Page 25 - GS201102

Education

and doesn't have a large sales force, it may be better for
you to work the entire sales process in-house. You could A key factor that will determine
even develop tiered programs based upon role, such as:
affiliate, sales partners or authorized reseller. Keep this in success is whether your
mind when developing a compensation program: a good new distribution partners and their
rule of thumb is the more they do, the more they make.
Step 3 – Set clear expectations teams are trained thoroughly. Make
sure you develop a comprehensive
To ensure a successful relationship, both parties must program that meets all their needs
have a clear understanding of what is expected. You
must concisely define this in your agreement, as well as and is easy to implement.
articulate what you expect of the relationship and what
your partner can expect from your company. Also, specify
sales goals and targets. This will give you a yardstick are the ones that benefit all parties. Focus on creating win/
to measure whether the arrangement is a success. It's win distribution programs, and you will be well on your
paramount that all parties know, understand and commit way to growing your merchant portfolio.
to their respective roles.

Step 4 – Develop and deliver training Marc Beauchamp is author of Survive and Thrive in the Merchant
Services Industry and founder of Bankcard Life, a community for pay-
The roles assigned to each participant will drive training ments professionals. He is offering a free copy of his book to all payments
development. As you well know, our industry can be fairly professionals at www.bankcardlife.com/greensheet. Marc welcomes
complex with product features, underwriting guidelines, your comments and feedback at marcb@surviveandthrive.biz.
risk management, security concerns and the merchant
boarding process.

A key factor that will determine success is whether
your new distribution partners and their teams
are trained thoroughly. Make sure you develop a
comprehensive program that meets all their needs
and is easy to implement. Training is the key. Many
new partnerships look great on paper, but if you
can't mobilize the sales force, it will never gain flight.
Partners need to have confidence in their ability to
explain and sell your products.
Step 5 – Create a sales support system
Another key component is sales support. Put a system
in place that allows new distribution partners to access
sales support material. This can be accomplished by
developing an easy to navigate website that provides
all the necessary documentation and marketing
material.
If you are a small organization and don't' have the
resources to support a large sales network, train
one of your new partner's key employees to be the
first point of contact. Give this individual the tools
to be successful. Do it right the first time, and
you'll be rewarded with fewer support calls and
increased sales. Also, make sure you are reaching out
consistently with online training opportunities and
program updates. My team has implemented sharing
weekly case studies to rave reviews.

Distribution channels are an attractive, flexible way
for companies to develop new markets and additional
revenue. Synergistic relationships come in all shapes
and sizes, but the best relationships and partnerships
25