3 Quick Wins To Drive Partner Revenue Next Quarter
How’s your quarter going? Good? Great? Or could you do with a bit of a boost to your pipeline whilst you grapple with executing on the day to day?
I talk to vendor partner executives every day and though their individual challenges may be different they share a lot of things in common: the pace of change is relentless, the need to drive growth with their Partners is greater than ever but their budgets and resources are increasingly challenged. Amidst this pressure it’s hard to focus on what you can do to change the game.
So what can you do to create short term opportunities to boost your pipeline now and help you get you ahead of the number next quarter? Here’s some quick wins that we’ve seen drive immediate revenue opportunities for vendors and their Partners:
1) Refresh Your Installed Base Customers
Your existing customer base is an immediate source of potential revenue because you’re likely to have the relationships and credibility to sell to them again. Your installed base needs constant attention to ensure customers are enjoying the benefits of the most up to date solutions and that they haven’t reached end of life or end of support. Sometimes vendors are reluctant to open this particular Pandora’s Box in case it gives competitors an opportunity to infiltrate your customer. But if you go in with a strong value proposition, financing options and incentives you can expect success.
How to take action:
- Extract your Partner sales data from the past 4+ years by product group
- Take this to your Partners and review their customer lists with them
- Prioritise customers ripe for a refresh and allocate each customer to a Partner Salesperson
- Work with Sales and Marketing to finalise your Customer value proposition for the refresh
- Create a 90-day Partner (and customer) Refresh Discount incentive to provide focus and reward, and if possible, apply financing options to sweeten the deal
2) Upsell New Features to Existing Customers
It’s not just a refresh that existing customers could be in the market for. You can also be proactive in positioning new features or solutions to them on top of their existing installed base.
How to take action:
- Extract your Sales data by Partner for the past 2-4 years
- Review the lists to identify customers with basic feature sets or who are without licences who could be upsold to
- Create a call to action, supported by a clear value proposition for why the customer might benefit from upgrading
- Sweeten the deal via a 90-day Partner and Customer discount incentive to provide focus and reward
- Engage customers through their AM, Inside Sales or an outbound email campaign
3) Adapt existing Webinar, Demo Centre or Event Programs to provide sales coverage to IB & Up Sell Customer Opportunities.
Introducing a focused demand generation program can enhance the effectiveness of your IB or upsell activity, particularly if your Partner has a large salesforce or lots of customers that they need to cover quickly, it’s the old 1:Many approach
How to take action:
- Re-direct Marketing funds to support a customer Webinar, Demo Centre or Event Program to provide cost effective quick and broad touch
- Use email, your sales team and social media to promote a customer webinar centring around the benefits of new features or upgrades. Ask a customer to speak for an added draw
- Record the webinar and share it with customers and via social media for additional reach
- Invite multiple customers to a live event with your SME as guest speaker for an opportunity to build in person relationships
- Invite the whole customer IT team to a ‘Tech Update’ at your demo centre for a chance to wow them with new capabilities
Your installed base is a potential goldmine and a source of immediate pipeline opportunity if you put in the work to uncover it.
Take action now and you’ll find it’s your quickest way to drive short term opportunity.
Best of luck!