Digital transformation is affecting every sector across every industry on a global scale. Yet digital transformation of your partner businesses is a complex, multifaceted endeavor that warrants a new vision and new approaches to partner engagement and incentives. This is mainly due to partners lacking the digital sales and marketing skills to effectively market and sell the vendor’s solutions.
One clear example: Digital transformation has created misalignment of the partner’s sales process with the new digitally-connected buyer’s journey. As a matter of fact, according to a partners’ sales processes study by SiriusDecisions, a scant 12% of respondents stated they have modified their sales process to align with the new buyer’s journey. Enterprise organizations have never experienced this level of upheaval before, and established brands are scrambling to leverage their through-channel sales and marketing technology to deliver ROI.
Digital transformation has created misalignment of your partner’s sales process, with the new digitally-connected buyer’s journey.
However, the key issues impacting your digital marketing strategies can be addressed with what Forrester calls “Incentive Engineering.” You can actually change partner behavior and the outcome of the cumulative transformation effort. Think about this, Forrester estimates that sales of through-channel marketing automation technology will climb at a 25% compound annual growth rate through 2023 to $1.6 billion. Yet a recent study by SiriusDecisions also revealed that the average utilization of through-channel marketing automation solutions was under 17%.
It’s therefore imperative that vendors engage their partners with comprehensive programs that incent them to take full advantage of these new digital solutions. Why? Because what is likely to have the biggest impact on the ROI of vendors’ investments is how eagerly partner companies adopt the digital marketing tools vendors support.
Incentives must be used to remove the “friction” in the transformation process to streamline lead to revenue.
To help you accelerate your partner's digital transformation, I did a webcast introducing a new channel incentive framework to help you increase and improve your partner’s utilization of your digital sales and marketing tools. This framework provides a step-by-step approach to identifying the most effective combination of incentives at the company, team, and individual level to drive your digital marketing strategies.
The webcast explains how a sale is the results on a number of productive activities and behaviors, which when properly orchestrated lead to a sale. I will also review how to align your partner’s sales process to the new digital buyer’s journey, improving demand generation, lead management, and opportunity management.
It’s time to reevaluate how you model and design your incentive programs as the days of only offering transaction-based incentives are gone forever. Click here to see the webcast.
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