Strategic Channel Marketing is essentially an organized approach to word-of-mouth marketing. A successful program will empower and incentivize partners to share your solutions with their networks.
HubSpot, for example, works with Marketing Agency Partners, like LTMG, to grow their businesses, which in turn helps their clients be successful with HubSpot software.
Strategic Channel Marketing is effective when developing partnerships with complementary tech solutions, whether through integrations or cross-selling campaigns. Each partner can then offer their customers expanded features and functionality while also benefitting from the channel partner by gaining access to their user base.
Partnership projects are complex, and it is important to plan wisely from the beginning.
Here are some key considerations:
How do your solutions complement each other, and how can you position your integrated solution to your target audience?
To position correctly, you must understand the functionalities and advantages of your shared offering. How will each solution allow the other’s users to work faster, make fewer mistakes, or otherwise get more value from their investment?
Then, determine whether further development or integration is needed to make the offering more streamlined and attractive. Establish a clear roadmap and timeline to understand what is truly involved.
Who is responsible for what, and how will you work together?
Set clear expectations on timelines and commitments. Who will develop the integrations if needed, create and implement the marketing, and have the final say on messaging and the campaign launch? You need to confirm that your partner shares your level of commitment and that they are making reasonable contributions to the program. Likewise, you want to ensure you are not spreading yourself too thin.
What’s in it for both parties?
Growing your business is the goal of any partner program, and you need to be clear about how this program contributes to that goal. To build effective long-term partnerships, you should also ensure your channel partner achieves similar success.
- Is there a revenue share?
- Are partners expanding their user base?
- Are you seeing more significant usage, engagement, and retention?
- Are customers getting more value from your solution?
- Are customers happier?
Plan how you will track key metrics, then review periodically to gauge how each partner benefits from the program. This will help you more effectively improve the program, plan for further developments, and build better relationships over time.