What’s your “Sheep-vertising?”
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Let’s be very clear. Solution Providers (channel partners to some) do not spend much on marketing. They’ve had the luxury of growing through their relationships.
So, if they had 50 customers. This year, they have 54 because they had 4 very satisfied clients tell someone else. As such, many Solution Providers just don’t get why they should have to spend $10,000 on a campaign to reach out to new customers. But now it's time to get creative. Economic reality is setting in and their 50 customers are now reduced to 45-- and 4 referrals has turned into 1 or 0 this year. “Now I need to step up my game” they say. But many just haven’t ramped up that side of their business before and it’s scary out there in lead-gen land: How do I get a list? How many times do I need to send something? What kind of event shall I host? How much do I need to spend? Will it work? How can I break through the noise? |
Vendors: How can you help?
Get super-creative and disciplined. Two things you can do:
1) Get creative with your media. While “sheepvertising” may not be up your alley, the idea invites you to expand your thinking and discover some mediums you haven’t used before. Have you tried local cable? What about community sponsorships with your partners? Remember, more than technology, your partners are selling relationships (and trust) so traditional mediums may not be most appropriate. Be receptive to new ideas that your partners may bring you even if it doesn't fit the mold. If "un-camps" work in one country and event sponsorships work in another, embrace, extend (and fund) it!
2) Fund, fund, fund (the right partners and proven activities)! Fund your good partners with good intentions and get good results. But you have to make that money work hard. How can you tell who to fund? Develop a business template that asks questions about their business, targets, campaign, media and typical deal size or close ratios. (we can work with you if you need any support). Then, create a contest or invite partners to participate in submitting plans in return for funding. (we have a process for this if you are in need). Now, when you invest, you can bump up your dollar amounts and spend it with partners you know will give you a good ROI.
Solution Providers: We spend hours of consulting time working with companies on two things:
1) Improving their conversion rate or
2) Reaching out to more prospects.
You can take either strategy for similar results, but you have to be willing to try some out of the box ideas on #1. If you’re sending a postcard, and your strategy is to have a better than average result (we see around 4-5.5% from average partners – we can improve that to up to 10% with some creative ideas). Remember you need to prove your success so measure, measure measure if you want vendor support next time.
Maybe you choose to be laser-targeted, offer a really compelling offer or offer a risk-free trial/guarantee. Be bold if you take up #1. If you’re not quite ready for some out-of-box ideas, you’ll have to reach out to more people. Plain and simple. Get your own list together and then supplement it with a purchased list. Get creative about where you obtain your lists. List vendors aren’t your only option. Sponsor an association event or chamber of commerce conference and get access (at least one time) to the attendees.
Be creative. Cast a broad net and find some new relationships in new places. If you find something that works for you, ask for vendor support to help you do more of it!
Categories: Execution
Tags: Change the Channel
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