Mashups are two foods, that when combined, are supposed to be even better than they would be on their own. Peanut butter and sardines would be an example. And I actually know someone who ate peanut butter and sardine sandwiches. But I don’t think that mashup would work for most people. Some things just aren’t a good fit. Peanut butter and chocolate is much better idea.
The success of a mashup depends on finding just the right pairing of two ingredients.The same is true of selecting a channel partner to sell your product or service. Not everything is going to go well with every channel partner—there has to be a real match. How do you find one that will create a mutually beneficial partnership? That is today’s blog.
What 4 criteria should drive your decision to choose a channel partner? Let’s discuss a set of factors that can help you choose the right channel partner:
Smart market research: Conduct in-depth research on your potential partner’s specific target market. Look at details about the size, location and scope of their business. Who are their competitors, and what is their reputation among both suppliers and customers? Watch out for those out for a quick or easy sale based on the lowest denominator of price.
Check stability: Determine your channel partner’s stability. What defines their channel business model? Look at their experience, success rate, knowledge of the market, competition, management skill, and growth record. Seek information that will give you an idea of the channel partner’s financial position and stability.
Process and practice: Before entering into a partnership, it would be important for you to understand whether the channel partner follows a similar kind of process as yours. Also, will sales of your products or services benefit them and help you generate more revenue? After entering into a partnership, will you be able to provide new business opportunities for your channel partners to expand and vice-versa.
Defining the partnership: You need to judge how focused your channel partners are in developing a partnership plan to meet your targets and take this opportunity to a next level. You also need to evaluate how seriously they view this as a long-term partnership opportunity. Do they focus on the partner portion, or just the channel?
Follow the tips given above and you will find that you create tasty “mashups”!
