A business to business relationship is essentially symbiotic. Maximum profits on both ends are ensured through collaborative planning and execution of the same. Profit is the only goal in the capitalistic economy that drives the channel partners and their vendor company. A channel management solution strengthens the professional bond between both the parties. Vendors are dependent on their channel partners for generating the maximum possible revenue. When a business is expanded through a myriad of channels, it becomes difficult for the vendor to analyze and gauge the revenue curve. A channel supervision service does not conflict with the other integral components of a strong and mutually beneficial business relationship. It is a kind of integrated partner portal which helps the vendor to maintain an excellent business relationship with the entire distributor network and vice versa.
What are the essential features of this partner management tool? Below is the brief description of the features:
• Training features: Top business conglomerates around the world require their partners duly trained for leveraging sales. In order to become a channel partner of any Fortune 500 company, distributor sales executives need to pursue training and certification by various regulatory bodies. A channel management service can be used for training the distributor. Why is this required? Because high-priced products cannot be sold by untrained and poorly knowledgeable sales people.
• Market prediction: No entrepreneur can neglect the importance of market prediction. It is deeply seated in the entire business operation of any vendor company. A partner portal helps one to predict the sales and marketing figures which is a continual process. Charts and graphs are used to predict the market trends and sales figures as well. Before buying a system of this type check whether these components are included or not.
• Communication: One of the many essential utilities of a channel management system is that the vendor company can communicate with their channel partners easily. This is extremely important because several issues arise during the sales process and these problems should be promptly resolved. On the other hand, vendors often need contact with their channel partners and Value Added Resellers (VAR) in order to discuss business expansion plans, receive valuable inputs that are accrued from the market by their partners and so on. The whole communication process is mobilized through with the help of a good partner portal management system. The entire database of the business partners can be maintained.
• Lead generation and management: Anyone who is in the sales and marketing field would endow high importance to lead generation. A channel management system which is equipped with a huge client or partner database that can be updated regularly helps the user or the vendor to generate and manage the leads through distributor channels more easily. The vendor can easily contact a distributor, receive the latest lead reports and help different distributors exchange leads and so on. A centralized partner portal management tool should contain these features as well.
If you go on Google, you will find a number of companies offering these solutions. Choose a product prudently because not all products in the market are comprehensive in nature.
LogicBay channel management solutions have earned accolades across the world for the advanced B2B relationship management features integrated within. Manage your partner portal in a smart and effective way.