With companies seeking new income-generating opportunities and ways to increase indirect revenue, many are surprised to find that the answer may be as simple as training channel partners. Your network of salespeople, resellers, and vendors are a key source of revenue and growth. That’s why they need viable resources to sell, satisfy customers, and foster upward movement. If a lag in sales productivity occurs, it could also mean your sales team needs some extra motivation.
Training Channel Partners Can Increase Indirect Revenue
Have you ever wondered why partners choose to focus their selling efforts on one brand over another? It is most likely because they feel supported, understand the products or services, and have a clear understanding of best practices. Engaging with your partners and providing them with the up-to-date training makes it easier for them to trust your company and its goals.
Here are four key ways training channel partners can increase indirect revenue:
1. Reduced Channel Partner Ramp Time
A reduction in ramp time for new salespeople and employees could make the difference between success or failure for your business. According to a 2011 National Survey of Chief Sales Officers, it can take more than six months for sales teams and channel partners to understand the product or service to begin reaching sales goals. Companies need steady revenue to succeed, and cannot afford to lose sales momentum due to poor performance. Significantly cutting down on ramp time through applicable training measures is critical for companies to get partners out there and ready to sell.
2. Improved Product Knowledge Proficiency
Training can offer partners first-hand experience with a product, educate about its benefits and features, and remove any uncertainty about how it works. It is difficult to convince a customer that a product or service will meet their needs if employees lack the confidence, enthusiasm, and the necessary knowledge to successfully sell. Your workforce must also be trained on how to strategically align the solution with customer needs. Repurposing content that has proven effective for your internal sales team is also a great way to deliver impactful training experiences without reinventing the wheel.
3. Provide an Additional Source of Revenue
The Managed Service Providers (MSP) in your channel structure matter to your business so their solutions must be aligned with your business objectives. A customized Train-the-Trainer Program, offered at a fee, can provide them with the tools needed to manage day-to-day IT services, drive new opportunities, and increase profitability. Sales and technical training also allows them to leverage the benefits and incentives generally reserved for traditional resellers or employees. As they invest in their own development, your business benefits from the additional source of revenue and expertise.
4. Increased Customer Referrals by Improving Customer Satisfaction
The most valuable form of marketing is word of mouth – it is what consumers trust above all others and is most likely to drive sales for your business. Rather than leave sales and lasting impressions to luck, partners must be motivated to build meaningful connections with customers. Companies can achieve this through targeted online training courses that focus on customer satisfaction and retention. Happy customers, happy business.
The investment in online or in-person channel partner sales training should produce measurable results. It should also offer the most effective solution to sales growth. Development opportunities give channel partners the confidence they need to get out there and grow revenue. And, they can do it without wasting time, energy and your money. This is one investment your executive team won’t complain about once you effectively increase indirect revenue!