Today, Lauren Bahorich, Venture Partner with GST shares with us how she and the GST team advise Growing B2B SaaS Companies on the manifold ways to increase revenue.
Increasing Revenue: Channel Partners
Channel partners are often effective means of increasing bookings, reducing CAC, and reducing churn at all stages of a business. It is particularly helpful to young companies who are in the early stages of refining their sales, marketing and product approaches.
Usually at this beginning stage, a company has a minimum viable product offering and is serving a few customers. By leveraging channel partnerships, the company can leverage other companies' networks and products to deliver an even more robust product to an expanded customer base quickly.
With these benefits come several risks. Entering channel partnerships without a rigorous SWOT analysis to flesh out the prospect may result in ineffective, inefficient partnerships. Additionally, you may be unnecessarily burdening your company with a partnership that requires resources that would be better used elsewhere.
GST recommends asking yourself a few questions when considering a potential channel partnership:
- What will this partnership accomplish for our company?
- Is this feasible?
- Is this an efficient use of my time right now?
- What channel support will I need to provide to make this successful?
- How can we measure the success of this partnership?
GST has over 60 years of executive experience in tech companies and is well-positioned to help your company establish successful channel partnerships. If you would like guidance, please reach out today.
As always, we love hearing from you as to what you're experiencing as you drive growth for your company; please reach out below.
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