Strategic Partnerships/Channel Market Development
Channel Strategy Program will include recommendations for capitalizing on niche channels that can be unleashed to assist the company in achieving its top line revenue expectations, which will be defined as the “trusted advisor” channel. When a company’s sales channels realize their full potential, they not only boost revenue but create a high performance organization pulling together for breakthrough financial results.
Channels are typically divided into two general categories: direct and indirect. It is generally agreed that an ignited sales organization balances itself with both “direct and indirect” initiatives. In the case of the client the broker/consultant represents the direct approach.
However, a thorough analysis of both direct and indirect channels based on a number of quality and cost factors can be eye-opening. Indirect sales channel activities are those conducted through a third-party organization in this case a “trusted advisor” of an existing satisfied client. The definition of a “trusted advisor” for the purposes of the client will be the following:
- Bankers
- Accounting Firm
- Law Firm
- Investor(s)
The elegance of the “trusted advisor” indirect channel approach is that this channel partner has every reason to want their client to hear about and perhaps benefit from the services offered. Additionally, these advisors typically do not wish to be compensated for their referrals, rather they refer in order to see their clients thrive in what they know is a highly competitive market in which “every saved dollar is truly a dollar earned”.