How to Double Channel Partner Sales Conversion Rates
There is no magic bullet when it comes to increasing the performance and revenue contribution from your channel partners.
It takes an integrated, systemic approach that brings together information sharing and performance reporting into a shared view.
Current “functional” approaches to lead sharing and deal tracking rely on emails and spreadsheets that lack a shared, collaborative view where lead status can be updated, opportunity stage is detailed, and a closed-loop feedback process is in place to keep companies and their channel partners aligned and executing.
CRM systems do not extend outside the four walls to adequately address the unique needs of enabling a channel sales program.
If you want to double conversion rates on current lead flow, then add a channel sales engagement platform to the mix. That is what we do here at LeadMethod and we have heard more than once that the companies using us for channel engagement deliver double the conversion rates vs. those who continue to rely on email and spreadsheets.
The impact comes from a single system that delivers, manages, and reports on lead and opportunity status.
That single system is further enhanced by deal stage specific sales materials so the questions that need to be addressed are available at the fingertips of you channel partner. Training and education is hugely important and often inefficiently delivered and retained so putting information “in context” creates a continuous education process. Updating materials is also improved as a single update and publish action replaces any other, out of date materials.
The great thing about increasing conversion rates is that it doesn’t require more leads or more program spend. You are actually just getting more out of your existing spend by creating a direct and integrated connection with each channel partner.
Interested in learning more? Let us know and we can put together a quick analysis to show you what kind of revenue increase you could get from increased sales conversion rates.