by Paweł Oskory on November 15, 2023 Collaborating with sales partners, commonly defined as co-selling, has a positive impact on expanding the customer portfolio and increasing sales revenue for products and services. How can a top-notch PRM solution help in managing this process comprehensively? Let’s explore that in today’s post
Co-selling enables mutual access to the customer base, allowing companies to broaden their market reach. It also enhances product and company visibility, automatically boosting sales results. A robust PRM system in this area facilitates effective management of the co-selling process and oversight of all operations.
These elements were identified as crucial for implementation in IDC’s Future of Industry Ecosystems Research, published in May 2021. The publication also highlights the need for collaboration with partners to optimize ecosystems and respond to complex customer requirements. As reported by the WakeField study, in which interviews were conducted with 250 managerial personnel, 77% of companies offering a co-selling model observed direct or indirect growth in profits since they started using it. Combining this with findings from an Accenture survey, which states that 76% of business leaders believe current business models will change in the next five years, it becomes evident that building business ecosystems and adopting PRM (partner relationship management) solutions are essential.
Co-selling supported by PRM
When it comes to gaining a competitive edge, it is essential to focus on the values that an organization utilizes today. Agility and providing comprehensive solutions are sought-after elements by customers. These factors, functioning within business ecosystems, can be achieved through seamless partner collaboration, building interconnected networks, and adopting modern technological solutions.
Joint selling can also be a great way to expand market reach. However, it requires active collaboration and consistent sales policies between teams. The PowerPRM platform redefines the management of the co-selling lifecycle, ensuring effective collaboration from creating a query, through setting terms, to settlement and result analysis. It is a tool that makes resource sharing not only simpler but also more strategic for company development.
Is co-selling the future of partner networks?
As estimated, joint sales with partners have enormous business potential. Companies engaged in sales with partners in cooperation can jointly generate over 300 billion in revenue. This model also allows active business growth and the establishment of long-term relationships. Co-selling enables intensified efforts in building partner networks, striving for dynamic response to needs through joint innovation and faster market adoption of solutions.
Such an approach accelerates sales transactions, enhances sector presence, and builds a competitive advantage. When an organization engages in co-selling activities, it leverages knowledge from sales experiences and, based on that, can create and share valuable materials and knowledge with other partners containing effective practices. This not only allows the organization to utilize the knowledge within the partner network but also contributes to its expansion, creating a resource that adds value to other partners.
Changing market demands necessitate quick adaptability for companies. The processes of digitization are becoming increasingly necessary. Key to success is mapping customer behaviors – their needs, problems, and requirements. By combining this with technological solutions such as PRM, we obtain comprehensive and highly competitive tools that enable efficient and modern communication, management, and goal verification – says Paweł Oskory, BA/Product Designer at PowerPRM.
Sales actions based on the co-selling model can be defined in several areas or modes:
- The first one, when the organization share the partner with information about sales potential, specifies the conditions and customer needs. The role of the partner is to make the final sale.
- The second one occurs when the partner sends a request to the organization for co-selling with specific conditions, the organization confirms the conditions with the partner, and the partner makes the sale.
In each of these models, rapid information exchange is a critical factor. Determining possibilities, setting procedures, and accepting terms with the support of PRM solutions streamline sales processes. Both the organization and the customer benefit from the crucial aspect of closing the deal. Other partners within the network can also leverage these experiences – adds Paweł Oskory.
Digitization, intensified efforts, and building partner networks are essential elements for strengthening a sales-based business. Whether dealing with products or solutions, utilizing modern technologies dedicated to partners and supporting their daily work will determine success. Digitalizing networks also sets trends in serving mutual customers and enables effective management of a business based on a partner model.