Gathering channel data is one thing, converting that data into useful insights and actions to take is an entirely different hurdle to jump.
Channel data management is the process of collecting data from each of your partners and then transforming it into insights you can easily view and take action on.
Indirect sales companies spend millions, sometimes nearly a trillion, dollars every year trying to find the newest, most improved ways to collect, clean, and analyze channel data in a cohesive, easy-to-understand manner.
Channel data is critical in providing those companies with the necessary visibility into the sales process and sales activities of all partners.
In order to gain a better understanding of your partners to ultimately grow your channel and increase revenue, the channel data must be accurate and timely.
According to Channelinsight, there are four key steps in the process of collecting data and acting on it; identify, target, act, and grow.
“Identify and grow partners and end customers using analytics tools powered by accurate, standard and enhanced data.”
“Target your customer using segmentation information available in your POS transaction data.”
“Act now on real-time performance metrics to maximize program and partner effectiveness.”
“Grow understanding partner and end customer performance against strategic goals.”
Each of these steps are critical when it comes to driving channel growth and increasing sales revenue.
Unfortunately, any channel professional who has managed the overload of data knows all too well that it never seems to turn out that way exactly.
Even after the data is gathered and placed into one spot, issues remain.
Organization and accuracy are still in question. Typically, a whole lot of extra legwork is needed in order to fish out the really good stuff.
Filling in the gaps and eliminating errors with the help of the right workflow tools is a top priority in the channel space – or at least it should be.
For channel executives, it’s utmost important to see the complete picture of your channel rather than individual details regarding partners.
As for channel managers, it’s quite the opposite seeing as how they need to know everything about their partners in order to take next best actions that will drive true results.
Details and individual items are what build a productive agenda of tasks and to-dos.
With that being said, all channel professionals gain access to timely, accurate sales data to review partner performance, better reporting, and overall channel growth.
Luckily, there are tools available today to meet the needs of both channel managers and channel executives.
OPTYX brings together the most important information about your partners and then uses data science to produce insights and visibility you can act on. As the first of its kind productivity tool for channel managers, OPTYX makes it possible to engage with channel partners in more productive and meaningful ways.