Business Telegraph

The Entrepreneurs

The Benefits of Joint Business Planning in Channel Sales Training

  • Written by News Company

Managing channel partners can be a frustrating process when the partners that you have spent time and resources recruiting are simply not performing as well as you had hoped. However, a little honesty on the part of the manufacturer may be a big part of the solution. After recruiting these partners did you really give them enough support to help them succeed for your solutions in the marketplace? One of the key tools in a manufacturer’s arsenal is the joint business plan. Engaging effectively in joint business planning with your channel partners could lead to reduced frustration on your part and greater success on theirs.

Often the onboarding stage post-partner recruitment involves some level of joint business planning. But the fact is that many channel sales managers have no formal training in joint business planning and their employer may not even provide channel sales training or joint business plan templates for them to use.

The joint business plan between vendor and partner is key to building a successful channel relationship. The plan can create targets and results for key performance indicators making it clear to all what they need to do in order to achieve success and simultaneously acting as a benchmark to determine success or failure.

Joint business planning aligns the business goals of manufacturer and channel partner and clarifies the reason for the partnership in the first place, ensuring that future plans are based on realistic expectations. Critically, it also enables both parties to consider the future allocation of resources to the joint effort, including marketing, sales, operational, financial and technical resources.

Some of the key elements for any joint plan must include:

  • The vision, mission and strategy of both the manufacturer and the channel partner.

  • Identifying key areas for alignment, and even noting those areas where both parties are not attempting to align. Remember the Michael Porter quote about strategy also being about what not to do.

  • Setting joint business objectives & Key Performance Indicators.

  • Establishing strategies and action plans.

  • Defining joint budgets to implement the strategies and tactics.

  • Establishing measurements to track joint performance.

The plan should include a review schedule and be constantly updated and refined to ensure relevance and timeliness, with each side agreeing whether monthly or quarterly reviews are most appropriate.

Certain key areas must be addressed with the plan. Including but not limited to:

  1. Partner-specific data which provides an overall picture of the partner, their key market and technology focus areas, strengths, weaknesses and company size.

  2. A joint marketing plan created and agreed by both sides.

  3. A joint sales plan agreed by both manufacturer and partner.

  4. A schedule for how and when the plan will be reviewed.

Within these areas, the following topics also should be addressed:

  • S.W.O.T analysis for both parties

  • Identify overlaps, synergies & gaps

  • Partner core competencies & differentiators.

  • Joint value proposition.

  • Target audiences.

  • Performance milestones.

  • Specific, measurable outcomes.

  • Specify successful completion criteria.

  • Future investments based on achieving these.

Accountability is a critical part of joint business planning. Both parties must be held accountable for delivering the results and an escalation process needs to be in place for scenarios where actions are not being completed in a timely manner or if results are not being achieved. Once all of these elements are in place the channel partner should be well-positioned for success, and if they are not delivering, then there will be mechanisms in place to track and alert all parties as to why this may be happening.

Joint business planning is the very foundation on which a channel partner relationship is built. Taking the time to build, monitor and manage a joint business plan with your channel partners is a very effective way to reduce frustration and help channel partners to perform to their potential.

Entrepreneurs & Leaders

After Black Friday, It’s All About CBD Cyber Monday

We all know the many purposes of CBD or cannabidiol. It has been able to catch the attention of many people ever since...

Continuing Medical Education - Importance

Doctors are the link between us and our health. They are an important component in the continued well-being of our...

What You Need to Know About Front End Loader and Training to Be an Operator

A Front end loader is also referred to as a loader or a bucket loader. This is a piece of heavy equipment that’s n...

Enhance the Security of Your Valuables with Lockers

Workplace or office theft is one of the things that nearly everyone is highly concerned about nowadays. It’s impor...

3 decor ingredients for the perfect guest bedroom

It is a room that is often left until the very end. At the same time, believe it or not, guest bedrooms are someth...

Major Ways in Which Technology is Changing the Oil and Gas Industry

Digitalization and technological innovation are transforming virtually every industry that they come in contact wi...

10 common signs you might be having money problems

Life can seem like it’s under control but for many people, managing finances is an ongoing issue that can affect eve...

Home Interior Painting: Is it a Good Idea to Paint during Winter?

Want to re-design your home with new paint? Discover how to revamp your interior house painting this winter and with...

7 Simple Ways to Childproof Your Home

Unfortunately, your own home can turn into a safety hazard for a small child if you don’t take it upon yourself to...

Sydney Pest Control Quick Traps Against Vermin Invasion – Effective, Fast, and Easy!

How can you be vigilant when it comes to rodent infestation? There might be one trying to sneak into your home rig...

Ozzy tyres 4x4 wheels review

The performance of a 4x4 vehicle depends to some extent on the wheels and tyres fitted on the vehicle. Hence the vehicle...

Genealogy Resources and How to Use Them Effectively

There are plenty of online and analog resources that can provide tutorials, further resources, and troubleshooting...

Redesigning Your Garden

Tired of looking through your kitchen window at the same drab garden? Are you feeling creative and have the desire t...

Five ways to help your child get a good night's sleep

It is a challenging factor for each parent to get the children on time to bed every night. Parents are dealing with ...

A Help Guide on Tow Truck Insurance

Do you have tow truck insurance requirements? If yes, then you have come to the right place. Reading this guide wi...

Businesses Must Not Ignore Men’s Mental Health

As COVID-19 takes its toll on the mental health of employees, workplaces must look to provide support Businesses ...

Things To Know About Electric Scooters

Ultimate electric scooters have been accepted as one of the most preferred modes of transportation. With the new t...

How To Choose Leather Watch Brands

Every accessory has its value and beauty to add on to the user using it. A watch, the most common accessory, is no...

Aerated Treatment Systems: The Best Alternative for Septic Systems

In rural areas with houses that are spaced widely apart, residents use onsite water treatment systems like aerated...

Would you be able to bring down business transfer expenses?

While you can agree to an online-based business account like TransferWise or PayPal or go with the great standard ...

Top 10 Office Desk Accessories You Must Buy

The design or set up of your office is one of the important factors affecting your productivity. Available space, ligh...

10 Female Inventors You Should Know About

We are all aware of the great and historic male innovators such as Alexander Graham Bell and Benjamin Franklin. Ho...

Startups to ‘explode' post COVID-19

Frenetic start up activity is imminent as business begins to adapt to a post COVID-19 economy, according to the ho...

New Tech Career Programs Opened Up For Thousands of Job Seekers

Randstad partners with veteran business WithYouWithMe to help Australians gain new tech skills Global leader in H...

News Company Media Core

Content & Technology Connecting Global Audiences

More Information - Less Opinion