podcast | August 31, 2017
How to Cover the Market with Direct and Indirect Sales Channels
Joining us for today’s show is Finn Faldi, a Partner Revenue Officer who knows how to go to market with the right channels. Our show today is focused on selling through partners, one of the hottest topics requested from this audience of executive decision makers. Finn and I discuss this topic by reviewing emerging best practices from SBI’s How to Make Your Number in 2018 . Turn to the Channel Optimization phase starting on page 376 of the Workbook.
The Partner Revenue Officer title is new and reflects the growing importance of selecting the right sales channel to make your number. Today’s topic is focused on the emerging best practices for selling through channels.
I have the Partner Revenue Officer from LifeLock joining us to share with you, the audience of B2B marketing and sales leaders, the emerging best practices from the B2B2C world for B2B partner selling. Finn will demonstrate how to cover the market completely by utilizing indirect sales channels. I sought out the top expert on selling through partners to share emerging best practices. To do this I looked to business-to-consumer companies with a heavy partner mix in their sales motion. The reason being is that business-to-consumer companies almost always lead B2B industries in the adoption of new emerging best practices by several years.
If you prefer to watch the full HD video of my interview with Finn, click here.
So why this topic on this day? Selling to customers directly when they want to buy from partners, is a sure-fire way to miss the revenue goal. Selling to customers through partners when they want a direct relationship with your company, can be equally devastating. Within the direct and indirect channel model, there are multiple sub-models to consider. Coverage model decisions have never been this complicated, for we live in the omni-channel era.
The first segment of the show identifies the economic model required for each unique sales channel. Finn walks us through the approach he uses at LifeLock, and how he splits the market between direct sales and channel partners.
Finn describes the channel coverage model he deploys and the level of conflict among individual partners. In the final segment of the show, Finn describes how channel partners can reach market segments that his company could not reach without their selling efforts. The channel partners help LifeLock scale up sales resources to meet customer demand and cover the market completely.
Finally, Finn summarizes with his proven approach to selecting, recruiting, and onboarding the right channel partners. This is a great opportunity for you to listen to a Partner Revenue Officer describe the steps required for success and perform your own gap analysis on your own company.
Finn’s thoughts regarding onboarding a new partner reflect the investment mindset that is required for success
“It’s work. It’s being aware of what the expectations are after the Red Bull has worn off, and being able to understand that there’s going to be hiccups and awareness, and I’ve never seen any one go perfectly, but you probably get into a point of collaboration and collegiality where if it’s not going perfect, it kind of helps sometimes. Because everybody has to dig in, because we all have managers, and generally managers of mine, mentors of mine, they haven’t all been patient. But it’s managing what the outcome, the desired outcome to the right of the equal sign, and the algebra to the left can sometimes be wrong.”
“It’s really managing how you deal with that algebra to the left. Understanding going into it, there will be an issue, and that’s what we’ve gotten better at, is we sign something. We go through the legal work and then we say the onboarding and then we say, ‘Well, we’re going to launch here and we’re going to start seeing revenue on this day.’ If that’s two months’ out, let’s make it three months’ out. Someone says, ‘Why? That doesn’t help with the modeling.’ Well, if it’s not, but it may be something out of total control. Someone gets sick, someone leaves for another opportunity, key member of the team does something that they have to move to another job, there’s another fire that happens in another part of the business. A lot of those things are out of your control but you’ve got to build that in.”
Have expectations gone up and left you wondering if you can make your number? Here is an that will help you understand if you have a chance at success. Take the Revenue Growth Diagnostic test and rate yourself against SBI’s sales and marketing strategy to find out if:
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