How to Turn Partner White Space into Revenue
Many companies are challenged with how to turn partner white space into opportunity. To do this, you need to stretch sales into working with under-utilized partners that may not yield immediate gains, resulting in them not reaching quotas. So what is partner white space and how do you realize gains from it?
What is Partner White Space?
There are three definitions used by leaders in business today, but the common denominator with every definition is missed partner network opportunities.
According to one article by Channel Marketer Report, partner white space is when channel partners/vendors have little to no track record with an account within a five-year period, leading to lack of brand and partner recognition.
Harvard Business Review describes it as a place where a company might have room to maneuver in a crowded playing field or a new market.
In this same article, Tim Armstrong, CEO and chairman of AOL, uses it to refer to gaps in existing markets or product lines.
Transforming White Space into Opportunity
Sales Beacon’s partner enablement strategies help our clients leverage partner white space and turn it into revenue. In our Partner Enablement Case Study Revitalizing Dormant Partners Increased Revenues by 20%, we helped a client whose partners had little track record and were suffering from lack of partner recognition. By providing them with the tools and resources they needed, we were able to help them close gaps in existing markets and increase wallet share.
In this case our client’s channel partners were missing opportunities in their sales regions or verticals. The result was our client wasn’t driving as many sales through its channels and they were unaware of specific channel incentives and product information.
Three Steps to Turn White Space into Opportunity
You can turn white space into opportunity by filling the void. Here’s how we did it:
1. Implement Virtual Partner Account Managers
We proposed and implemented a virtual channel team pilot using Virtual Partner Account Managers with a goal of leveraging the revenue potential of under-utilized or dormant partners. They provided training, built relationships and collaboratively defined solutions and support models for partners to grow and drive their pipelines.
2. Define Solutions and Support Models
By collaboratively working with partners we were able to leverage the revenue potential of under-utilized or dormant partners by providing training, tactical online selling support and a focal point for contact. We also increased contact to repair relationships and build loyalty, which also served to build trust and provided access to partner pipelines.
3. Expand the Solution
Once the strategy was defined and demonstrated success, we expanded the VPAM program and took it international. This allowed account teams to cover more business, with more partners than previously possible. Our client was able to access reliable partner forecasts on revenues for the first time and sales executives collaborated with partners to build new account plans while partner training improved their ability to develop new opportunities.
The outcome for our client was a 20% increase in annual revenue; improved client forecast; new collaboration with partners, which led to building new account plans; and improved partner training to leverage new opportunities. This is how you take partner white space and use it to your advantage.
Learn More
Be sure to check out our other blogs on Partner Enablement to learn more about how Sales Beacon can facilitate partner enablement for your company.