(Newswire.net — April 2, 2022) — Co-selling is a form of collaboration in which two or more businesses agree to collaborate as partners. These partner firms then jointly send their separate sales teams to target their potential customers. According to https://www.workspan.com/guide-to-drive-co-sell-partnerships/, companies co-selling with partners are expected to bring in more than $300B in revenue. Finding an experienced partner is key to successful business collaboration that can upscale your business by all means. This article will explain co-selling in detail, and important insights related to structuring a co-selling partnership will be shared.
What Is Co-Selling?
Co-selling is a product and service distribution strategy in which customers can primarily be reached via “channel partners.” These channel partners are businesses or individuals who offer products or services on behalf of hardware, software, cloud, or networking partners. Channel partners include but are not limited to System Integrators (SIs), Managed Service Providers (MSPs), consultants, Value-Added Resellers (VARs), Independent Software Vendors (ISVs), Original Equipment Manufacturers (OEMs), and distributors.
If followed, co-selling benefits channel partners such as VARs, SIs, and MSPs by removing the possibility of channel friction between suppliers and partners. The co-selling method is also very effective for finding areas where technical support and overall sales can be improved.
Building A Strong Relationship with Reseller and Channel Partners
The most important part of structuring a co-selling partnership is collaboration through channel partners, and reseller partnerships are the most effective way to structure co-selling. Your firm joins with another company to improve sales by co-selling. Your business partner has a well-established sales team, resources, and a complimentary product or service. This partner ecosystem saves you time and money by eliminating the need to manage an in-house sales force. On the other side, your partner will provide value to their existing consumers while earning a percentage on your purchases. Everyone comes out on top!
Collaborating With Channel Partners for Good Revenue
Another important way to structure a co-selling partnership is a collaboration with different channel partners. Reseller connections have proven to be an important sales strategy in SaaS (software as a service). Research shows that partnership sales account for 30-80% of the total revenue of B2B enterprises. Resale benefits SaaS businesses like Oracle and Salesforce as much as it does new business people. To further highlight the channel’s sales impact, consider how Hubspot, a highly successful B2B firm, came into being.
Partnership With Cross Marketing and Promotion
Cross-marketing is an important business technique in the internet age and the best way to structure a co-selling partnership. Social media is now more powerful than ever as a marketing tool. Business collaboration can sometimes be as basic as a sponsored ad post on Instagram. On the other hand, you can collaborate with the corporation to create a series of video ads for social media distribution.
You will get more positive results if you follow the structure mentioned above for your co-selling partnership. Put them all together, and you have a sales partnership that increases sales revenue.