Channel Strategies DB

These channel partners are the subject matter experts

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Unformatted text preview: Thread: 7 of 23 Channel Strategies Posted Date: March 20, 2013 5:36 PM 5/22/13 10:29 AM Collection http://post.blackboard.com/webapps/discussionboard/do/messa... Post: Author: RE: Channel Strategies Christopher Shore Status: Published The best practice for a channel strategy for a company begins with said company building their own channels by forging relationships with channel partners (Columbus, 2005). These channel partners are the subject matter experts when it comes to the channel and may include wholesalers, resellers, sales people, or all the above. The channel partners help guide the channel strategy development. The company needs to ensure it listens to these experts. A best practice strategy will understand that the channels are segmented similarly to the market itself. Market segments prefer diferent channels based on the market need. A successful strategy will be one that provides a clear direction on which channels to use to target which market segments (Channel strategy, n.d.). Channel Strategy: Getting Straight to the Point. (n.d.). Retrieved from http://www.deloitte.com/assets/Dcom- UnitedKingdom/Local%20Assets/Documents /Industries/Consumer%20Business/WICM/UK_CB_ChannelStrategy.pdf Columbus, L. (2005). Avoiding the Pitfalls of Channel Management. Manufacturing Engineer, 84(6), 16- 19. doi: 10.1049/me:20050602 (Post is Read) Thread: Post: Author: Channel Strategies RE: Channel Strategies Claudia Sasso Posted Date: Status: March 24, 2013 10:52 PM Published Hi Maria, joint ventures definitely have their advantages and bring many benefits to companies. However, they are a bit delicate in the sense that you have to keep a relationship with the company you form it with. Whenever we invest our money, it is hard to really come to an agreement with someone if we think that his or her ideas will cause us a loss. Experts recommend that when developing joint ventures the focus should not be on just that “one shot joint venture” but rather in building relationships with longer-term partners. You want to be careful on who you partner with. A key element of these relationships is you want to develop them with people who have the same attitude and goals you do. If you care about your customers while they just care about the money, you’re going to have problems. It’s only a matter of time. Develop real solid connections you can build your business on. Create long-term deals where everybody wins. Joint ventures are the quickest way to make money in your business. They can also be one of the longest-term methods…if you’re careful and discerning about who you partner with. (Joint Ventures, n.d). References Joint Ventures – The Good, The Bad, And the Ugly. (n.d.). Internet Marketing Coach Terry Dean. Retrieved March 25, 2013, from http://www.mymarketingcoach.com/joint-venturesthe-good-the-bad-and-the-ugly/ 8 of 23 5/22/13 10:29 AM Collection http://post.blackboard.com/webapps/discussionboard/do/messa... (Post is Read) Thread: Post: Author: Channel Strategies RE: Channel Strategies Claudia Sasso Posted Date: Status: March 23, 2013 4:50 PM Published Hi Brian, I like your statement that companies should not do what their competition is doing. It is important to be aware of your competitors and research them. However, copying their every move to compete in the market place will not aid you in staying ahead of them. Companies must aim to lead, not follow. To achieve this, according do experts, companies should: -Trust their instincts. Be original. Be different. Be creative. Just because their competitor is targeting a specific audience, doesn’t make it a profitable one. Research, implement their own tests, try new strategies and new offerings that they believe in. -Do things that are hard to duplicate. Blogs, forums, user-generated content are harder to copy. The more diverse their content is, the less likely they are to find it being used elsewhere. -Stay one step ahead and never stop innovating. Continue to build upon their unique, creative idea that led to your success in the first place. Companies will fast fade away from the scene if they don’t stay current with market trends and the new and increasing demands of their customers. -Know their customers and their competition. Always be doing research on up-to-date market trends. Know what’s unique about both their customers and their competition. Can they do things better without straying too far from your original goals? -Easily differentiate themselves from their competition. Let their customers know why in fact they are different and how they can service them better than what’s already out there. Step up their marketing. Be visible to their consumer. -Try targeting new markets. Obviously, they don’t want to ignore the customer base that put them on the map to being with but it never hurts to branch out into new arenas. If they are a US-based business, maybe they might want to consider selling overseas? -Diversify....
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