Bain & Company recommended ways companies can help strategic channel partners to weather crisis and strengthen their partner ecosystem

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Unlimited Partners: Equipping Your Sales Channel to Thrive during Covid-19

Supporting Distribution Channels – Bain & Company recommended ways companies can help strategic channel partners to weather crisis and strengthen their partner ecosystem

Summary:

Bain & Company listed specific actions for companies to implement in order to protect their most important strategic partners. These include:
  • Assess Partner Situation – Check condition of channel partners, make sure account plans are up-to-date, revenue base is secure by identifying vulnerable partners, and negotiate potential consolidation if applicable
  • Redefine Engagement – Review schedule of interactions with partners, such as advisory boards, sales kickoffs, and business reviews, and see if they can be rescheduled or done online, which can accelerate sales process, reduce costs, and improve partner relationships
  • Fill Technological Gaps – Assess which partner capabilities will be most needed in future, such as Internet-of-Things, cloud and edge computing, or artificial intelligence, and strengthen proposition with customers by enabling service extensions and software renewals
  • Establish Immediate Actions – Establish and tailor immediate actions that can be taken to help partners through crisis, depending on role they play
  • Offer Partner Benefits – Consider providing access to working capital programs, lower financing requirements, extended payment terms or targeted discounts, training and certification, and remote work
For more information, visit https://www.bain.com/insights/unlimited-partners-equipping-your-sales-channel-to-thrive-during-covid-19/
Company: Bain & Company
Categories: Customers, relationships and channels, Supply chains

Original publication date: May 12, 2020

Date last updated: June 11, 2020