Channel sales represent an increasing percentage of revenue for many organizations every year. Across industries, companies of all sizes are refocusing on channel strategies and implementing best-practices for partner management.
The website Business Dictionary defines channel management as: "The process by which a producer or supplier directs marketing activity by involving and motivating parties comprising its channel of distribution."
While that seems like a solid definition of the term, it tells us nothing about how to involve and motivate those channel partners in an effective manner. For that, we will be turning to a pair of experts from the firm Revitas Inc. We've invited Joe Alphonse and Tom Howell of Revitas to discuss how to implement an effective channel management strategy and connect the dots from contract initiation to channel success.
Improving the efficiency of the channel is part of an overall strategy that Revitas calls Enterprise Revenue Dynamics (ERD). On its site, Revitas says that ERD "consolidates contract management, revenue management, and compliance into an integrated business strategy that enables companies to better make money, save money, and reduce risk."
The company cites a statistic from the International Association for Contract and Commercial Management, which claims "companies could be losing anywhere from 1-9 percent of revenue without an automated, integrated system in place for the management of contracts and revenue."
That is just on the management side of things, and there is a whole other aspect of getting the most out of your channel when you involve and motivate your channel partners. If your business can recover up to 9 percent of lost revenue just from automating your channel contract system, imagine how much more efficiency could be had from getting your partners to be your best evangelists.
Join us on Thursday, July 24, at 2:00 p.m. EDT, and ask Joe and Tom all about how to achieve the best channel management you can. Just log in or sign up at Effective Channel Management, and we will see you in the chat room!