After hearing author and thought leader, Tiffani Bova, speak at a recent Ingram ONE event, I decided to repost this interview I did with Tiffani soon after the launch of her first book, Growth IQ. Driving consistent channel growth in this era of digital transformation requires new ways of thinking. We discuss 5 paths to channel growth, applying the strategies from her bestselling book . You’ll learn that the path to growth is never about doing just one thing. Successful companies execute a combination of Growth IQ paths in a well thought out sequence.
KEY TAKEAWAYS
These 5 channel growth paths can be used in combination very effectively. Just make sure you apply them in a logical sequence.
1. PARTNERSHIPS
The question is not whether you should have partners. The question today is, what kind of partner do you need? Do you need an ISV partner? Do you need a resale partner? Do you need an integration partner? Do you need a referral partner? You may need all of these types. As business models evolve, we have to continue looking at new partner models.
2. CO-OPETITION
Many vendors have a protectionist, shortsighted view that prevents them from partnering with companies perceived as competitors. Zero-sum game thinking prevents companies from achieving faster growth. You have to believe that 1 + 1 = 3. And you have to take the customer’s perspective. Figure out what and who it takes to provide the end-to-end solution that gives your customers the business outcome they are seeking.
4. MARKET ACCELERATION
Market acceleration is about expanding into new markets with existing products. Leveraging local sales and delivery partners is an excellent way to open new markets without the heavy investment of doing everything yourself. But first you have to make sure you have everything in place to support those partners. Do you have your website and documentation translated? Can you provide product support? Do you have partner enablement resources?
4. PRODUCT EXPANSION
Product expansion is about selling new products into existing markets. Leveraging partners to build new offerings on top of your product or platform allow you and your partners to both focus on what you do best. Salesforce does a great job of this with their app exchange program.
5. OPTIMIZE SALES
Streamlining your sales efforts to increase productivity can be even more effective than adding more sales resources. In the channel, look for ways to automate the administrative tasks that can consume over 60% of your channel manager’s time.
LINKS & RESOURCES
- Pick up a copy of Growth IQ
- Check out Tiffani’s podcast What’s Next!
- Follow Tiffani on LinkedIn
- Try Impartner
