a Cloud-only partner, some of your existing partners have tremendous relationships with customers who are not ready to jump into the Cloud for some time.

Expanding your reach and delivering new products and services are essential to growth and staying relevant to customers. Maximize growth by ensuring that your partners are not only the right fit, but are given the tools needed to onboard and sell your new solutions.

November 26, 2014  ·  

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