Let’s face it, sales people handle a barrage of emails, faxes, phone messages, documents and spreadsheets every day—cutting into the time they can spend actually connecting with customers and making sales. What if there were a way to streamline the communications and record-keeping aspect of sales? Well, there is, and it’s called channel management software or Software as a Service (SaaS).
Channel management SaaS assists companies by facilitating the sales process to increase reps’ efficiency. Communication with channel partners improves when businesses use cloud-based applications to handle opportunity identification and assignment, lead referrals, deal registration and quoting. Channel management SaaS allows channel partners to integrate customer interaction into one tool, which in turn helps identify key customers by analyzing data gathered through the software.
Channel management software also speeds up the sales process by enabling channel partners to access applications via the Web. When channel partners handle processes manually, the customer may experience delays due to errors or lost invoices or orders. With Web-based applications, however, the sales rep has the ability to access all kinds of information that has been previously captured, and that is updated in real-time—everything from the customer’s order history and help desk calls, to the competitor’s current promotions, to the inventory at a particular warehouse. This means that there are no surprises in store, errors are reduced, and the deal is more solid. Any deals occurring simultaneously may be addressed seamlessly from one channel partner to the next.
This feature provides a single interface to the channel for multiple channel partners. This is one of the major benefits of channel management software. Everyone involved in a sale can remain informed about it throughout the entire deal. This reduces overlap and conflicts, such as sending two reps to the same client. Sales managers also benefit from the ability to view sales information as it occurs, and to route leads automatically.
Channel management SaaS can also offer real-time feedback during channel transactions. The data within the software can be managed and analyzed to determine response times and average sales cycle. The information can be helpful in determining how to reduce costs and increase revenue. Once these key components are identified, channel partners may examine the data to identify key customers. By utilizing data such as the average sales cycle, demand and inventory, channel partners can predict when the customer will order the product next and how large the order will be. Channel partners may rank customers based upon their level of attention needed at a given time. Therefore, the entire organization will know where to focus resources to gain visibility and a competitive edge at the optimal time.
To encourage repeat orders, a rep may want to offer discounts and other incentives to gain a competitive advantage. Through channel management software, that rep can view profitability reports and will be able to offer discounts without significantly affecting company profits. Channel management software allows channel partners to assess each aspects of the customer’s portfolio to facilitate more wins for the company. When customers receive seamless communication and efficient transactions, they are more apt to offer repeat business.
Identifying key customers and catering to their needs builds increased customer loyalty and product support. Channel management software also decreases frustration, and increases organization and efficiency, on the part of sales reps, sales managers and marketing managers alike. This process leads to a more productive team.
Practical Application:
Cisco is a networking company that assists individuals with communication and collaboration. The company sought channel management applications provided through the cloud to increase sales and assist with account planning. Because Cisco is a global company, the system needed to support multiple languages and currencies. The company also needed PRM capabilities for its channel partners. The solution Cisco chose enabled the company to integrate forecasting capabilities, sales tools, and email management tools all in one. Channel partners could track opportunities, lead conversions, accounts, key customers, and generate reports to determine other vital metrics. Additionally, the software integrated applications that facilitated meetings. Channel management SaaS chosen by Cisco was successfully introduced to 15,000 users and has the capacity to expand to 10,000 more users. The PRM tool shares leads with channel partners and tracks the opportunity to conversion. Most importantly, Cisco can analyze leads to determine key customers within each territory.
Why not explore the possibilities that channel management Software as a Service can provide for your company?
