“2X revenue growth at half the cost!” we realize that this objective might be met with skepticism. “No one can maintain 2x revenue growth at half the cost!” But what if we could demonstrate the math and build a plan to deliver these results? This is the power of MP3 and our Data-Driven Structured Performance Partnerships Model. But before that let’s first understand the partnership model.
What is a partnership model?
A partnerships model refers to a strategic approach adopted by companies to establish mutually beneficial relationships with external organizations. It involves creating partnerships, alliances, and collaborations to enhance business growth, expand market reach, and drive innovation. This model allows companies to leverage the strengths and resources of their partners to achieve shared objectives and increase competitive advantage.
In a partnerships model, companies identify and engage with potential partners who can complement their products, services, or capabilities. These partners can include other companies, vendors, suppliers, technology providers, consultants, distributors, or resellers. The aim is to build a network of trusted relationships that can contribute to the overall success of the business.
The partnership model is built on the principles of trust, collaboration, and shared value. By working together, companies can pool their expertise, resources, and market knowledge to address customer needs more effectively. This model enables companies to access new markets, tap into different customer segments, and create innovative solutions that may not have been possible on their own.
There are different types of partnership models that companies can adopt, such as strategic alliances, joint ventures, co-development partnerships, technical integration partners, distribution partnerships, or channel partnerships. Each model has its own objectives and requirements, and companies need to carefully evaluate and select the right partnership model based on their business goals and the nature of their industry.
Overall, a partnerships model is a strategic framework that allows companies to extend their capabilities, leverage external expertise, and create synergies to drive growth and success in a competitive business landscape. It enables
The Challenge!
Traditional partnering models **** are not designed for revenue performance; they’re built for partner program compliance. We realize that is a shocking statement, as the channel’s primary business goal is to accelerate revenue, not simply administer it. However, the typical partnering model is based on 1980s channel fulfillment principles rather than structured revenue performance. Channel fulfillment models inadvertently promote bad channel practices like:
- Opportunistic fulfillment
- Unstructured partner performance
- Misaligned metrics
- Dependence on “Partner and Pray” strategies.
The traditional program-centric partnering model hasn’t evolved to address changes in the buyer’s journey. This has made traditional partner-led sales strategies heavy, cumbersome, and ineffective. A new model is needed.
A new partnership model is needed.
Mindmatrix has identified MP3 as the first end-to-end partnership development framework designed around accelerating channel revenue growth while simultaneously driving down channel costs. The MP3 framework first created by our partner, Channel Force, and it holistically integrates the three critical pillars of channel success:
- Partnering
- Sales acceleration
- Digital engagement (These 3 pillars are underpinned by Mindmatrix next-gen PRM tool that also enables the need for proactive skills assessments and training of the teams implementing the methodology)
Although each of these pillars is organized around the MP3 framework, Mindmatrix provides an orchestration platform that these pillars are built upon. Since the framework includes Methodology, Planning, Process and Performance Management strategies and activities for each pillar, Mindmatrix enables users of MP3 to create a cohesive framework for building and executing a high-performing, cost-efficient channel program. This framework becomes your partner maturity model for continuously improving your channel performance.
- The partnering pillar of MP3
It emphasizes the importance of building strong and mutually beneficial partnerships. It involves selecting the right partners, establishing clear roles and responsibilities, and fostering collaboration and communication between the company and its partners. While strengthening this pillar, Mindmatrix helps automate the partnership journey with a to-partner marketing automation solution, from running partner recruitment, managing business expectations and multiple partner agreements, creating joint business goals and plans, establishing collaboration rooms, to managing communication based on different partner types, geos, and personas.
- The sales acceleration pillar
The approach centers on a cutting-edge sales acceleration process which transitions the channel’s emphasis from broad business partnership to focusing on individuals (sellers). This pivotal shift paves the way for a fresh suite of methodologies and tools specifically engineered to transform passive partners into proactive, results-driven sellers. MP3 encompasses advanced revenue planning tools that outline essential sales metrics and KPIs required of Partner Account Managers and Partners to meet their revenue goals. MP3 Sales Acceleration incorporates a structured Target Account Mapping Methodology and a comprehensive Performance Management Toolset. Finally, Mindmatrix is intrinsically structured to boost the sales endeavors of all involved parties, acting as the portal for Performance Management reports and KPI tracking, facilitating communications. The Mindmatrix learning management solution underpins the MP3 education process providing partners access to educational materials providing effective resource allocation. Refer to this article to learn more about sales acceleration and enablement process.
- The digital engagement pillar
MP3 introduces an unprecedented digital selling platform featuring an intelligent buyer’s journey, seamlessly connecting the partnering model from the boardroom right to the customer. This structured, integrated, data-driven approach revolutionizes partner-led demand creation. Case in point, Mindmatrix helps partners receive their own dedicated landing pages, integrating the buyer’s journey into their Account-Based Marketing (ABM) and account mapping strategies. Digital selling enables self-paced sales journeys, offering dynamic resources like eBooks, assessments, ROI calculators, and demos. These tools guide clients from initial education through objection handling to the final closing stages. In the MP3 Digital Selling process, as customers engage in self-discovery, the gathered data is fed back into the vendor’s CRM. This data is scored and, through Mindmatrix, strategically relayed as qualified leads to the most suitable partner. This sophisticated approach not only enhances the selling process but also ensures that leads are efficiently and accurately distributed, aligning with the specific strengths and focuses of each partner.
How is the MP3 partnership framework different from what firms are doing today? We’re glad you asked.
- MP3 reshapes partnering strategies to emphasize and measure the performance of individual partner sellers at the target account level.
- It seamlessly integrates advanced tools for planning, execution, and management to ensure that sales leadership knows precisely how the channel is performing.
- Lastly, the framework includes a truly modern application of digital selling like Mindmatrix that ensures your channel partner and end customer are provided the best information at the optimal time in the buyer’s journey.
MP3 helps companies transition from ad-hoc opportunistic channel approaches to structured performance. It is a complete framework that includes Assessments, Implementation Services, Tools, Software, Education, and Skills Development.
What Does a Practical Implementation Of The MP3 Model Look Like?
MP3 is designed to frontend any sales process (MEDDIC, Challenger, Winning by Design, etc.) and accelerates partner-led demand creation. The perfect blend of Mindmatrix PRM tools and MP3 provide the structure and visibility to strategy execution that has been missing from the traditional partnering process.
We start the implementation of the MP3 model with an assessment to gauge the strengths and weaknesses of your current partner strategy. At the same time, we conduct a skills assessment of your channel selling team compared against the needs of the methodology as well as industry best practices.
Then, the sales acceleration phase transitions partnerships from fulfillment into active selling. We use data-driven territory and partner planning to set sales metrics and create a plan for surpassing revenue targets. These metrics inform the creation of individual plans and strategies. These plans are augmented with sales plays, structured prospecting processes, and co-sell strategies. Performance KPIs are established, and strategy effectiveness is tracked at individual and partner levels. This gives leadership the visibility to track progress and prevent surprises at the end of the quarter/year.
Then, with the introduction of digital selling tools, partner engagement can be enhanced by up to 8x and reduce customer acquisition costs by up to 50%. During the customer’s buying journey invaluable customer interaction data is captured and used to inform how to optimize their experience.
To ensure that your teams can maximize the value of the MP3 methodology when implemented, we deliver the required skills training at the field level.
The MP3 channel-performance model benefits companies of any size, providing a scalable and predictable partnering process that produces greater revenue, simplifies partner management, and reduces the cost of the channel.
How to Learn More
If you are a revenue leader or partnership pro, the world of indirect selling is changing. Every mature company uses a sales methodology to create sales efficiencies and guide the selling process; now, there is a partnering methodology that brings the same level of discipline and structure to the partnering model with a focus on 2X revenue growth at half the cost! As methodology, technology and process are three core elements of modern business problems, we take care of these three elements for you when you have to decide on the MP3 implementation process, enabling you to focus on what matters the most to you.
As we start 2024, if you want better revenue growth from your channel ecosystem, let us walk you through how Mindmatrix can help you orchestrate the MP3 model in greater detail. You can schedule a call or book a demo today.
This article is co-authored by the founder of Channel Force, Craig Booth.
