Finding Reseller Partners
IP firms are usually not thought of as affiliate network-ready businesses. However, while reselling is traditionally an e-commerce strategy, some of the underlying ideas might apply well to your business. So let's take a look at how reselling partners can boost your income and how to spot these opportunities.
Reselling for IP firms?
Reselling is traditionally part of retail companies' arsenal, so it might seem a distant idea to apply this for IP firms. However, the goal is the same: to multiply the opportunities potential clients hear about your product or get in the door of a targeted prospect.
This is not a straightforward resale, which should be made clear at the outset. This is particularly vital because, as part of the process of resale, the trader is responsible for much more than simply marketing the product or, in certain cases, providing services. Thus, resellers should not act as true salespeople, but rather serve as extended networkers or door-openers.
Finding the right partner
The best way to find the right reseller partners is to think about which companies serve the same market as you do. For example, what are the most common services you offer your customers? As a rule of thumb, identify services or products that are used frequently by your target customers, but rarely outside of their market. This way, you can locate the partners of your potential customers that could open the right doors for you to enter.
Our top tips include software developers (CRM, administrative, and management software), professional associations and organizations, and industry-focused suppliers (from manufacturing companies to speciality service providers).
What to ask for and what to give in exchange?
The key element of these relationships is what you can offer each other with your partner. The best-suiting relationships are based on an equal exchange of contacts - both companies sharing their sales desires and helping each other open a few doors.
To have a successful partnership and not spend time and energy on something that doesn't support your business goals, you need to make sure the following elements are in place:
● A well-written contract helps the parties understand the framework in which they must help each other and the (mainly administrative) tasks they must perform. A poorly documented "door opening activity" can lead to serious tensions and even the collapse of the deal.
● It is also essential to give the other party all the information they need, as superficial information or a few summary words are unlikely to lead to serious business. While both parties need to keep the actual sales tasks on their side, the other party is most likely less apt to handle rejections or address questions.
A proper agreement also specifies what commissions the parties will pay each other.
As with all other sales activities, preferring quality over quantity is the most successful approach. While it would be easy to offer a 10-30% commission to all companies that come forward, the more effective way is to select 1-5 partners and see what these reseller partnerships can do for you.
Lead IP has the experience to generate leads for businesses with an Intellectual Property focus. Feel free to reach out to us if you need help multiplying your revenue.