Partner Relationship Management (PRM): The Ultimate Channel Sales & Partnerships Podcast

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Preparing your channel partners for success involves taking a customized approach, consistent attentiveness and active listening skills. Your work doesn’t end after partner onboarding - it is a continuous effort. Pay careful attention to:

• discussing and aligning your goals
• practice transparency
• and give them a personal experience

In this episode of The Ultimate Channel Sales Podcast, we bring on Ben Cornett (works with channel partners in a partner marketing capacity, currently directing Verified First’s partner marketing division) who shares his insights on why nurturing channel partnerships is so important, as well as best practices and tips on how to use these insights to uncover untapped channel sales.
Ben tells us there are two main reasons why nurturing partners is crucial:

1. First, acquiring new partners to meet your channel sales goals can cost you much more than retaining your current ones.
2. Second, how your channel partners represent you to customers, and deal with them, ultimately impacts you. So make sure your advocates are well-equipped to represent you and subsequently, make the sale.

Listen to the episode to hear the rest of Ben’s advice on how you can make the most of your channel partner efforts.
Read the blog: https://www.magentrix.com/articles/blog/How-Nurturing-Partners-is-Crucial-to-28-5-2021

(0:00) Introduction
(2:08) Ben Cornett’s background in channel partner marketing
(6:01) Top 3 best practices for effectively nurturing channel partners
(10:37) Why it's important to nurture channel partners
(12:10) How to keep channel partners engaged
(15:18) Training and education materials for nurturing relationships with channel partners
(17:53) When to end a channel partnership
(20:29) Proper nurture methods translate to higher sales and channel growth
(24:36) Conclusion

This production is brought to you by Magentrix ✨💜
Magentrix is a pioneer in platforms for partner ecosystem management and partner relationship management 🤝

If you haven't already, please like 👍 & subscribe! ✅ And if you enjoyed this episode, please leave us a review on Apple Podcasts ⭐️⭐️⭐️⭐️⭐️ https://apple.co/3HcqSsm See instructions to do so at the end of the episode.
To learn about Magentrix PRM, please visit www.magentrix.com
______
Podcast Credits:
Host: Paul Bird
Executive Producer: Fereshta Nouri
Content & Research: Fereshta Nouri
Graphics & Branding: Fereshta Nouri

Let us know what you think of the podcast.

Our guest, Dorian Kominek, realized the pursuit of partnering and partner programs was in need of a foundational framework.
So she has set out to work on changing the minds of partnering organizations to rethink their approach to partner program development.
Guest bio:
From Channel Manager, to Strategic Partnerships Manager, to Head of Partnerships, Dorian has spanned the partnerships arena for some years before deciding to make an interesting contribution to those who have established partner programs, or are planning to establish one.
She’s here with us today to discuss key ideas from her dissertation: Channel Partner Program Development As An Entrepreneurial Pursuit.
Find the dissertation here:
https://partnershiphero.ca/#research?ref=mgx-pd-bzspt
Or check out Dorian's YouTube channel here: https://youtube.com/@InnovationSensation?si=cM0WVttV1UqN-aRf
Chapter markers:

(01:00) Guest intro
(06:20) How to attain organizational alignment for supporting channel partner program development as an entrepreneurial venture
(08:34) Best practices for development of a channel partner program in accordance with entrepreneurial literature
(11:04) Embracing entrepreneurial thinking to foster innovation for partner program development
(13:02) Work discretion, autonomy for the partnership person you hire & trusting them
(13:47) Not enough financial support is one or budgetary support. But also time is a huge one
(14:59) Rewards and reinforcements: If you're hiring an entrepreneurial person, you need to reward them
(16:11) Serving partners as we do customers + aspects of the partner experience (PX)
(18:25) Survey results & the most commonly cited entrepreneurial factors necessary for success
(20:41) Role of partner segmentation in the partner experience
(22:55) Role of empathy in creating a partner program
(24:50) Partner programs, as an entrepreneurial venture, and the value to partners
(26:10) Type of partners to target in the partner program
(27:50) Key resources required to run a successful channel program
(29:35) What impact do you hope this report will leave on organizations with partner programs?
(31:21) 67% of partner professionals say their biggest challenges are internal at their organization

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This production is brought to you by Magentrix ✨💜
Magentrix is a pioneer in platforms for partner ecosystem management and partner relationship management 🤝

If you haven't already, please like 👍 & subscribe! ✅ And if you enjoyed this episode, please leave us a review on Apple Podcasts ⭐️⭐️⭐️⭐️⭐️ https://apple.co/3HcqSsm See instructions to do so at the end of the episode.
To learn about Magentrix PRM, please visit www.magentrix.com
______
Podcast Credits:
Host: Paul Bird
Executive Producer: Fereshta Nouri
Content & Research: Fereshta Nouri
Graphics & Branding: Fereshta Nouri

Let us know what you think of the podcast.

How does one begin to integrate AI into their partner programs? Alden Hultgren provides practical advice, from mapping out automation opportunities to designing partner experiences that are not just functional but delightful.
She envisions a future where digital workers become integral to partnership teams, streamlining processes and freeing up human talent to focus on strategic initiatives. Her mantra? Dream big — the technology is ready for you.
(00:32) Guest intro: Alden Hultgren
(03:27) Alden on growing a $1MM partnerships practice to $25MM
(05:16) Strategies Alden used at Salesforce to grow their partnerships beyond $100 MM
(07:21) Alden's tools for partner management
(09:29) GenAI: Reshaping traditional channel partnership roles
(11:36) Strategic approach to gen AI for partnership professionals + skills do you believe will help partnerships professionals survive & thrive within the gen AI landscape
(13:06) Gen AI's affect on longevity in a career in partnerships
(13:56) Conversational AI Orchestration Platform & its role in partnerships
(15:58) Gen AI digital workers' role in partnerships
(18:22) Designing digital workers in partnerships & optimizing the experience for partners
(20:11) Digital workers: who's done it well
(22:01) Strategies for integrating gen AI into partner programs to create value-added services
(24:05) Challenges related to the rapid evolution of Gen AI technology
(25:03) Can Gen AI help with the partner experience?
(27:05) Alden on most significant achievement with gen AI in partnerships
(28:25) What vendors need to keep in mind as they leverage Gen AI for partnerships in the near future

This production is brought to you by Magentrix ✨💜
Magentrix is a pioneer in platforms for partner ecosystem management and partner relationship management 🤝

If you haven't already, please like 👍 & subscribe! ✅ And if you enjoyed this episode, please leave us a review on Apple Podcasts ⭐️⭐️⭐️⭐️⭐️ https://apple.co/3HcqSsm See instructions to do so at the end of the episode.
To learn about Magentrix PRM, please visit www.magentrix.com
______
Podcast Credits:
Host: Paul Bird
Executive Producer: Fereshta Nouri
Content & Research: Fereshta Nouri
Graphics & Branding: Fereshta Nouri

Let us know what you think of the podcast.

Have you ever heard of a fractional channel chief? This is a concept that's shaking up the industry, and we had the privilege of delving into it with Kameron Olsen, a leading expert with over 15 years of experience.
So, what exactly is a fractional channel chief? Unlike a full-time in-house channel leader, a fractional channel chief offers their seasoned expertise to multiple companies, but only for a fraction of their time. This approach allows businesses to benefit from top-tier channel knowledge and experience without the full-time investment. It's a perfect solution for companies looking to dip their toes into the channel waters or needing to revamp their existing channel strategies.
(See here for the video version of this episode https://youtu.be/ALnjOa-ABgw?si=X4XIg-YbzFpkC2wt)
(01:02) Guest intro: Kameron Olsen
(01:47) Highlights in your career in the channel thus far
(04:29) How hiring a fractional channel chief differs from in-house + shortage of the role
(06:01) Typical responsibilities and scope of work for a fractional channel chief
(08:06) Most enjoyable part about the role of a fractional channel chief
(09:15) Potential conflicts of interest or competing priorities channel chiefs may have to navigate when working with multiple clients
(09:52) When is it more advantageous for a company to hire fractional channel chief vs. in-house employee?
(11:58) Being thrown into a channel role for the first time & how to figure it out
(14:04) The disillusion of hiring an inexperienced channel manager that you don't provide training to
(14:54) Advice for companies that want to hire a fractional channel chief for the first time + steps to take
(17:08) Steps for suppliers to ensure successful partnerships
(18:10) Partner management tech stack recommendations to vendors
(20:03) Customized recommendations partner management tech stack for each vendor
(22:50) How to keep track of the partner experience aspect & increase likelihood of partner engagement & what mature partner programs might do
(25:53) Do fractional channel chiefs have deeper insights than in-house channel chiefs?
(27:20) Tips for organizations to nurture successful partnerships
(28:56) How the role of a fractional channel chief may evolve (will there be a shortage?)

This production is brought to you by Magentrix ✨💜
Magentrix is a pioneer in platforms for partner ecosystem management and partner relationship management 🤝

If you haven't already, please like 👍 & subscribe! ✅ And if you enjoyed this episode, please leave us a review on Apple Podcasts ⭐️⭐️⭐️⭐️⭐️ https://apple.co/3HcqSsm See instructions to do so at the end of the episode.
To learn about Magentrix PRM, please visit www.magentrix.com
______
Podcast Credits:
Host: Paul Bird
Executive Producer: Fereshta Nouri
Content & Research: Fereshta Nouri
Graphics & Branding: Fereshta Nouri

Let us know what you think of the podcast.

How does a private equity firm’s takeover typically impact a company's strategic direction and how can it affect their channel partner program?

Sometimes, channel partner programs get the axe when a PE firm takes over.

In today’s episode, we’ll:

• explore this issue,
• investigate the underlying reasons,
• and discuss strategies to protect your channel program from being eliminated during a PE takeover.

Chapter markers:
(01:02) Guest Intro: David Sherman
(04:09) How a PE firm’s takeover typically impacts a company's channel partner program
(07:42) Common reasons investment firms cancel or restructure a partner program
(08:47) Performance metrics evaluated by private equity firms
(09:40) What metrics should PEs really be analyzing?
(12:09) How important is it for private equity to enhance the partner program
(14:26) Potential risks of canceling a channel program could bring to customer relationships?
(15:58) PEs that keep the partner program post-takeover - maintenance strategy for them?
(17:11) Most important aspects of partner management to you that can help a channel chief prove out the channel program to the PE
(22:11) What can typically go wrong with channel program with M&A as opposed to private equity takeover

This production is brought to you by Magentrix ✨💜
Magentrix is a pioneer in platforms for partner ecosystem management and partner relationship management 🤝

If you haven't already, please like 👍 & subscribe! ✅ And if you enjoyed this episode, please leave us a review on Apple Podcasts ⭐️⭐️⭐️⭐️⭐️ https://apple.co/3HcqSsm See instructions to do so at the end of the episode.
To learn about Magentrix PRM, please visit www.magentrix.com
______
Podcast Credits:
Host: Paul Bird
Executive Producer: Fereshta Nouri
Content & Research: Fereshta Nouri
Graphics & Branding: Fereshta Nouri