New Year’s resolutions are a notoriously bad bet. In fact, the odds of keeping one are against you. According to Business Insider, nearly 80 percent of resolutions fail by the second week of February.
But don’t give up on resolutions just yet. The key to instituting a change you can actually keep is to identify low-hanging fruit where achievable gains can be made quickly and easily.
Just as “get healthy” is the most common resolution for individuals when the calendar turns to Jan. 1, the most common goal for companies who operate in the channel-sales space is to optimize the channel revenue execution process. But that’s the kind of nebulous resolution, by itself, that won’t make it to February. The better approach is to break up channel revenue optimization into manageable, easy-to-execute chunks.
Here are LeadMethod’s 5 Channel Sales Resolutions for 2018 that are easy to keep and deliver rapid benefits:
1. Enhance forecasting and revenue visibility. Selling through partners without timely and accurate visibility to the entire sales pipeline complicates decision making and can lead to negative surprises at the end of the quarter. To improve forecasting and revenue visibility, both manufacturer and distributor must work from the same platform to successfully track and manage opportunities.
2. Improve lead and opportunity tracking. Without proper tracking, leads and sales opportunities invariably fall through the cracks. The result is lost revenue and wasted marketing dollars. Know exactly what happens to every lead at every stage of the sales process by aligning with how your partners sell.
3. Improve channel sales enablement. Channel partners are only as effective as you are at equipping them with the resources they need. To set partners up for success, provide “context aware” sales enablement that maps the right materials to the opportunity by stage, product, and scope.
4. Expand channel revenue contribution. When you depend on the channel for the majority of your revenue, you take actions that you expect to deliver results even though you are not directly involved in that execution. Get involved and drive the execution by aligning processes and systems with your partners.
5. Implement a closed-loop feedback process. Stop doing the things you have always done if you aren’t sure if they are useful or valuable. Give your channel partners a direct voice on the quality of leads you share by implementing a closed-loop feedback system.
These 5 resolutions are easy to implement with the help of a technology partner committed to maximizing the revenue execution process for companies who depend on distributors. Talk with us to find out more.