David Johnson, Sr. Director, Product Marketing
Model N recently hosted a webinar with Chris Cleary, VP, Principal Analyst from Forrester Research, and Kristine Stewart, Vice President, Client Success & Marketing of Channel Impact. They were joined by Chanan Greenberg, SVP, and GM of Model N’s High Tech discussed how companies are evolving and implementing their channel strategies to maximize revenue.
From the webinar, there were numerous recommendations and strategies for companies to consider. Below are three key areas.
Data and Insights are Critical
Accurate and consistent partner data is a key driver to any successful channel strategy. Chris Cleary shared, “There is one way to address those concerns, whether it be from finance, your team, your partners, from anyone. That’s through data. Channel data governance is absolutely critical. I cannot stress the importance of data governance and having proper data.”
Focus on Channel Excellence
How can companies better focus on excelling in the channel? Chanan shared, ” As Jay McBain from Forrester said that the future of channel partner programs and ecosystems will be anchored in automation, flexibility, scalability, and self-service. And the effective use of technology tools is no longer optional. Ecosystems don’t run on spreadsheets. Being able to align your programs and automate them to the point where your channel can make money and also align with your revenue and margin goals is really important.”
Routes to Improvement
When asked what companies can do to improve their channel, Kristine responded, “The mistake most companies make, is they engineer their partner strategy from their own viewpoint. They should consider what they want from the channel and what they need from their channel. Companies should consider what their finance team and their management are expecting from the channel. Then look at the current business models of the partners and the go-to-market of them today.”
When asked, what was the lowest hanging fruit for organizations to pursue when improving their channel business, Kristine offered, “Look at all your processes and ensure they’re foundationally set up to be systematic and repeatable. Find every piece that makes sense financially and you have the ability to automate. Automate the right things.”
Chris shared, “Take a moment to digest where you are, the expectations of your organization, and make some educated data-driven decisions on where are we going. Weigh your risks and what you’re going to do with your investment dollars.”
To listen to the complete webinar Modernize Your Channel Strategy to Maximize Revenue and hear more from Chris, Kristine, and Chanan, click here. To learn more about Channel Impact’s offering, click here. If you’d like to chat with someone at Model N about modernizing and automating your channel strategy, go here.