Wondering if it’s the right time for your communications or technology business to develop a channel partner strategy that paves new resale channels? At Rev.io, we have plenty of experience in this area and are happy to review some of the most important factors of business resales for you to consider!
For years, our team has devoted extensive resources to building our partner network. By creating these meaningful relationships with marketing-leading firms in a variety of specialties, we have succeeded in reaching new markets and broadening the reach and impact of our sophisticated billing platform. If you are interested in growing as a business and optimizing your return on investment from new resale connections, then you came to the right place for insight.
Below, we outline the research preparation, value proposition development, and business accommodations needed to execute a successful channel partner strategy that generates exciting new marketplace opportunities for your company.
Four Strategic Questions to Address
Before formally rolling out a new resale strategy and reaching out to prospective partners, executives within your organization need to answer the following four questions:
1. Why are we doing this?
Before jumping far ahead to execution, you first need to understand what your business stands to gain from this specific initiative. Launching a successful resale channel with strategic partners that leads to a strong partner referral network and new sales opportunities in different segments will require significant investments across your entire team. To justify your decision, ensure that one or more of the following reasons align with your big picture vision:
- Your products or services are limited in scope and require a complementary product or service from a prospective partner to optimize your offering in the market
- You need the connections and support of a partner (or partners) in another marketplace to broaden your reach and connect with new target markets and audiences
- You are limited from a geographic perspective and looking to expand your business’s outreach into new regions and marketplaces
- You believe resellers will help your business develop new verticals and increase your offering’s exposure into new spaces across the advanced communications industry
2. What is our Market Potential?
After justifying your strategic reasoning for developing a channel partner strategy, you need to quantify the market potential for this business move. To make this assessment, understand and clearly define the following elements:
- Your product or service’s unique value proposition (how do I solve client problems better than the alternatives?)
- Your prospects’ business needs
- Your target audience and how the buyers make decisions
- Your geographic markets and relevant verticals
- Your competitors’ business structures and value propositions
With these details accounted for, you will feel more prepared to sell your plans to the leadership team and other stakeholders at your company.
3. What Should We Present?
You first justified the move and then quantified the projected upside of creating a new resale strategy. Now what?
Next, we recommend developing a value proposition to show your prospective partners as a part of the main pitch to join forces. This proposition should cover the following points in clear detail:
- Describes how the prospective partner will benefit from the collaboration
- Reviews the partnership’s potential to generate new customer and end-user opportunities
- Shows how the partnership will help further distinguish both businesses from respective segment competitors
- Outlines financial incentives that reveal the partnership’s dollars potential
4. Are We Ready to Execute?
Before moving to execute your new resale partner strategy, it’s important to conduct a final assessment of the project’s most pressing requirements. Executive alignment is a critical result of completing this step, ensuring that leadership is on board and satisfied with the direction of this key initiative.
Make sure to bring up the following points as part of your discussions among executives:
- Are we all on board with the direction and preparations behind this initiative?
- Do we have any concerns with, or objections to, particular details of the strategic plan?
- What additional support do we need before launching our resale strategy?
Explore Resale Channel Strategies and Partner Opportunities with Rev.io
If you are interested in more channel partner insights, then check back for the release of our second blog in this series! We will cover more strategic considerations in that post, but also invite you to contact us directly today.