Top Takeaways from the Channel Partner Workshop
On May 7th, an inspiring Channel Partnership Workshop took place at Independence Blue Cross (IBX), hosted by Chuck Stefanosky of IBX, Zachary Wilcha of Independence Business Alliance, and Alea Bunch, Director of MBE Services at the EMSDC. The afternoon was packed with valuable information, engaging discussions, and meaningful connections, with expert panelists that included Paul Douglas and Sara Owens of The JPI Group, Brittany N. Evans of SOAL Technologies, and Anthony Davis of Bostik. If you were unable to join us, here is a sample of what you missed and what you need to know.
Goals for the Day
The first goal for the day was to understand what a channel partnership is and how it works. Attendees learned that channel partnerships are “a way to grow your business faster by partnering with other companies to sell your product or service for you. Instead of hiring a big sales team, you work with others who already have access to your target customers.” Goal number two was to learn how to identify the right partners for your business. Having an understanding of the different types of channel partnerships is key. Goal number three was to connect with at least two potential partners at the event and book a follow-up.
How Channel Partnerships Help Small Businesses
As noted at the workshop, “many small businesses struggle to consistently attract and close
new customers, often due to limited reach, weak marketing, or an overwhelmed solo founder.” Channel partnerships can help you tap into new markets, as well as build trust and credibility, through shared resources and branding. They may also allow you to scale without significant effort or overhead, increasing profits and giving you time back to focus on your strengths.
Types of Channel Partnerships
The best way to grow your business is through sales and marketing. Having someone else sell your products and services is arguably the fastest and most efficient way to get there. In “6 Types of Channel Partnerships,” we covered a few of the many options that exist, with real-world examples, but that was just the tip of the iceberg. Here is a brief yet expanded overview from the workshop to help you find the right fit for your business:
- Referral Partner: A partner who sends you leads and gets a fee or cross-referral.
- Parallel Partnership: Two similar businesses team up to serve clients together.
- Reseller: A partner sells your product or service, sometimes bundled with theirs.
- Affiliate Partner: Online promoters who earn a commission by recommending your product or service.
- Strategic Alliance: Two businesses co-brand or co-market to access each other’s audiences.
- Downstream Partner: You pull another organization into your solution to make your offering stronger.
- Upstream Partner: You integrate your service into a larger firm’s solution.
- White Label: Your service is sold under another company’s brand.
- Tech Integration: Your technology connects with another to create more value together.
- Distribution Partner: A partner provides shelf, retail access, or platform presence for your product.
If you didn’t have the opportunity to connect with potential channel partners at the workshop, it’s not too late! Once you know the type of channel partnership(s) you want to form, look at your existing network for possibilities. Take advantage of online platforms and directories, such as those found on our Resources page, as well as our Events for certified and corporate members. Consider the mission of your company, what you have to offer, the key pain points you address, and your ideal customer profile to zero in on suitable matches. Then, reach out or request an e-introduction.
The mission of the EMSDC is to stimulate and support economic development throughout Pennsylvania, Southern New Jersey, and Delaware. As a 501(c) (3) non-profit organization and regional affiliate of the NMSDC, we certify and connect our certified member businesses with member corporations to create a more dynamic supply chain. We invite you to explore our website at emsdc.org to learn more.