AchieveUnite’s The 555 – Why a Channel is Critical to Your SaaS Company is a three-part series designed to help SaaS business leaders understand why a channel is so important, how it’s different, and what you need to stay ahead of your competition.
In the first two parts of this series, we covered why a channel is a must-have for your SaaS company and how a SaaS channel is different. In today’s installment, we give you 5 actionable steps to help your SaaS company stay ahead of your competition.
1 – FORGET ABOUT THE PAST
To make a SaaS channel truly work, forget everything you thought you knew about channel ecosystems. You must be willing to define partners and programs differently to thrive in SaaS. Your best partners may come from the most unlikely places and take you places you have never been before.
Key takeaway: Consider affiliate channels, marketplaces, and technology providers as “must-haves” for your program strategy.
2 – HANG OUT WITH YOUR ACCOUNTANT
No, seriously. Talk to your accountant or lawyer or design agency or whoever is in the position to advise the end customer. Any trusted advisors to your customers are in positions to refer your solution or services. They are essential to the partner ecosystem. Ensure you know where they play, what events they attend, where they meet their new customers, and be there. Forget the idea that there is a place where your partners come together to discuss channel things. They are going where their customers are and learning about their business. Go there and hang out with them.
Key takeaway: Hire or partner with your customer’s trusted advisors to help build thought leadership, create credibility, and drive growth in key verticals.
3 – GET YOUR MILLENNIAL ON
Want to see how purchase decisions can be made throughout the organization? Learn how social footprints impact customer acquisition? See how fast technology can be discarded if it fails to meet expectations? Or learn how a loyal customer can create virality for your product?
Learn from the largest generation of adults. Millennials, at 75+ million strong with a spending power of $1.4 trillion and an aggregate annual income expected to surpass $4 trillion by 2030. These folks are digital pioneers with expectations. Understanding these expectations will allow you to skate to where the puck is going as you define the makeup and needs of your partner ecosystem, your product, and your customers.
Key takeaway: Patterns of technology consumption are changing with every generation and every technological advancement. Be sure to stay abreast – and ahead – of these trends through the lens of those using the technology natively.
4 – AGGRESSIVELY AUTOMATE TECH STACKS
From your PRM to your marketing tech stack, technology is the key to success. Companies that consume technology to accelerate their revenue engine will be at the front of the pack, and partners are a critical part of that engine.
Key takeaway: Automate early in your partner program development. With a strong infrastructure in place, you will be poised to scale rapidly.
5 – DO IT OR LOSE IT
SaaS companies can spring up overnight, making the window small to take advantage of your strong first-mover advantage. Choosing only one path to market can quickly leave you behind the inevitable competitors who will follow suit. If you’re the company that is following on, you can use the channel to outpace those without the power of a channel.
Key takeaway: Two paths to market are more nimble than one.
Conclusion
SaaS businesses are growing rapidly and increasingly competitive. With the power of the channel and by following these five tips, your SaaS company will be in a position to stay ahead of trends, create credibility, and scale rapidly.
Did you miss parts 1 and 2 of this series? Read them here:
Part 1 – Five Reasons a Channel is a SaaS Go-To-Market Must
Part 2 – Five Ways A SaaS Channel Is Different
