No matter how successful your business might be, the odds are good that you've got a blind spot somewhere. You might have fantastic departments already in place for research, development, sales, marketing, HR and so on and so forth, but there still might be an area where you're lacking talent or resources.
"At its best, a channel partnership is a symbiotic relationship between two businesses."
That's OK. No company should be required to "go it alone" in every area. If there's a certain aspect of your business where you're coming up short, that's not a problem – it simply means you should consider reaching out to a reliable ally in your industry and asking for help.
This is the basis of a channel partnership. At its best, a channel partnership is a symbiotic relationship between two businesses. Both parties get something out of it – be it a product, a service, a little extra marketing clout or a bit of support with a particularly tricky area.
Channel partnerships can benefit all sorts of businesses, regardless of their size, location or industry. Virtacore, for example, is proud to have its own CoreCHANNEL Program, which is designed to offer world-class Infrastructure as a Service for any company that may need it.
What is a channel partnership, anyway?
Let's start with a fairly basic question – what is a channel partnership, and how does it work? According to TechTarget, it's fairly simple. Margaret Rouse, editorial director of WhatIs.com, laid out that a channel partner is an organization that provides a product or service on behalf of a software or hardware vendor. This helps companies work more intimately with the distributors of their products.
"Channel partnerships provide an opportunity for companies to promote certain products or services," Rouse explained. "In return, channel partners receive access to product and marketing training, discounts, technical support, lead generation tools and beta versions of releases."
The ingredients of a successful partnership
So what makes a channel partnership particularly effective? Really, it's the same thing that gets results for any business. It's a matter of making decisions that are economically viable, as Inc. Magazine reported.
Alan Spoon, a general partner at Polaris Venture Partners, told the news source that basic economics can often justify a partnership.
"If your channel partner is operating like an extended sales force, does your partner's commission, or revenue share, fit with the business economics of your in-house sales force?" Spoon asked. "If the channel partner can rapidly extend your sales coverage, then you might consider giving your channel partner more in compensation than your internal sales force gets."
The goal is always to enhance the bottom line. A good channel partner can do just that.
Introducing Virtacore's CoreCHANNEL program
Virtacore has a channel partnership program of its own, and businesses everywhere could benefit from getting on board. If your company is interested in better cloud backup services for safeguarding its data – and honestly, who isn't? – it might be worth considering the CoreCHANNEL program.
CoreCHANNEL is focused on offering best-in-class cloud services to businesses that need it. The program is highly selective and targets partners who understand VMware technology. If your business comes on board, you can expect many benefits, including generous compensation – particularly for elite partners.