How can your channel engagement program deliver significant value to your business, if you haven’t taken the time to identify and evaluate its specific objectives? As it clearly defines your target and how best to hit it, value engineering is often a missing link to channel success! Value engineering has its roots in manufacturing, and in its purest form is a systematic approach to identifying the best way to increase value by lowering costs without impacting functionality. But it has come to mean so much more than that. In business, value engineering encompasses the achievement of business objectives consistent with established revenue goals, channel expectations, sales targets and more. When used in the design of channel engagement programs, value engineering ensures the alignment between your business objectives and the structure and execution of your program. How is this achieved?
- Process Benchmarking: How does my organization compare to others?
- Benefits Assessment: What is our potential? What are the deficits and opportunities?
- Business Case Development: How does my channel engagement program enable?
- Road Map Development: How do we get there and where do we go next?
As evident from the list above, a successful channel engagement program demands looking outward as well as inward to develop the best program to meet your business objectives. It’s also important to work with a company with a well-defined methodology for delivering business value, through a process of value discovery, value realization and value optimization to ensure that the right objectives are set, monitored and achieved.
During value discovery you quantify impactful improvement, identify enabling solutions and build strategies for action into your channel engagement program. You decide what your primary strategic objectives are and the desired benefits/results. It’s all about determining value for your business and identifying the solution that will meet your objectives.
This is the stage of the process where your objectives are solidified, KPIs are defined, measurements are delineated, and accountability is assigned – all to drive goals achievement.
Optimization is an ongoing process, which includes measuring the performance of your program, identifying areas for improvement and driving change. When done effectively, this is where all the business data that you have collected begins to work for you and goes beyond pure analytics. You need a channel engagement program that delivers a complete integrated picture of your channel business so you can gain deep visibility into sales activities, ensure two-way interaction with participants, capture sales funnel milestones, analyze and influence campaign results, accelerate sales successes, address challenges and capitalizes on opportunities. Read more about gaining valuable channel visibility through business data in our blog.
Whether your business goals are lead development, sales execution, channel coverage, revenue growth or all of the above, you can build a lasting, successful channel engagement program to achieve your desired outcomes. And you don’t have to go it alone. At ChannelAssist, we use value engineering to define your specific business needs and provide end-to-end development and management of channel engagement programs that grow revenue through increased sales rep engagement and visibility.
Stop wasting time and money on the wrong channel rep engagement activities! Let us show you how to hit your target, create channel advocates that lead with your brand and realize double digit revenue growth!
Watch our webinar to learn more.