channelWise Blog

What free or low-cost tools can help me market my MSP business?

Mon, 12 Feb 2024 11:56:52 GMT

One of the biggest marketing challenges I see with managed services providers is identifying the right marketing channels and tactics.

Navigating the maze of marketing tools can be a daunting task for MSPs. Here are some of my favorite tools that won’t have you digging deep into your pockets:

Interview Your Ideal Clients

Have you ever thought about simply having a chat with your ideal clients? It’s a classic, cost-effective way to understand what your clients really need and want. Engaging them in interviews can unveil their preferences, needs, and challenges straight from the horse’s mouth. And it’s free.

Incorporate Tools Like ChatGPT

AI has been making waves in the marketing sphere, and one tool that stands out is ChatGPT. This multipurpose tool can assist with content creation, SEO optimization, email marketing support, and more. Start with a free plan, and if it meets your needs, the paid plans kick off at $20 per month.

Google Analytics & Search Console

For a deeper dive into your website’s performance, Google Analytics is your go-to tool. It’s a treasure trove of data, offering insights into traffic, user behavior, and the effectiveness of your marketing campaigns – all for zero cost. Alongside it, Google Search Console can be your ally in optimizing your site’s visibility on Google, also without costing a dime.

Try Ubersuggest

SEO is a linchpin for online visibility, and Ubersuggest is a solid, budget-friendly option for keyword research, site audits, and competitive analysis. It has a free version, but its paid plans are competitively priced starting at $29 per month or a one-time payment of $290.

Shore Up on LinkedIn

LinkedIn, the haven for B2B marketing, is a social media platform you shouldn’t overlook. It’s a formidable space for networking, sharing insights, and flaunting your MSP services to a professional audience. Basic usage is free, but if you fancy more features, premium plans are available at a cost.

Email Marketing

Despite being a veteran in the digital marketing arena, email marketing still holds its ground as a cost-effective channel. Platforms like Active Campaign, Mailerlite, Mailchimp, ConvertKit, and Aweber are notable mentions. Their pricing starts at $10 to $20 monthly.

Incorporating these tools can serve as a catalyst in refining your marketing operations, understanding your audience better, and fostering a stronger connection with them without burning a hole in your pocket.

About the Expert: Tim Fitzpatrick

Tim Fitzpatrick is B2B revenue accelerator of Rialto Marketing . He helps MSPs remove revenue roadblocks by focusing on three critical areas of marketing: strategy, planning, and leadership. Get to know more interesting things about him on channelWise .

This Ask the Expert submission was originally published on The ChannelPro Network.

Diversity matters to me, but there isn’t a lot of it on our team. Is that going to hurt us with customers?

Mon, 12 Feb 2024 11:56:10 GMT

Today’s customers want to see themselves reflected in the companies they support. Research has shown that a lack of diversity within teams is detrimental to business development and customer relationships, especially when your customer base is diverse.

The primary reason that diverse teams are critical to the success of client engagement is due to the unique experiences and intersectionality of the varied perspectives each team member brings to the table. This opens the door to more creativity and improved problem solving that your customers expect from you, which leads to greater customer satisfaction.

Your ability to connect with customers thrives on your capacity to deliver fresh perspectives and how well you anticipate and respond to their needs. The more your team is representative of the markets they serve, the more valuable their insights become – and you can create better solutions for your client.

Lack of Diversity Stifles Progress

Consider the backlash experienced by big brands that create racially or culturally insensitive ads or products. Chances are no one with a varied perspective was present in strategy meetings to challenge the status quo.

Perhaps you have personally experienced a client interaction where you or a peer unwittingly disregarded the position and authority of the primary decision maker based on their race, age, gender, or other misguided assumptions due to a lack of cultural competence. It happens all the time but it doesn’t have to.

Diversity is less about how a person looks or where they come from; it’s more about valuing different points of view and being open to exploring new ways of thinking. It’s about integrating diversity of thought, which comes from the unique backgrounds and experiences of diverse individuals.

By contrast, homogeneous teams are composed of individuals with similar backgrounds, perspectives, and experiences, which often subjects them to groupthink, blinds them to new opportunities, and hinders exploration of unconventional approaches. Thus, you’ve inadvertently stifled the very progress you aim to achieve.

Create Your DEI Strategy

As you plan your next client interaction or strategy meeting, ask yourself these questions:

How well do we understand the unique needs, preferences, and challenges of diverse customer segments and/or buyers?
Which team members’ perspectives are missing? Why are they not in the room?
How can we adjust our thinking to better connect with our clients and their needs?

The responses to these questions position you to address the gaps, better relate to your customers and their unique challenges, and help them innovate. A diverse team is better equipped to do just that.

About the Expert: Yvette Steele

Yvette Steele is founder of DEI Insider. She is an equity accelerator and inclusion strategist who believes in the power of living authentically at all times. She draws on her decades of experience to help organizations build diverse workforces by implementing strategies that eradicate the barriers many face in maximizing their potential. Learn more cool facts about her on channelWise .

We are too small for an operations manager. How do we streamline inefficient workflows with limited time?

Mon, 12 Feb 2024 11:54:52 GMT

I see this problem all the time: You’re overworked, can’t keep up with tickets, the phone is ringing, and there is no time for anything other than fighting to keep your head above water.

However, if you don’t change anything, you will never break free. Even hiring an office manager won’t help because if you haven’t taken the steps to create a business machine, they’ll end up increasing your workload rather than reducing it.

So, how do you create a machine? Here are some recommendations.

Focus Your Operations

Start by streamlining workflows through repeatable processes, then document them as you work.

The most common source of inefficiency is solving many problems for many kinds of customers. You will be spread very thin and will never catch up if you work with accountants who have issues with Thomson Reuters, QuickBooks, and Liscio; doctors who struggle with Epic; and architects who need to make Papercut and AutoCAD work.

The key to mechanization is focus. Get spectacular at solving a few critical problems for very specific markets. Focus cuts work out of your process and reduces work throughout the business.

Make Time to Document

A lack of time is a problem for many businesses, but you don’t have time to not document.

Undocumented processes take two to three times longer to complete – sometimes much more – because you figure it out each time. A lack of documentation is why hiring an office manager won’t help.

One of my clients passionately resisted documentation. They were drowning in tickets, unsatisfied customers, and unfinished projects. They also suffered from a lack of sleep. Documenting the first process was hard, but now, they have 5,000 processes documented. Trailing tickets were reduced by 93%, revenue tripled, they hired a team that delivers impressive results, and they take vacations without their phones.

Use Automation Tools

The third piece is automation. But you cannot automate a process you haven’t defined. That creates a mess and endless work. Once you have something defined, automate it.

PSAs and RMMs have self-healing scripts and scripts for common problems that can save oodles of time. Ensure you set proper thresholds so you can detect issues before they escalate. This takes out randomness. Automate ticket assignments and responses, and create canned answers for the top 50 things your techs respond to.

Plus, with open APIs, compatible tools, and tools like Zapier, you can automate an almost endless list of routine office tasks:

Proposal creation and delivery
Follow-up processes
QBR (SBR) scheduling
Sending birthday cards

By incorporating these strategies, even time-strapped small companies can reduce burdensome workloads.

About the Expert: Jeff Loehr

Jeff Loehr is CEO of Start Grow Manage . He and his partners, who have a long history of building businesses ranging from startups to multinationals, help MSPs break out of the technician trap to grow their businesses. Get to know more about him on channelWise.

This Ask the Expert submission was originally published on The ChannelPro Network.

When should I upgrade my website?

Mon, 12 Feb 2024 11:54:11 GMT

When you’re trying to determine if it’s time to upgrade your company’s website, it’s important to first understand if your website works for you.

Is it driving leads? More importantly, are those leads turning into clients?

If so, then you are probably good. But if you’re like most of the 400-plus MSPs’ websites I reviewed over the last two years, then you probably are not getting the results you should be getting.

But before you go near a keyboard or mouse – or worse, hire someone to redo your site – the fundamental questions around proposition, direction, and target market need to be answered. Making the decision to rebuild a site is so much more than a design exercise. It’s an exercise in figuring out what your business is all about and where it’s headed.

Think of your site as a storefront window. It’s where potential clients first encounter your brand, learn about your services, and, most importantly, decide whether they want to engage with your business. An outdated or ineffective website can have a significant impact on your ability to start those new conversations.

So, when do you know it’s time for a new website? Here are some overall thoughts:

Outdated Design

The visual appeal of your site plays a crucial role in attracting and retaining visitors. An outdated design can turn potential clients away. You only have one chance to make a first impression. If your site looks like it hasn’t seen an update in years, it’s probably time for a refresh.

I’ve seen too many sites that look like they were designed when we were still sending faxes or are a barely customized template. It’s almost 2024. Don’t let that be yours.

Ineffective Content, No SEO

Your site’s content should be informative, engaging, and relevant to your target audience. It should be personal, too. It should tell stories about your business and how you’ve helped your clients.

In addition, is your site getting traffic for local geographic search terms? Are you missing out on organic visitors? If SEO is non-existent. It’s time for a refresh.

Low Conversion Rates

If you’re getting visitors, but those contact forms are not coming through, then your calls to action aren’t doing their job. Make them clear and always sell your credibility on relevant landing pages. Talk to me if you’re not sure how to make that happen.

Domain or Business Name

You are what you are online. If your business can’t be found easily, change it. It’s that simple. Be unique. Be found.

If you’ve noticed any of the signs flagged above, it likely is time to consider investing in a refresh.

About the Expert: Mark Copeman

Mark Copeman is director of Wingman MSP Marketing , an agency dedicated to starting conversations with prospects for IT support businesses around the world. He is the author of the books, “MSP Secrets Revealed” episodes #1 and #2, and “Helpdesk Habits,” as well as the creator of the online customer service video program, helpdeskhabits.com. Check out his other accomplishments on channelWise .

This Ask the Expert submission was originally published on The ChannelPro N etwork.

Our Lead Engineer Says He’s Burned Out. Is There Anything I Can Do to Make Things Better?

Mon, 12 Feb 2024 11:52:58 GMT

As a leadership and coaching expert, my primary focus is on supporting individuals who experience burnout.

Burnout is especially common in high-stress roles like engineering. However, there are several steps I recommend to make things better for your lead engineer

Foster Open Communication

It’s crucial to create a safe, nonjudgmental space where your lead engineer feels comfortable discussing their burnout and its underlying causes. By actively listening and showing empathy, you can help them feel heard and understood.

Manage Expectations

It’s important to review their workload and expectations. Burnout often stems from an overwhelming amount of work. Take the time to assess their responsibilities and workload, and identify areas where improvements can be made. This might involve redistributing tasks, delegating when possible, or even considering hiring additional resources to lighten the load.

Work/Life Balance

Encouraging work/life balance is another vital aspect. Help your lead engineer establish healthy boundaries by promoting regular breaks, time off, and the ability to disconnect from work during non-working hours. Demonstrating the importance of personal time and well-being through your own actions is key.

Tools and Support

Providing resources and support also is crucial. Ensure your lead engineer has the necessary tools and resources to perform their job effectively. Consider offering additional training, mentoring, or coaching to enhance their skills and boost their confidence. Employee assistance programs, counseling services, or wellness initiatives can also provide valuable support.

The Culture Criteria

Cultivating a positive work culture is essential in preventing burnout. Encourage collaboration, recognition, and appreciation among team members. Celebrate successes, share achievements, and foster an environment where everyone supports one another. Recognizing your lead engineer’s contributions and offering regular constructive feedback will contribute to a positive work environment.

Empowerment Through Autonomy

Promoting autonomy and flexibility can help combat burnout. Grant your lead engineer more control over their work whenever possible. Empowering them with decision-making authority and exploring flexible work arrangements, such as remote work or flexible hours, can improve their well-being and job satisfaction.

Check In Often

Regularly monitoring goals and revisiting them is crucial. Check in with your lead engineer frequently to assess their progress and adjust goals as needed. Collaboratively setting realistic and achievable targets, considering their workload and well-being, will help reduce overwhelm and increase motivation.

Truly Listen to Feedback

Seek feedback and be open to iteration. Ask your lead engineer for their insights, challenges, and suggestions for improvement. Involve them in finding solutions and implementing changes. Continuously assessing the effectiveness of the strategies you’ve implemented and adapting as needed is key to addressing burnout successfully.

By implementing these strategies and demonstrating genuine care and support, you can create a healthier work environment that fosters well-being, productivity, and job satisfaction for your lead engineer and the entire team.

About the Expert: Katy Rey

Katy Rey is CEO of Humans First Coaching & Consulting. She’s also a bestselling author and podcast host. Learn more interesting things about her on channelWise .

This Ask the Expert submission was originally published on The ChannelPro Network.

How do I attract more customers to my MSP?

Mon, 12 Feb 2024 11:51:58 GMT

There are two reasons why MSPs fail to attract prospects:

Potential prospects don’t know you exist.
Those who do know don’t understand that you solve a problem they have.

Spending time, money, or resources on Point 1 is a waste without Point 2, so start there.

The problem is that most MSPs sell something nobody wants to buy: IT services. Potential prospects have IT issues but are unaware that they are IT issues, aren’t interested in IT, and/or don’t speak tech. They don’t know how your IT services solve their problems. This leads to confusion and not buying.

Overcoming Confusion

So, how do you get uninterested potential customers attracted to your offerings? Answering these three questions can help you:

Who is your target market? This can be a vertical, but a vertical often is too broad. So, it more likely will be a sub-part of a vertical.
What problem do you solve for your target market using technology? This is an objective your target market has and a reason they can’t achieve it. They have business problems, not IT problems.
How will you talk about it in their language? Use prescriptive sales: Start with the problem in their language, then accentuate the pain of the problem, present a solution, discuss the transformation, and make an offer.

Without clear, tested, and optimized answers to these questions, you shouldn’t spend any money on advertising. It doesn’t work. So, answer the questions first.

The good news is the answers make connecting with prospects easier. Instead of talking to everybody about something no one cares about, you speak to a specific audience about a problem vital to them.

Right Place, Right Time

The next step is to find prospective customers by going to where they are:

Attend conferences and shows. If you solve a problem for dentists, go to dentistry conferences, not MSP conferences.
Use social media. Identify 100 attractive prospects on LinkedIn, and target them with customized outreach through social media, mail, email, phone calls, and office visits. Add to the list as you close clients or eliminate someone as a prospect. If you spend money on awareness, spend money here.
Network. Identify your top 250 contacts, make them aware of your target market and the problems you solve for them. Since what you do is no longer confusing, they can make introductions.
Create content: Write for publications, newsletters, blogs, and whatever else you can find that your target market reads.

Evolve into Marketing

If you’ve answered the first three questions above and followed the next steps, you will attract customers.

Once you’ve perfected your sales process, you can consider marketing. There are no silver bullets; there isn’t one thing you can do that magically works. I’ve tried it all; this is the strategy that works.

About the Expert: Joe Rojas

Joe Rojas is co-founder and COO of New York-based Start Grow Manage, and author of “How Entrepreneurs Thrive.” Learn more cool facts about Rojas on channelWise .

How can we budget more effectively? Surprise costs are killing us.

Mon, 12 Feb 2024 11:05:30 GMT

An ineffective budget is a common problem. Here are seven suggested solutions to some typical MSP missteps when it comes to budgeting.

Keep Clean Books: If you aren’t keeping track of what’s happening, you can’t measure yourself against a budget. To make sure you are keeping your books, outsource the task. It isn’t expensive – and you have better things to do.
Plan Ahead: Some business owners wrongly believe a budget belongs in their heads or consists of balancing their bank accounts at the end of the month. A budget is a plan. Create a budget, even if it’s not perfect.
Measure Performance: Even a perfect budget is a waste of effort and bytes if you don’t regularly measure your performance against it. Monthly measurement seems to work well for most businesses; fast-moving businesses may need to do it more often.
Be Realistic: Your budget should include all expected expenses, including the owners’ salaries. Your business should pay you, and that payment should be in the budget. Include tools, contractors, rent, utilities, sales, marketing, and all other expenses. Include escalations: rent will likely go up, and tool prices may increase, especially as your customer base grows. Also, perfect budgeting is impossible, so add a buffer to your expenses. If adding all these expenses puts you in a negative cash flow situation, treat this as a problem to solve, not a budget item to ignore.
Timing matters: Think about when you will incur expenses. If you pay $2,000 for a tool every September, include this as an expense in September. Do not average it out to $167 a month. Smoothing out your expenses gives you an unrealistic view of your cash flow and leads to unwelcome surprises.
Figure In Revenue Growth: If you plan to grow your customer base next year, how will you do it? What costs will you incur? Plan those costs, and as you go through the year, measure your cost of acquisition. Likewise, if you want or need to grow revenue, how will you do it, and what will it cost?
Remember Your Taxes: Your tax situation depends on several factors. Work with your tax professional/accountant/bookkeeper to determine the right way to plan for taxes. Unexpected tax bills at the end of the year are killer. Along these lines, make sure you have the correct legal entity for your business.

These seven issues come up often. I recommend considering them as you plan your budget and measure your performance throughout the year.

About the Expert: Heather Mathis

Heather Mathis is a partner with Start Grow Manage , and an international speaker and trainer. She holds certifications in coaching, training, and speaking from the John Maxwell organization. Check out more on Mathis’ background on channelWise .

This Ask the Expert submission was originally published on The ChannelPro Network.

I don’t have time for social media but it feels weird to have someone post on my behalf. What should I do?

Mon, 12 Feb 2024 11:04:11 GMT

Sure, it can feel uncomfortable to outsource your voice, especially when there’s so much talk about being authentic online. That said, it is common to at least have some content being posted on your behalf.

Being consistent on social media is one of the best ways to stay in front of your prospects and customers. But you only have so much time to do it, so hiring someone who can capture your thoughts and ideas and communicate them effectively with the world isn’t anything new. If you look at some of the top nonfiction books on Amazon, according to ghostwriters’ literary agent Madeleine Morel, at least 60% of those books are ghostwritten. That’s because many of the recognized names on the covers either lack the time or, more commonly, the writing skills to author a book.

It’s important to understand that your content team isn’t reinventing you; they’re crafting content based on your viewpoints, insights, and ideas. This distinction is what separates genuine representation from what may be perceived as deception.

But if you’re thinking about outsourcing your voice, here are some things to consider:

Define What You Want to Outsource

How do you want to show up online? What kinds of things do you want the content team to post about? Perhaps they are just posting industry reports, quotes, or carousels of ideas, and you take on a once a day or week approach to write some of your own posts that express your views and voice.

Employ a Tactic Like Journaling

Journaling is a great way to refine your thoughts before expressing them publicly. Reflecting and revisiting your thoughts ensures they’re clear and precise when presenting them publicly or directing a ghostwriter or poster to do it for you. You can use something as simple as the Voice Memos app on your phone to capture your thoughts.

Schedule Regular Check-Ins with Your Content Team

Even if you don’t have time to post to your social media accounts regularly, you must be disciplined and committed to generating engaging content.

Despite what you may have heard, there’s no Crock-Pot strategy for your thought leadership efforts. Simply put, you get what you put in.

While your content team does the heavy lifting, you have to meet them halfway – and then some. Ultimately, they’re relying on you for your unique perspective. Without you providing insights on your industry, area of expertise, and business, you leave your content team to generate ideas on their own – and that may not be ideal.

Avoid this by scheduling a recurring meeting with your content team to generate ideas. Share what’s been on your mind, even if it’s only an hour a month.

Noteworthy Webinars, Articles, and Discussions

The more material your content team can pull from, the better.

If you’ve authored articles or been quoted in stories, pass these along to your content team. Encourage them to attend the webinars you’re part of, or to catch you on conference panels. They need to understand your thoughts, phrasing, and personality. Do anything you can to make your content team generate more authentic content.

While sharing content on your social media accounts is only a part of your thought leadership efforts, it’s essential. Customers, prospects, and industry peers spend much of their days scrolling on their phones, so having a content team behind you to effectively communicate your messaging puts you in a better position to grab their attention and bolster recognition.

About the Expert: CJ Arlotta

CJ Arlotta is founder and managing member of Stony Brook, NY-based B2B public relations agency CJ Media Solutions LLC. Read more about Arlotta’s expertise on channelWise .

This Ask the Expert submission was originally published on The ChannelPro N etwork.

What Are Some Training and Development Best Practices? I Don’t Want to Train Great Techs Just to See Them Leave.

Mon, 12 Feb 2024 11:00:57 GMT

Keeping your best employees engaged is one of the most essential elements of managing a team.

Recent tech layoffs and service industry hiring challenges illustrate that workers are thinking more carefully about if and when to stay in a job. While salary/pay and benefits matter, employee engagement is also vital. Most of us want to feel some combination of effectiveness as individuals and shared purpose as a team.

Training and professional development can address both areas. Three key ways for managers to do this include developing a sense of purpose, actionable metrics, and shared decision making.

Principle 1: Consistently Talk About the ‘Why’

Creating shared purpose is one of the strongest ways to connect employees to an organization’s goals and values without being prescriptive or micromanaging.

An example scenario is you manage a team of techs doing speed/quality checks for customers, and an organizational goal is to encourage self-education. There’s a checklist or workflow, but since customer needs vary, so do solutions.

Option A: Use 15 minutes of a weekly team call or post weekly in a dedicated “The Whys” messaging channel to share how a situation connects to the larger goal of helping customers self-educate.
Option B: Share one example and ask your team to do the same. This makes training and coaching less abstract, and more concrete and relatable.

You’ll have to experiment to see what works for your team, but when done consistently, this helps employees connect to the bigger picture and feel valued.

Principle 2: Use An Actionable Scorecard Model

Great managers know what we measure is what we focus on. Employees feel more engaged when they have clear goals, and can control or change the inputs to get there.

Some characteristics of an actionable scorecard:

Static milestones and goals, but inputs are flexible
Enables the person closest to what works or not to change inputs and make choices
Provides clarity instead of overly focusing on penalties or rewards

Did your salesperson discover a new tactic to increase demo signups? Sounds like an opportunity for a one-on-one about updating their scorecard so they can invest more in those areas.

Principle 3: Create Opportunities for Shared Decision-Making

For managers, sharing power takes practice. Many of us aren’t taught how to do this because our families, schools, and workplaces are hierarchical.

But when employees are involved in decision making, we’re also more likely to feel a sense of responsibility, accountability, and connection to the work.

Here are examples that involve PTO and scheduling:

Top-down model: Everyone asks the manager for time off, they look at workloads, who has time off scheduled, etc., and make the decision.
Shared-decision model: Everyone can access the calendar and discuss time off/coverage in a group setting. The manager provides advice or guidance but allows employees to organize based on team needs.

Not every company or organization has flexibility in this specific area, but similar activities — like peer mentoring and employee-led training — can increase employee engagement.

All three of these core principles take practice, but can positively impact your team and business on multiple levels, leading to engaged employees who are more likely to stick around.

About the Expert: Joe Cardillo

Joe Cardillo is coach and founder of The Early Manager. Cardillo is a coach, trainer, and speaker who works with SMBs to build teams for trust, alignment, and speed. Learn more about Cardillo on channelWise .

This Ask the Expert submission was originally published on The ChannelPro Network.

I’m not techie at all but I want to start an MSP. What do I need to know?

Mon, 12 Feb 2024 10:58:38 GMT

You can be very successful. As a nontechie owner, you have one big advantage and one big disadvantage.

Many nontechies are successful as MSP business owners. Just remember that IT service providers need two primary skills:

How to run a successful business
How to deliver great tech support

That means you have one big advantage, and one big disadvantage.

The big advantage is you shouldn’t be tempted to do all the work yourself. Many IT service providers flounder for years with limited growth because the owner is the most technical person in the business and, therefore, is always tempted to stay involved on the technical side. At some point, you need to hire good people and let them do their jobs while you handle sales and running the business.

The big disadvantage, of course, is that you can’t execute the service delivery. That means that you have to have enough income or starter money to pay someone else to do the work. This can be a huge startup cost. One technician needs to do enough work to support two salaries — yours and theirs. This can be done, but it takes planning and commitment.

One option is to partner with someone willing to work part-time as needed. This could be a student or a stay-at-home parent who is skilled and experienced, but simply unable to commit to 40 hours per week.

Another option is to outsource work to a company that provides these services to a variety of IT service providers. You’ll pay more for this option, but it’s a good one until you can afford to hire someone full time.

Another common option, if you have the money, is to buy a profitable business and become its new owner/manager. You still would have the same advantages and disadvantages, but you don’t go through the whole “startup” process to get the business off the ground.

To make any of this work, you need some training. Both you and your staff need to understand the managed services business model and how service is delivered under this model, and together, you’ll create the policies and procedures that will keep you profitable.

If you have a good sum of startup money, you’ll be able to hire a decent technician full time. Then your biggest challenge will be to generate enough sales to keep them busy. You will lose money at first, but eventually become profitable. Just make sure you set hard limits on what you can afford to lose and when you expect to start breaking even and becoming profitable.

I’ve met dozens of people who retired from another profession and invested their lump-sum payouts in an IT business. They all managed to be profitable and create good, sustainable companies.

My final piece of advice is to jump in with both feet. Do not try to be a part-time owner, manager, or entrepreneur. If you start by going in halfway, you’ll already be halfway out of the business. You need a real plan and a strategy for success. Work hard and build your business with intention.

About the Expert: Karl Palachuk

Karl W. Palachuk is a pioneer of the managed services business model. He maintains several blogs — including “Small Biz Thoughts” and “Relax Focus Succeed” — and produces podcasts like “The SMB Community Podcast” and “The Killing IT Podcast.” Read more interesting facts about Palachuk on channelWise .

This Ask the Expert submission was originally published on The ChannelPro Network.

Our MSP has a very small staff – myself, my partner, and a couple of talented techs. Who should I hire next?

Mon, 12 Feb 2024 10:57:07 GMT

This is a common challenge for MSPs.

Here are some good questions to ask as you consider new hires:

Will this hire enable the owners to delegate service and/or administration tasks so they can work more on the business instead of in the business?
Does this hire have potential to develop into more than they are on Day 1?
Does this hire exude the culture characteristics we are trying to establish?
Will this hire help us move away from having higher-end resources do lower-end work?

If your MSP is currently at four employees, it may make sense to add technical depth and muscle for the next hire or two. But after that, it is time to build a service team that doesn’t have an owner as the captain.

Hires six through 12 will be critical. One goal to keep in mind is to establish a service team that is not highly dependent on the owner(s) to function. Ultimately, owners should focus on sales, finance, business strategy, and, to a degree, technology platform.

By the time you are 10 or 12 employees, you should have a service team with a help desk, field tech and engineering capabilities, and a dispatcher. There should also be a non-owner service manager that the team reports to. It’s also ideal to have someone in place to handle basic administrative duties like bookkeeping, ordering, and answering general phone calls.

A common mistake burgeoning MSPs make is to keep hiring to address immediate and apparent needs in front of them without considering if each hire is going to put the business in a better position to scale. Often the owner or owners solely focus on addressing the current workload.

The long-term goal is for the owners to be leaders with a strategic focus, instead of a tactical one. This can take a long time, and there are a lot of ways to get stuck. One of the easiest is for the owners to stay in the middle of everything of consequence that goes on in the company.

By the time your MSP is up to 10 workers, most employees should be reporting to someone who isn’t an owner. If you build a whole service team before bringing in or developing any other leaders, it’s tricky to transfer leadership of that service team to someone else as you grow.

The key to scaling profitably is to get good leaders and good processes in place. Start early.

About the Expert: Dave Cava

Dave Cava is a partner at Encore Strategic, overseeing the company’s recruiting arm and serving as a peer group facilitator. See more fascinating deta ils about Cava on channelWise .

This Ask the Expert submission was originally published on The ChannelPro Network .

Why Your Cybersecurity Sales Are Failing

Thu, 28 Sep 2023 15:53:09 GMT

Replay:

For Managed Service Providers (MSPs), one of the greatest challenges lies in transitioning from a technology-centric mindset to mastering the nuances of sales and marketing. This shift is crucial for MSP owners who have excelled in the technological aspects of their businesses but now face the distinct challenge of developing and implementing effective sales strategies. Kathryn Rose, CEO and founder of ChannelWise, delved into this topic with Jennifer Bleam, a Cybersecurity Expert and Sherpa, to explore how MSPs can navigate and succeed in this new terrain, particularly in the cybersecurity domain.

Highlights:

Focus on the business benefits of technology, rather than just the technical aspects, in sales discussions.
Develop replicable and scalable sales processes to ensure each interaction moves towards a specific goal.
Address the unique challenges of selling cybersecurity solutions, shifting from traditional managed services sales approaches.

What challenges do MSPs face in transitioning from a technologist mindset to a more business-oriented approach, particularly in sales?

MSPs, being natural technologists, often fall in love with the technology itself. They vet solutions thoroughly, which is great, but the challenge arises when they enter a sales conversation. They must adapt and switch from a tech-focused mindset to a business one.

For instance, when speaking to an attorney, the focus should be on how the technology benefits their business, not the technical details like AI or machine learning. MSPs must remember their clients might not share their enthusiasm for the technology’s features; instead, they care about how it benefits them in practical business terms.

How do you help MSP owners, often the primary salespeople, develop and replicate a sales process that can scale with their business?

MSP owners, who are technologists at heart, tend to love standard operating procedures (SOPs) and logical flows in their technical work. However, they often struggle with applying similar processes to sales and marketing. I guide them to see sales as a flow chart or an SOP.

It's about defining clear steps in the sales conversation, understanding how long each part should take, and what the end goal of each interaction is. Whether it's securing a commitment for a security audit or setting up an assessment, each sales interaction should have a clear objective. It's about guiding the salesperson to understand where they're trying to get with each conversation, ensuring every step moves the prospect towards that end goal.

Why did you choose to focus specifically on cybersecurity sales in your book, 'Simplified Cyber Security Sales for MSPs,' rather than general sales?

The focus on cybersecurity sales came from a real need. A few years back, while working for a cybersecurity vendor, I noticed MSPs loved our solutions but struggled to sell them. This issue became a crucial part of my role in sales and marketing. I realized that MSPs had years of experience selling managed services and break-fix, but cybersecurity was a new terrain for them. The challenge was in rewiring their sales approach to suit cybersecurity solutions. The ROI conversations and value propositions are different in cybersecurity. My book aims to bridge this gap, offering specific guidance on objection handling and unique cybersecurity sales talk tracks. It's tailored to address the unique challenges in selling cybersecurity solutions, which were not being adequately covered elsewhere.

What are some common mistakes MSPs make when presenting their cybersecurity solutions?

One major mistake is getting too technical in their presentations. Another frequent error is selling point solutions, especially to incumbent clients, instead of offering a comprehensive package. This piecemeal approach can result in a client always playing catch-up with cybersecurity needs.

A significant misunderstanding is assuming clients know as much about cybersecurity as the MSPs themselves. Many clients, like accountants or attorneys, might not be as informed about cybersecurity threats and solutions. It’s not that they don’t value cybersecurity, but they might simply be unaware of the risks. MSPs need to approach these clients with an educational mindset, aligning the conversation with the client’s level of awareness and gradually guiding them to understand and appreciate the full extent of their cybersecurity needs.

How can MSPs balance the conflicting goals of vendors focusing on acquiring new logos and their own need to expand within existing clients, particularly in relation to Marketing Development Funds (MDF)?

This is a complex issue. While vendors often push for their solutions to be deployed across all endpoints an MSP manages, the reality can be quite different. It's crucial for MSPs to be adaptable in their roles, understanding both the ideal scenario and the actual situation on the ground. The ideal might be full deployment of a vendor's solution across all endpoints, but in reality, there may be clients who can't or won't use that solution. MSPs need to embrace this reality and have open dialogue with vendors to bridge this understanding gap. It's not about being a bad partner if you don’t achieve 100% deployment; it's about aligning expectations with the real-world scenarios of MSPs and their clients. More conversation and mutual understanding are needed in the industry to resolve this.

Why was it important for you to be involved with channelWise, and how do you see yourself and your audience using this platform?

Joining channelWise was important for me because, while I have a group coaching arrangement for ongoing client relationships, many might just need a single session to tackle a specific issue. For instance, someone might have a stalled pipeline or need advice on laying a solid foundation for a new business. These are tight, focused problems that can often be resolved in a single, targeted consultation. channelWise is ideal for these scenarios. It's not just for those who need long-term coaching but also for those looking for immediate, practical solutions to specific challenges. Whether it's refining a sales process or starting with the basics of a marketing plan, channelWise offers a platform for addressing these varied needs in a concise, effective manner.

For more advice about international expansion, visit Jennifer's profile on channelwise.

Check out channelWise.com to find more experts to help you with your business or career.

Note: Transcript is edited for time and clarity.

How to Expand Internationally Through the Channel Ecosystem

Thu, 28 Sep 2023 15:52:44 GMT

Replay:

Expanding a business internationally is a coveted goal that brings with it a promise of new markets, diverse customer bases, and heightened profitability. However, the path is littered with challenges and complexities, especially in Asia.

In our previous episode of Ask the Expert Live, Kathryn Rose, CEO and founder of channelWise, interviewed Ananth Lazarus , founder & president of Partner Plexus, who delved deep into the topic of international expansion, leveraging his extensive experience and profound knowledge of channel ecosystems.

Here, Ananth provided a nuanced understanding of market trends, operational models, and the crucial role of local partnerships in creating sustainable ecosystems in the region.

Highlights:

The Asia-Pacific region is a lucrative business market, but successful expansion requires understanding diverse cultures and leveraging local partner ecosystems to navigate varied laws and economic landscapes.
Partner Plexus and Managed Service Providers are instrumental in creating sustainable ecosystems and offering cohesive, flexible solutions in the Asia-Pacific, especially in mature markets like Australia, New Zealand, and Singapore.
Effective models for expansion include fractional partner leadership and exclusive partnerships, which allow companies to minimize risk and optimize growth while addressing regional trends and maintaining relevance in a rapidly evolving industry.

What Makes the Asia-Pacific Region a Fertile Ground for Channel Businesses?

The Asia-Pacific region is a land of sheer opportunity and a massive market, rendering it a fertile ground for channel businesses. Several countries here have rapidly maturing economies, growing at a pace unprecedented in the West. The prevalent appetite for technology in this region is continuously expanding, and the investments in legacy systems are comparatively minimal. This scenario provides a unique advantage, allowing for the initiation and adoption of a new generation of technology at a much higher pace and scale.

What are the Challenges Encountered When Expanding Internationally, Especially in the Diverse Asia-Pacific Region?

Expanding internationally, particularly in the Asia-Pacific region, presents significant challenges. A prevalent mistake is viewing Asia as homogeneous—it’s far from it. Macroeconomic factors like the political environment, population, GDP, and technology adoption rates vary enormously across different countries in this region. Internet penetration is also notably disparate; some areas boast the fastest internet bandwidths, while others lag significantly. Understanding and respecting each country's cultures, distinct nuances, and languages are crucial when considering an entry into these diverse markets.

How Should Companies Prioritize Specific Areas for International Expansion Within the Asia-Pacific Region?

Beyond considering the challenges I mentioned, it essentially boils down to understanding the foundational cultural differences and navigating each country's complex, varied laws. Evaluating the opportunities and competition level in each country is crucial; in some, the competition is extremely intense, and introducing an international player can face numerous barriers, including trust. Furthermore, acquiring quality talent is invariably challenging as your company might be unknown in this part of the world despite having a brand presence elsewhere.

Is Leveraging the Partner Ecosystem a Viable Route for Companies Aiming to Expand in the Asia-Pacific Region?

Absolutely, leveraging the partner ecosystem is paramount when considering international expansion. Planting your flag internationally poses significant risks, and deciding where and how to do so can be daunting. Leveraging partners closer to customers in the region who have been working with them for years can catalyze quicker market entry. This approach also minimizes risk, reduces costs, and alleviates the challenge of recruiting suitable talent over time, making it a strategically advantageous route.

How Does Partner Plexus Aid Companies in Identifying Suitable Ecosystem Partners in the Asia-Pacific Region, and What is the Role of MSPs in these Markets?

Partner Plexus helps companies create sustainable ecosystems in the Asia-Pacific region by initiating a phase of discovery and foundation. We delve deep into understanding who the ideal customer is and who they currently purchase from, and consequently, determine the ideal partner profile, considering the distinct market needs of various countries in the region.

MSPs, or Managed Service Providers, indeed play a pivotal role in mature markets within the region, where they are not just thriving but accelerating, particularly in countries like Australia, New Zealand, and Singapore. The perception and adoption of MSPs vary across the region, depending on market maturity. In mature markets, companies moving towards the cloud are gravitating towards MSPs, seeking a cohesive and flexible approach to bringing everything together. This trend is evident with the success of big international names like NTT in the region, symbolizing the market’s shift towards integrated and adaptable solutions.

Can You Share Examples That Have Worked for Companies Successfully Expanding into the Asia-Pacific Region?

There are primarily two models that we have observed to be most resonant and successful for companies aiming to penetrate the Asia-Pacific market: fractional partner leadership and exclusive partnerships.

Fractional Partner Leadership:

In this model, companies, especially those unknown in the region, can leverage seasoned local partners backed by an organization with a systematic approach and their own intellectual property. This allows companies to attract top-notch practitioners and minimize risk. It enables companies to “test before they invest,” helping them make informed decisions without committing extensive resources immediately.

Exclusive Partnerships:

Some companies opt to form exclusive partnerships with specific companies in the region. In this arrangement, both parties have clear expectations and mutual benefits (“gives gets”). We assist companies in managing and optimizing these partnerships to ensure sustainable high growth and business development in the region.

These models are especially effective as they consider the region's unique landscape, allowing companies to adapt and grow sustainably.

What are some of the trends you are observing in the Asia-Pacific market?

In the Asia-Pacific market, several discernible trends align with global patterns but with unique regional specifics:

Value and Innovation:

Companies in the region are willing to pay for value and innovation. As these companies are evolving and growing at a faster pace than those in other parts of the world, it is crucial for vendors and partners to keep pace and continue to innovate to assist in the transformation of these companies.

Openness to International Competition:

Most places are not averse to international competition, especially when companies enter the market in tandem with a partner who understands the local business landscape.

Country Prioritization:

While Singapore is seen as the gateway to the Asia-Pacific, planting the flag there alone won’t suffice. It’s important to conduct thorough analyses on where to expand next, considering the strength and local relevance of the solution, scalability, competition, and the pace of innovation.

Relevance and Industry Changes:

Given that the industry evolves by the day, maintaining relevance is pivotal. Vendors and partners must be vigilant about the rapid changes in the industry and adjust their strategies accordingly.

Addressing these trends effectively requires a comprehensive understanding of the market, consideration of local nuances, and a tailored, strategic approach to expansion and partnership.

Why did you decide to join channelWise?

I decided to join channelWise because I see it as a fantastic platform. What attracted me is my passion for all things channel ecosystem, and I perceive there's a lack of knowledge on how the channel can be a force multiplier. I believe it's crucial to impart knowledge to companies, be they startups or midsize, to leverage the channel ecosystem and scale. I view the channel as a remarkable route to market and am fervent about helping companies navigate it effectively. It’s significant to work with practitioners who have been there, done that, and know the lay of the land instead of just consultants to ensure companies are not just introduced to partners but are also assisted in the execution of this journey.

For more advice about international expansion, visit Ananth's profile on channelwise.

Check out channelWise.com to find more experts to help you with your business or career.

Note: Transcript is edited for time and clarity.

How to Build an Effective MSP Channel Program by Erick Simpson

Thu, 14 Sep 2023 17:30:00 GMT

Replay:

In this Ask the Expert episode, Kathryn Rose, CEO and founder of channelWise, delves into the intricacies of channel programs with Erick Simpson , a recognized authority in the MSP sector.

As businesses increasingly seek opportunities within the Managed Service Provider (MSP) channel, understanding its nuances becomes crucial. Erick's insights offer a roadmap for companies eager to harness the potential of this dynamic market.

Highlights:

Channel programs have evolved to better align with MSP needs, including the rise of collaborative ecosystems.
Companies enter the MSP channel for growth but must be strategic, focusing on key metrics and long-term plans.
A strong Unique Value Proposition is essential for capturing the attention of MSPs, their staff, and end customers.

How have the channel and channel programs evolved over the years?

Channel programs have seen a significant transformation over the years. There weren't many "MSP-friendly" channel programs in the early days. Vendors largely didn't understand the managed services model, and pricing was often based on how much they bought rather than aligning with the MSP's subscription-based revenue model. This presented challenges for MSPs who had to invest large amounts upfront.

Fast forward to today, and vendors have become much more savvy about the MSP business model. They now offer various support services like consumption-based pricing, marketing and development funds, sales training, and even online MSP academies. We're in an era where vendors align more with MSPs' needs and operational methods.

What's even more exciting is the recent evolution of ecosystems. This is not just a single vendor building a channel program in isolation anymore. Now, we have complementary vendors, often in collaboration with distributors, banding together to offer holistic solutions. These ecosystems pool together marketing, sales, and technical resources, creating a more synergistic relationship with MSP partners. This enables us all to go to market as a larger, more effective group, reducing costs and balancing the expertise and labor necessary to grow together.

Why are companies joining the MSP channel, and how can they succeed?

Companies are flocking to the MSP world because they see tremendous growth potential. But not all are "channel ready." Before diving in, vendors need to thoroughly assess the opportunity, meet specific requirements that MSPs expect, and have a long-term strategy in place. It's not about going "all-out" right away; start with a small group of MSPs, build a solid program with them, and calculate metrics like cost of partner acquisition and expected revenue to set realistic expectations.

How can vendors with existing partner programs transition to the MSP model?

The best success we've had is to introduce a pilot program methodology. We run it alongside the vendor's existing program to make it easy for them to say yes. The wrong approach is to criticize someone's existing program. We like to identify opportunities for improvement and build a special program that we manage for them. This allows us to evaluate and measure the success of the new channel strategy. The idea is not to disrupt what they are already doing but to add value and show them a new way of achieving more. After six months, we evaluate the results and discuss the possibility of expanding the new program. It's all about winning the trust and confidence of the colleagues on the other side of the table.

What are the top considerations for companies entering a channel program?

Here’s the blueprint to successfully navigate the complexities of channel partnership:

Unique Value Proposition: Identify what makes your business unique among a sea of competitors. This is not just about having a good product or service but also about understanding how that product or service fulfills a specific need in a way that no other competitor can. If you can create a whole new category where your product fits, you have the opportunity to set the standards rather than meet them. It's about positioning and defining your brand so clearly that potential partners immediately see value in associating with you.

Understanding the MSP Channel: MSPs (Managed Service Providers) operate in a highly specialized environment with their own challenges and opportunities. It’s important not just to have one but three unique value propositions.

For the End Customers: What can your product or service do for the MSP's clients? Does it solve a problem they have? Does it make life easier, more productive, or more profitable for them?
For the MSP: What benefits does the MSP itself gain from partnering with you? This could include things like special discounts, training for their team, or exclusive access to certain products.
For the MSP Staff: What tools or support are you offering that can make the MSP's internal operations more efficient? This could mean easier integrating your product into their existing systems or providing training materials that help their staff sell your product more effectively.

Visibility in the Market: This doesn't just mean online marketing or remote interactions and showing up in person at industry events. Companies often underestimate the power of face-to-face interactions in building strong business relationships. Identify the top events in your industry and budget for the event itself and the follow-up actions that will help convert those interactions into meaningful partnerships.

For more advice about MSPs, visit Erick's profile on channelwise.

Check out channelWise.com to find more experts to help you with your business or career.

Note: Transcript is edited for time and clarity.

Leading in a Shifting Landscape: Strategies for Success by Sabine Gedeon

Thu, 13 Jul 2023 09:00:00 GMT

Replay:

In an era where workforce reductions and uncertainties are prevalent, leaders must embrace empathy and guide their employees through these difficult times.

In this Ask the Expert episode, Kathryn Rose, CEO & Founder of channelWise, interviewed Sabine Gedeon , a leadership expert, to delve into the strategies and skills necessary for leading in a shifting landscape.

Highlights:

Leaders can guide employees through workforce reduction by building social capital, focusing on long-term vision, and developing skills such as empathy and compassion.
The demand for leaders has shifted, with employees expecting empathy, compassion, and psychological safety from their leaders.
Coaching is a key skill for leaders to elevate their effectiveness, empowering employees to self-manage and achieve desired outcomes while fostering cohesion and motivation within the team.

How can leaders empathetically guide their employees during workforce reduction?

Leaders can build social capital and a social presence within the organization by actively engaging with their network and making regular connections, not just when they need something. They should also focus on long-term vision and be prepared for inevitable changes.

Additionally, leaders should develop skills such as compassion, empathy, and listening to communicate effectively and make difficult decisions. It's important for leaders to approach these situations with empathy and fill their own cups with empathy, compassion, and grace so that they can handle the process in a dignified manner, even when letting employees go. This leaves a lasting impression and helps employees understand that the decision was based on business needs rather than their individual values.

What are recent trends in leadership roles?

The demand from employees has shifted, and they now expect leaders to be empathetic, compassionate, good listeners, and to care about their psychological safety. Leaders need to start by understanding their own values, beliefs, and vision. They must do the deep work of getting clear on who they are before they can effectively communicate their vision and connect with others.

The shift in leadership also involves leaders being self-empathetic and compassionate to themselves first so that they can extend the same empathy and compassion to others. It is important for leaders to recognize their own humanity and avoid the mindset of pushing through without considering their own well-being. Taking the time to understand oneself and allowing that self-awareness to inform how they show up and influences others is crucial.

What specific tactics or strategies can leaders implement to improve or elevate their effectiveness?

One key skill that leaders can develop is the skill of coaching. Leaders should have their own success circle, a group of people who support their growth and success. Additionally, leaders should understand their role as a member of the success circle for their employees. They can implement coaching techniques such as setting specific deadlines or milestones for tasks and projects and having open discussions with employees about potential obstacles and solutions. By addressing these issues upfront and involving employees in problem-solving, leaders empower their employees to self-manage and self-coach, leading to improved performance and bringing out their best.

What key skills do leaders need to master to get the desired outcome from their team?

A key skill for leaders is the ability to meet people where they are individually and listen actively. Leaders should hone their listening skills and avoid making assumptions about the problems their team members are facing. The power of coaching is essential in developing teams and achieving desired outcomes.

Leaders should delegate tasks but also focus on gaining buy-in from team members, presenting information in a way that allows them to internalize and make it their own. This approach encourages team members to take ownership and regurgitate the information in their work, leading to a more cohesive and motivated team.

How can leaders effectively navigate organizational change and uncertainty while maintaining stability and productivity?

Leaders should prioritize transparency and consistent communication with their team members. By being upfront about the situation, sharing information as soon as it becomes available, and addressing fears and ambiguity, leaders can build trust and help employees understand how to react to the changes.

In times of technological advancements or other shifts, leaders should focus on helping employees see the benefits and opportunities for growth that come with the changes. By demonstrating how new technologies or situations can make their jobs easier or offer value, leaders can mitigate fear and resistance. Involving employees in the process, such as testing or assigning them to explore new technologies, allows them to take ownership and adapt more smoothly to the changes. It's important to provide a clear understanding of the bigger picture and how individuals can contribute to it, instilling a sense of purpose and motivation.

What specific challenges do women face in the workforce, and how can they overcome them?

Many of the skills in demand for leaders, such as empathy, compassion, and listening, are inherent to women. These traits are now highly valued and seen as valuable assets in leadership. Although challenges still exist, such as the exit of women at senior levels, these challenges also create opportunities. For every woman who leaves, it opens space for two more women to fill those positions. It's essential for women to take ownership and agency over their careers, ask questions, and invest in themselves to fast-track their advancement to senior leadership positions. By embracing these opportunities and actively pursuing growth, women can overcome challenges and thrive in leadership roles.

For more advice about leadership in the channel, visit Sabine's profile on channelwise.
Check out channelWise.com to find more experts to help you with your business or career.

Note : Transcript is edited for time and clarity.

Mergers & Acquisitions: Time to Sell My Business? With Cristian Anastasiu

Thu, 06 Jul 2023 16:30:00 GMT

Replay:

Deciding to sell your business is a significant step that demands careful planning and expert advice. In our previous Ask the Expert episode, Kathryn Rose, the CEO & Founder of channelWise, interviewed Cristian Anastasiu , an esteemed Mergers & Acquisitions (M&A) Advisor.

Read on for his invaluable insights on determining the ideal time to sell your business.

Highlights:

Effectively managed businesses with recurring revenues and solid financial structures are more attractive to potential buyers in M&A transactions.
The type of buyer, be it private equity or strategic, significantly influences the company's future, particularly regarding its culture and identity.
The guidance of a trusted M&A advisor is invaluable, especially considering the emotional complexities involved in selling a business.

Why is there a trend of M&A panels at conferences?

It's a mix of factors. Many companies were established in the 90s and early 2000s, so the owners are now considering exit strategies. Additionally, the structure of companies in the channel plays a part. Among Managed Service Providers (MSPs), we count around 10,000. Many are small but have recurring revenue models that attract private equity firms. These firms value the recurring nature of revenues and the opportunity to consolidate and acquire businesses. Over the years, we've seen over 100 private equity firms investing in this space, some acquiring over 50 companies. This trend should continue as long as the businesses are solid and numerous companies remain available for acquisitions.

What should a new Managed Service Provider consider to effectively sell their business in the future?

Firstly, manage your business as effectively as possible. This involves serving your clients well, ensuring employee satisfaction, hiring top talent, and developing a management team. Scaling your business and making it less dependent on you is particularly relevant to M&A, as buyers have more confidence in businesses that aren't solely reliant on their owners. It might also be worth considering making an acquisition or two yourself, which can provide valuable insight into a buyer's perspective. Culturally, this can test your company's ability to integrate another team. Recurring revenue is also crucial; focus on growing this component. Finally, establishing early processes and structures, especially regarding financials, is key. Despite the tendency of MSP owners to be technical or sales-oriented rather than financial, having solid financial procedures and tools in place can enhance your company's scalability and attractiveness to potential buyers.

What should someone look for in another MSP if they're considering acquisition?

The first step is to ask why you're considering an acquisition and define your goals. This could be about scaling, adding a geographical presence, or integrating specific technology into your offerings. However, it's also important not to make sudden changes to improve profitability just before selling, as experienced buyers can see through these tactics. Instead, any changes made should be long-term and beneficial to the business.

What are the different types of buyers in the market?

The two main categories are financial buyers, including private equity firms and family offices, and strategic buyers. Financial buyers have driven much of the consolidation in this space. On the other hand, strategic buyers may seek to add certain components such as technology, a geographical footprint, or a management skillset.

Is it important for a seller to consider the type of buyer they want to sell to?

Yes, it's important to consider the type of buyer, as the company's future can be significantly different depending on whether it's a private equity deal or a strategic one. With a private equity deal, the seller can remain invested in the business, and the company culture is often maintained. However, the seller is tied to the business for an undefined period. In a strategic deal, there might be an earnout period of one to two years, after which the seller could choose to leave or stay in a senior role. The company usually gets integrated into the acquiring company and may lose its original identity over time.

How can a seller find the right advisor to help them through a merger or acquisition, and what criteria should they consider when hiring an advisory firm?

Three critical aspects to consider when choosing an advisor are:

Understanding: Does the advisor understand your business? This is crucial because it helps the advisor position your company when talking to potential buyers. They should be able to handle the M&A process while you focus on running the business.
Familiarity: Does the advisor know the potential buyer? Even if not personally, they should understand the buyer's motivation and have previous experience with similar deals.
Trust: Is there chemistry and trust? You need to be comfortable with this person guiding you through critical decisions and be confident that they have your best interests at heart.

Can an advisor assist in finding a buyer?

Absolutely, that's part of the engagement. In fact, looking back at dozens of transactions over the past 20 years, almost in every transaction, the buyer was not known to our client at the beginning of the process. That's an important component of the value an advisor can bring.

Why is the emotional component of selling a business important?

The emotional component is the most important part of a deal and in preparation for a deal. The reality is that most business owners, by the time they decide to sell the business and select the buyer, the emotional component plays a huge role. We bring multiple buyers to the table and create a market, an auction almost, for our clients. But when we get to that point, they often prefer to establish a relationship with someone they like, even without knowing if the other parties would have offered more for the business. So we work with our clients initially, trying to understand their motivation, if they are ready, and what they plan to do after they've sold their business. The emotional readiness is a significant factor.

What are the current trends in valuations for businesses?

Valuations have recently seen a shift, particularly for larger transactions with EBITDA of 5 million or higher. These deals have been put on hold or slowed down significantly, possibly due to lower multiples offered by buyers. Exits following initial recaps by private equities have also not met initial expectations, leading to lower valuations. Premium valuations like 12 times or 14 times are now rare. However, for smaller companies that don't expect a premium, deals within the range of six to eight times EBITDA are still happening, and there are good quality buyers and interested sellers in the market.

For more advice about M&A in the channel, visit Cristian's profile on channelwise.
Check out channelwise.com to find more experts to help you with your business or career.

Note : Transcript is edited for time and clarity.

Leadership in the Channel: Strategies for Success and Overcoming Challenges by John Harrison

Thu, 29 Jun 2023 18:00:00 GMT

Replay:

In the world of channel organizations, strong leadership is essential for success and overcoming challenges. In this episode of #AsktheExpert Live, Kathryn Rose, CEO & Founder of channelWise, interviewed John Harrison , an accomplished executive with extensive experience in the channel.

Highlights

Effective leadership in channel organizations requires active listening to the stakeholders involved, including channel partners, customers, and internal teams.
When utilizing the channel as a go-to-market route, organizations should define clear goals and expectations, identify suitable partners, and establish transparent guidelines and agreements.
Leaders in the channel must work closely with their internal teams to help them understand the impact of their actions on customers and the company.

What are crucial leadership qualities in a channel organization?

The biggest characteristic that leads to success is listening. Many different voices need to be heard, including the channel partner, the customer, and your own company. It's important to ensure that the arrangement benefits all parties involved so that no one feels shortchanged.

What is your advice for organizations using the channel as a go-to-market route?

First, determine what you expect the channel to do for you and identify the specific goals and expectations. Determine what kind of partners you need to fulfill those goals and make sure the partnership is mutually beneficial. It's important to establish clear guidelines and agreements, such as licensing arrangements, to ensure fairness and equity across different customer segments. Once you bring partners on board, it's crucial to continuously work with them, providing the necessary support and updates, just like you would with your own sales channel.

How do you work with your teams internally so they can help partners grow?

A big part of getting the internal team to support partners is helping them connect their role to supporting both the customers and the company. By keeping everyone focused on the impact their actions have on customers, it becomes easier to motivate them to assist channel partners in achieving success. The level of support needed may vary, from self-sufficient partners to those requiring more assistance due to complex products or services. Ultimately, the focus should be on caring for customers, knowing that revenue will naturally follow.

What are some of the challenges that you've seen as a leader?

One of the biggest challenges I faced as a leader was when a team lost its confidence and momentum due to the departure of its leader. In that situation, I volunteered to take on the assignment and worked hard to rejuvenate the team. It was crucial to prevent the team from disintegrating and losing valuable sales reps. Through hard work and collaboration with others in the organization, we regained the team's confidence and achieved a respectable showing for the year, despite the initial period of floundering.

How do you, as a leader, know what prescriptive things you can provide your sales reps to help them be more successful and happier?

As a leader, I believe in getting out there and working side by side with the sales team in the field. Sometimes just showing up and being physically present can provide additional credibility and support. It's important to listen, observe, and understand their specific training needs by experiencing their challenges firsthand. This approach requires hard work and a recognition that leaders work for the team, not the other way around. The organization chart is, in a sense, upside down, emphasizing the importance of supporting and serving the team.

How have leaders' roles changed to require more empathy and understanding?

It is no longer effective to adopt the old-style sales manager approach of constantly beating the drum. Harry Gray, the chairman of United Technologies Company in the 1980s, highlighted the distinction between leadership and management. Effective leaders recognize the importance of working with people, understanding their needs, and providing coaching and support. Leadership goes beyond traditional management and requires a different skill set to bring out the best in individuals.

What is your approach to building a team from scratch?

When building a team from scratch, the first consideration is understanding the team's goals and objectives. If it's a sales team that relies on individual contributors, the focus is on enhancing their sales skills while fostering a collaborative environment. However, when the team needs to operate as a cohesive unit, I intentionally seek diversity in backgrounds, thoughts, career tenures, and levels within the company. This approach promotes various perspectives and experiences, leading to a stronger and more innovative team

How important is the intentional inclusion of different voices when building a team?

By intentionally seeking diversity in backgrounds, thoughts, career tenures, and organizational levels, teams can tackle questions and challenges from various perspectives, leading to better outcomes. In a team where everyone had a different background, and no two people had a similar background, they could coalesce around answers and work seamlessly as a single unit. Being intentional about including different voices and allowing individuals to learn and grow keeps the team excited, engaged, and open to new ideas.

How do you build trust as a new leader coming into a team?

Building trust as a new leader requires several approaches. Firstly, being open to coaching and seeking guidance from coaches within the team demonstrates humility and a willingness to learn. Additionally, it's important to get out from behind the desk and work alongside team members, understanding their concerns, how they approach their work, and what improvements they suggest. Actively listening, following up on promises, and engaging in basic blocking and tackling, such as active communication and understanding individual needs, are key elements in building trust as a new leader.

For more advice about leadership in the channel, visit John's profile on channelwise.
Check out channelwise.com to find more experts to help you with your business or career.

Note : Transcript is edited for time and clarity.

Digital Marketing for Channel Partners: Key Insights from Tatiana Chamorro

Thu, 22 Jun 2023 16:00:02 GMT

Replay:

There are numerous strategies and techniques businesses can employ to boost their online presence and drive growth. However, navigating the complexities of digital marketing can be challenging, especially for channel partners and smaller businesses with limited resources.

In this episode of #AsktheExpert Live , Kathryn Rose, CEO & Founder of channelWise, interviewed Tatiana Chamorro , a respected digital marketing expert and entrepreneur. Here, Tatiana shared valuable advice on various aspects of digital marketing, including formulating a strategy for channel partners, budgeting for brand awareness campaigns, the importance of a well-designed website, and more.

Highlights

Focus on having a well-designed and informative website as the foundation of your digital marketing efforts.
Formulate a digital marketing strategy based on the stage of your business and available resources.
Key metrics for measuring the success of a brand awareness campaign include conversions, impressions, clicks, website search volume, and social media engagement.

What is your advice for formulating a digital marketing strategy for channel partners?

My advice would be first to identify and understand the stage of your business. It's important to recognize that investing in marketing can accelerate growth, but it's not always wise to aim for many leads if you're in the early stages. Consider your budget and determine what type of service you can afford. A marketing agency should ask about your budget to determine the appropriate advertising platform and potential return on investment. Additionally, assess if you have systems and processes to handle the leads generated through digital marketing. Without a nurturing system, it can be overwhelming to manage numerous leads without converting them effectively. Consider your business's stage and available resources when developing your digital marketing strategy.

How much should someone budget for a brand awareness campaign using paid media?

For a brand awareness campaign using paid media, I recommend setting aside around $1,500 per month. It's important to understand that brand awareness campaigns are focused on getting your brand recognized rather than generating immediate sales and return on investment.

It's also crucial to have a well-designed and user-friendly website that provides the necessary information to convert visitors into customers. Ensure your website is set up properly before allocating a budget to ensure that your campaigns are effective, whether focused on lead generation or brand awareness.

Why is it important for channel partners to have a well-designed and informative website?

It is crucial for channel partners to have a well-designed and informative website because it serves as the foundation of their digital marketing efforts. A website that lacks essential information or is difficult to navigate will cause visitors to lose interest and bounce out quickly. Just like in a conversation where someone zones out, if a website fails to provide the necessary information, visitors will navigate away. Therefore, having a strong website that includes details about the company, products, services, and ways to contact them is vital. It allows prospects to gather the information they need to make informed decisions about business with the channel partner.

How do you determine at what stage of the business to invest in different digital marketing strategies and which one to start with?

One way to determine the stage at which to invest in different digital marketing strategies is by looking at the revenue generated by the business annually. If the business is generating under $350,000, it is recommended to focus on brand awareness, ensuring a well-built website on platforms like WordPress, and organic marketing efforts such as attending events and networking. It is crucial to have a strong logo that effectively communicates the brand's message.

For businesses generating over $350,000 annually, it is advisable to explore different advertising platforms. The cost of advertising on these platforms varies, and the decision depends on where you want to advertise and the cost per click (CPC) in your industry and location. Reliable marketing agencies can provide recommendations on which platforms to advertise on. Starting with a very low budget, such as $200 a month, may not yield significant results as the CPC is determined by the platform and the competition for advertising space. It's important to understand that the cost per click and advertising costs are determined by the advertising platforms rather than the marketing agency.

Which platforms would you recommend for B2B businesses with a revenue of over $350,000?

For B2B businesses with revenue exceeding $350,000, the recommended platforms to consider are SEO (Search Engine Optimization) and Google Ads. Google is a strong choice because users actively search for services, and appearing in search results can lead to higher conversion rates. SEO typically takes around six months to deliver results, so if faster results are desired, Google Ads can be a suitable option.

Regarding LinkedIn ads, it depends on the nature of the business. While LinkedIn ads can produce results for B2B businesses, we have seen better results with SEO and Google Ads, which are more similar in driving conversions.

What are the most common mistakes in digital marketing campaigns?

One common mistake is neglecting the website. It is important to have specific landing pages tailored to the ads being run. Taking users to the general website instead of a targeted landing page can lower conversion rates.

Another mistake is the absence of a thank you page. A thank you page allows for tracking conversions and provides valuable data on the number of people who have successfully converted. Additionally, lacking proper tracking is another pitfall. It is essential to focus on tracking sales rather than just impressions or clicks. Marketing agencies should inquire about sales, but if they don't, businesses need to ensure they have the necessary tracking mechanisms in place.

What are the key metrics to consider for a brand awareness campaign?

Some key metrics to consider when measuring the success of a brand awareness campaign include conversions into sales, impressions, clicks, increase in search volume on the website, followers or likes on social media, and the overall increase in website traffic. It's also important to consider the starting point of the business and its current metrics, as this will affect the timeline and expectations for achieving the desired results.

Is it important to start with a brand awareness campaign, or can one focus on conversions?

The importance of starting with a brand awareness campaign versus jumping right into conversions depends on various factors. If a business is already established, recognizable, and has a strong brand foundation, then focusing on branding is crucial. This is particularly important for startups looking to raise capital. However, if a business has been affected by factors like the COVID-19 pandemic and is struggling financially, sales become more important to prioritize, especially if there are immediate financial constraints such as paying employees and cutting costs. It's important to note that branding and sales should ideally work together, and running brand awareness campaigns alongside lead generation campaigns can yield better results.

Should agencies using AI tools like ChatGPT be paid less since the tool is doing the writing?

Using AI tools like ChatGPT in agencies should not result in agencies being paid less. While the tool may assist in generating the content, the most important aspects are the execution, strategy, and follow-up provided by the agency. A marketing agency's value lies in analyzing the results of campaigns, optimizing them based on the gathered data, and making strategic decisions to improve performance. If an agency is only focused on creating ads without actively monitoring and optimizing campaigns, it would be appropriate to consider paying them less or seeking another agency. AI tools like ChatGPT are simply tools to enhance campaign performance and creativity, but they do not replace the agency's core responsibilities and strategic contributions.

What should businesses look for when hiring a marketing agency?

When hiring a marketing agency, there are several factors to consider. Firstly, the number of employees at the agency matters, as it determines their capacity to execute different strategies effectively. It's important that different platforms, such as Facebook and Google ads, are managed by individuals well-versed in the specific platform's nuances and keep up with its changes.

Additionally, businesses should look for agencies that ask important questions about their budget, the cost of their services, their profit margins, and their desired return on investment. A good agency will ensure a positive return on investment for their clients and tailor their strategies accordingly. Having effective processes in place is also crucial. This includes conducting onboarding calls, providing optimization emails, and consistently tracking and analyzing sales results. If an agency is not asking the right questions or implementing necessary changes, it may be a sign to consider finding a new agency.

For more advice about digital marketing, visit Tatiana's profile on channelwise.
Check out channelWise.com to find more experts to help you with your business or career.

Note : Transcript is edited for time and clarity.

Advisory Boards: What You Need to Know and How to Start One with Annette Taber

Fri, 16 Jun 2023 14:00:02 GMT

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Are you a business leader seeking to navigate challenges, drive growth, and make strategic decisions with confidence?

The answer may lie in the establishment of an advisory board. These dynamic groups of experts provide valuable guidance, subject matter knowledge, and problem-solving capabilities that can transform your organization's trajectory.

In this episode of#AsktheExpert Live, Kathryn Rose, CEO & Founder of channelWise, interviewed Annette Taber , an expert in building successful advisory boards. Read on to discover how an advisory board can catalyze your business success.

Highlights

Advisory boards serve as problem-solving thinking systems, providing guidance, expertise, and subject matter knowledge to address challenges companies may not have in-house.

Key considerations for building a successful advisory board for a startup include structure and discipline, clarity of scope, board charter, independence among advisors, and selecting advisors fit for the specific challenges and objectives.

Companies at different stages can benefit from forming advisory boards, with a sweet spot for formal boards typically being companies with a valuation of $15 million and above, involving paid advisors with relevant expertise.

What is the role of advisory boards?

The role of advisory boards is to serve as a problem-solving thinking system. They provide guidance, expertise, and subject matter knowledge to address challenges the company may not have in-house. Whether entering a new market, exiting a business, or engaging in a merger or acquisition, advisory boards offer the flexibility for companies to adapt and change as their needs evolve. Advisory boards are not decision-makers like governance boards, but they offer valuable insights and experience to support strategic decision-making.

How does an advisory board differ from a governance board?

Governance boards primarily focus on compliance and legal fiduciary responsibilities. They often have limited bandwidth to think strategically about the company's future. In recent trends, companies are forming formalized advisory boards to complement governance boards and offload some strategic planning and future-oriented thinking. Advisory boards provide guidance and expertise in areas such as cybersecurity, where the governance board may lack specialized knowledge. The collaboration between the two boards allows for a more comprehensive approach to decision-making and risk management.

What are the important considerations for building a successful advisory board for a startup?

Building a successful advisory board for a startup requires more intentionality than simply assembling a group of advisors. There are five key elements to consider:

Structure and discipline: Many startups lack the resources to dedicate themselves to managing an advisory board effectively. Consistency in meetings and a disciplined approach to understanding the company's market state are crucial.
Clarity of scope: Solving all of the company's problems with an advisory board is ineffective. It is essential to identify and focus on the primary drivers that need attention.
Board charter: Developing a board charter that aligns with the scope of the advisory board is important. This charter drives the measurement of the board's success and can include assessments at the beginning and end of the year.
Independence: It is advisable not to allow advisors to recommend other advisors for the board. Independence among advisors helps prevent the formation of cliques and fosters diverse perspectives.
Fit for purpose : Selecting advisors who are fit for the specific challenges and objectives the startup aims to address is crucial. Bringing individuals onto the board based on their alignment with the charter and the areas the company needs to focus on is key.

Considering these five elements can greatly contribute to the success of an advisory board for a startup.

What types of companies should consider forming an advisory board?

Companies at different stages can benefit from forming an advisory board. In the early stages, informal advisory boards of volunteers, such as family, friends, and trusted individuals, are common. However, for a more formalized advisory board, which operates under the governance board, companies typically reach a certain level of maturity and valuation.

The sweet spot for formal advisory boards is often considered to be companies with a valuation of $15 million and above. These boards involve paid advisors with extensive experience and knowledge as senior executives. It is beneficial to look for individuals with relevant certifications and expertise in specific areas. Additionally, there are alternative options, such as customer advisory boards or project-based advisory boards, that can be considered depending on the company's needs and resources. The key is determining the right approach based on the company's size, stage, and goals.

Are advisory boards considered working boards where the advisors do the actual work?

No, advisory boards are not working boards in that sense. Unlike formal governance boards, where decisions are made and executed by the company's leadership, advisory boards are thinking systems and problem solvers. They provide advice, guidance, and expertise to help the company gain confidence in decision-making processes.

The value of an advisory board is measured through assessments such as growth score assessment and value chain assessment, which are conducted at the beginning and end of the year to evaluate the impact and value the advisory board brings to the company. The advisors do not perform the day-to-day work but offer insights and recommendations to inform the company's strategic direction.

Is it common to have project-based boards?

There has been a notable increase in project-based advisory boards, with a 52% rise since 2019, according to the advisory board center. This trend reflects that companies often lack the necessary headcount and bandwidth to focus on the future while managing day-to-day operations.

In project-based advisory boards, the focus is on specific areas or challenges. The duration can vary, such as a three-month project to accelerate growth in a particular area. The board must understand the problem and propose solutions through board reports provided by the business before the meetings. Closing the feedback loop and reporting on the outcomes and actions taken based on advisory board input is an important aspect of the process. This ensures accountability and demonstrates the impact of the advisory board's contributions.

When setting up advisory boards, what budget range should companies consider?

The budget range typically ranges from $2,000 to $5,000 per board meeting. Board meetings usually occur once a quarter and last about four hours or half a day. This translates to an annual cost of approximately $8,000 to $20,000 per person. It is worth noting that many experienced advisors are transitioning away from traditional corporate positions and seeking alternatives. BoardSwap’s Advisors Concierge is a great example, as it provides access to a pool of advisors. However, the choice of advisors and their associated fees ultimately lies between the business and the advisors themselves.

What made you decide to join channelWise as an expert?

I joined channelWise because I recognized the value it provides in offering quick, practical, and tactical advice. Sometimes businesses have specific questions or need immediate feedback without needing long-term engagement. channelWise fills that need by providing a service where I can offer quick answers and insights. Additionally, I engage in consulting, advisory boards, and facilitate peer groups, depending on the specific needs and objectives of the company. It's about providing the right solution to address the challenges the company is facing.

Are there any final thoughts or considerations for setting up an advisory board?

An advisory board provides the confidence and expertise needed to make informed decisions and take action. It is crucial to understand the role of an advisory board, including the time required to manage it, effectively utilize the feedback received, and implement the recommendations. Ensuring alignment between the internal team and the advisory board is essential to avoid frustration and maximize the benefits of the advisory board's insights.

For more advice about advisory boards, visit Annette’s profile on channelwise.
Check out channelwise.com to find more experts to help you with your business or career.

Note : Transcript is edited for time and clarity.

How to Expand Your International Client Base with Samantha Feder

Fri, 09 Jun 2023 13:00:00 GMT

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Expanding your business globally can be a game-changer, opening doors to new markets and growth. The US Commercial Service, a division of the Department of Commerce, serves as a strategic partner for US companies looking to tap into international markets. With a network of offices at home and abroad, they offer invaluable resources, market insights, and connections to help businesses navigate the complexities of international trade.

In this episode of Ask the Expert Live, Kathryn Rose, CEO & Founder of channelWise, interviewed Samantha Feder, an expert from the US Commercial Service, to uncover the opportunities they provide.

Highlights:

The US Commercial Service, part of the Department of Commerce, provides resources and support to US companies looking to expand internationally.
Companies can benefit from the US Commercial Service's programs without establishing a physical presence in a foreign country.
Trade missions organized by the US Commercial Service facilitate business connections and networking opportunities, both within single countries and across multiple countries.

What is the US Commercial Service?

The US Commercial Service is an agency within the Department of Commerce that serves as the trade promotion branch. We work with US companies interested in selling their products or services abroad. The Commercial Service has offices both domestically and overseas, with 106 offices in the United States and 120 offices in 80 countries. These offices provide local expertise, market knowledge, and business connections to help US companies navigate international markets. Our organization acts as a resource and supports companies looking to expand overseas.

Do you have to establish an office presence in a country to take advantage of the programs offered by the US Commercial Service?

No, companies do not have to establish an office presence in a foreign country to benefit from the programs offered by the US Commercial Service. Our primary focus is helping companies sell their products or services abroad and expand their client base. The Commercial Service assists in connecting companies with partners, distributors, and even foreign governments if they are interested in selling to them. While we can also facilitate connections for companies looking to establish an office presence in a country, it is not a requirement.

What is a trade mission, and how does it work?

A trade mission organized by the US Commercial Service brings together companies with similar interests, often within the same sector, interested in exploring a specific market. The trade mission may involve visiting multiple countries or focusing on a single country with visits to different cities.

The purpose of the trade mission is to provide networking opportunities and facilitate business connections. Local companies, government entities, and potential partners relevant to the sector of interest are invited to networking receptions and briefings. The Commercial Service's local staff provides insights into market opportunities and guidance on how to enter the market effectively.

B2B (business-to-business) matchmaking is a key component of trade missions, where companies can request meetings with specific companies or industries of interest. The Commercial Service leverages its local expertise and connections to arrange these meetings, allowing participants to engage in valuable business discussions. The number of meetings per trade mission may vary but typically ranges from five to six.

Do trade missions typically involve visits to multiple countries?

Trade missions can involve visits to multiple countries or focus on a single country, depending on the specific mission and market. The decision to visit multiple locations within a country is based on factors such as the size of the country, the presence of different potential partners or markets in different cities, and the local government dynamics. The goal is to provide participants with valuable networking opportunities and access to relevant contacts in the specific market(s) of interest.

Are there costs associated with participating in trade missions?

Yes, there are costs associated with participating in trade missions. The costs typically range from $1,000 to $3,000, and there may be different pricing tiers based on the business size. However, the US Commercial Service aims to make the costs as reasonable as possible.

Additionally, there is a program called the STEP (State Trade Expansion Program) grant, which is not through the Department of Commerce but is administered by the Small Business Administration (SBA). Each state applies for the grant, and small businesses can utilize the STEP funds to cover trade mission costs, including travel and hotel expenses. The availability and specific details of STEP grants may vary from state to state, so it's recommended to contact the local offices for more information.

Does the US Commercial Service offer programs that facilitate meetings without the need for travel?

Yes, the US Commercial Service offers programs that facilitate meetings without the need for travel. Our primary focus is matchmaking, connecting businesses with potential partners and clients. We have specialized services such as the International Market Check, which helps determine the best market for a company's products or services through customized market research. Once a market is identified, companies can engage with local specialists to arrange meetings with specific partners or government entities based on the company's objectives. Whether targeting specific industries, working with local partners, or establishing connections with government organizations, the US Commercial Service is committed to facilitating these meetings to help businesses expand internationally.

In the tech sector, what areas do countries want to buy services from US companies?

In the tech sector, several areas currently have a high demand for services from US companies. Cybersecurity is one as there is increasing interest from countries in purchasing cybersecurity solutions. Another area of interest is telecom, where there is a need for infrastructure development and upgrades, such as 5G networks. Robotics is also experiencing a rise in demand. It's worth noting that while software companies may not typically deal with export compliance related to border patrol, companies selling hardware or physical goods may need to navigate export compliance regulations. The US Commercial Service provides support, including seminars and training, to assist with compliance issues and ensure smooth transactions for physical goods in international markets.

Does the United States government incentivize other countries to work with American companies?

Yes, the United States government does provide incentives to encourage other countries to work with American companies. These incentives can take the form of aid packages or tax breaks with the condition that a certain portion of the funds or benefits is utilized for purchasing US goods or services. The US Commercial Service has relationships with various countries and can provide information and guidance on these incentives. It is also important to consider free trade agreements and US commercial presence when exploring potential markets abroad. Identifying countries with incentives, free trade agreements, and demand for US products or services can be valuable considerations when planning global expansion.

For more advice about international expansion with the help of US Commercial Service, visit Samantha's profile on channelWise.

Check out channelWise.com for more experts to help you with your business or career.

Note : Transcript is edited for time and clarity.

Maximizing Your PR Success with Kristin Hege

Thu, 01 Jun 2023 16:00:03 GMT

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Are you looking to maximize your PR success and build trust with your audience? Public relations and publicity may sound similar, but they have distinct differences.

In this episode of Ask the Expert Live, Kathryn Rose, CEO & Founder of channelWise, interviewed Kristin Hege , a PR Expert. She delved into the importance of investing in a comprehensive PR strategy, measuring PR campaign success, strategies for securing features in top publications, vetting PR agencies, crisis communications, and more.

Highlights:

Public relations and publicity are different; publicity focuses on being in the public eye, while public relations is about brand awareness and reputation management.
Investing in a comprehensive PR strategy is crucial for building trust with your audience and differentiating your brand in a skeptical consumer landscape.
Measuring the success of a PR campaign should align with marketing objectives, focusing on tailored metrics and goals to support broader business objectives.

Are public relations and publicity the same thing?

There's a difference between public relations and publicity. Publicity is more associated with B2C, celebrities, and sports people, where there's a focus on being in the public eye, like on red carpets. On the other hand, public relations, especially in the B2B context, is more about brand awareness, reputation management, and crisis management.

Why do you think it's important for companies to invest in a comprehensive public relations strategy?

Investing in a comprehensive public relations strategy helps establish trust in your brand. Consumers have become more cynical and skeptical, so it's crucial to earn their trust and loyalty. Building trust takes time and effort, and it's not achieved through short-term tactics like viral social media campaigns. A long-term PR strategy is necessary to differentiate your brand, convey your brand's values, and consistently engage with your audience to build lasting trust.

What would you say are the key components of a comprehensive PR strategy?

The key components of a comprehensive PR strategy vary depending on the business goals. For a growth stage company, it may involve thought leadership, contributing content, securing speaking engagements, winning industry awards, and media relations. For a startup, it may involve networking at industry events, establishing thought leadership, building trust in the product or service, and applying for industry awards. A comprehensive PR strategy goes beyond getting one good profile in a business journal and includes multiple elements to establish credibility, visibility, and differentiation.

How do you measure the success of a PR campaign?

When measuring the success of a PR campaign, my agency takes a customized approach. We start by understanding the marketing team's objectives and key results (OKRs) and aligning our PR efforts with those goals. For example, if customer success is a key metric, we may focus on securing customer interviews on podcasts, joint blog posts, and speaking opportunities to amplify their success. We also collaborate with sales teams, addressing objections and ensuring the right audience is targeted.

By understanding the buyer journey, we create tailored content and interviews to support each stage and help generate revenue. Additionally, if churn is an issue, we work on amplifying satisfied customers. The success of a PR campaign should be integrated with broader business objectives and measured based on the specific metrics and goals set by the marketing team.

What are some strategies you would recommend to those looking to get featured in top podcasts or publications?

To get featured in top publications or podcasts, it's important to understand the current media landscape. Many newsrooms have experienced layoffs and are working with smaller teams, so they're focused on generating reads, clicks, and subscriber engagement. Simply having a great product is not enough. You need to offer a story that aligns with their focus and interests. Start by reading and understanding the publications you're targeting. Identify what makes your product or company unique and how it fits into their coverage. If your product is not easily understood by the tech sector, focus on other aspects like a compelling founder story or an exceptional company culture. Serve everything up on a platter and let the publications choose what resonates with them. It's crucial to meet them where they're at and offer something that aligns with their content rather than constantly pushing for attention without considering their needs and interests.

What are some strategies for startups in the channel to consider, depending on their goals?

Different strategies should be employed based on the specific goals of the startup. For example, if the aim is to attract investors or potential acquirers, featuring big logos and impressive partnerships on their website can be valuable. However, when it comes to engaging with customers directly, a different strategy is needed. Building trust and credibility becomes essential.

Educating skeptical tech journalists and providing validation through customer stories or case studies can help establish the authenticity of the startup's claims. A customer willing to speak about their positive experience with the product or service adds significant value to the story. It's important to show that what the startup is saying is true and supported by real-world examples. Relationship building with journalists and demonstrating the validation of the startup's offerings through customer testimonials can go a long way in building trust and credibility.

What advice would you give to someone looking to hire a PR agency on how to vet them?

When hiring a PR agency, it's important to consider a few factors. Firstly, ensure that you will be working directly with experienced professionals rather than being passed off to junior-level staff. Many large agencies tend to hand clients over to less experienced individuals, leading to dissatisfaction.

Secondly, make sure the agency has expertise in your specific industry. Just because they handle tech or other sectors doesn't mean they understand the nuances of your industry or have the necessary relationships with relevant journalists. B2B tech, in particular, operates within a small and interconnected world. The agency should have existing relationships and credibility within your industry. Lastly, be cautious of agencies that promise immediate placements in major publications without paying for it. Building relationships and securing media coverage takes time and strategic efforts.

What are your thoughts on the hype around AI writing?

While there are upsides to using AI for writing and generating ideas, differentiation is a key aspect of success. Simply relying on AI-generated content may lack originality and fail to make a brand stand out. AI can be a useful tool for ideation and starting points, but it shouldn't replace human thinking and original thoughts. Asking the right questions and having unique perspectives are crucial in the PR industry. AI can be used as a supplement, but it's important not to rely solely on it for creative and strategic thinking.

What advice would you give someone experiencing a crisis or wanting to understand how a PR firm can help manage crisis communications?

For those experiencing a crisis or seeking guidance on crisis communications, it's crucial to have a solid crisis communication plan in place. Transparency and honesty are key, as consumers can sense when messages lack authenticity. It's important to sound human and empathetic in communications, considering the impact on customers. While legal considerations are important, finding a balance that conveys empathy and understanding is essential. Putting oneself in the customers' shoes and focusing on their experience can guide crisis communication strategies. The advice is to prioritize honesty, transparency, and human-centered communication during crises.

What do you think the future of PR looks like?

In the future, PR agencies will likely take on more roles in supporting marketing efforts. As teams shrink and economic crises impact businesses, PR professionals can provide writing and communication support internally. PR agencies are trusted partners who understand messaging and can contribute to content creation. There may be a blurring of lines between PR and marketing, with PR agencies taking on some marketing functions to support overall marketing strategies. This trend is particularly evident in B2B, where PR agencies can offer their expertise and qualifications to complement marketing efforts.

For more advice about Public Relations, visit Kristin’'s profile on channelwise.
Check out channelwise.com to find more experts to help you with your business or career.

Note : Transcript is edited for time and clarity.

Executing a Successful Pivot in Business with Lori Leavitt

Sat, 27 May 2023 09:34:18 GMT

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Being able to pivot and adapt to change is crucial for success. But what exactly does it mean to pivot, and how can leaders orchestrate this change within their organizations?

To gain insight into these questions, Kathryn Rose, CEO & Founder of channelWise, spoke with Lori Leavitt, a channelWise expert known as the Pivot Catalyst, who has written two books on the subject. Their discussion explored the concept of pivoting in business, the importance of cultivating a culture of experimentation and innovation, and how leaders can balance the need to pivot while maintaining organizational stability.

Highlights:

Pivoting should be part of a culture where everyone is ready to change and should not be approached as a one-time project or initiative.
Leaders should create a culture of experimentation and innovation while also recognizing that stability and day-to-day tasks still need to be maintained.
To achieve an extraordinary ideal organization while maintaining stability, leaders must be "focused and nimble," involve those closest to work in strategic planning sessions, and have the courage to communicate a vision for the future of the workplace.

What is the concept of pivoting in business?

The concept of pivoting in business involves not just making a quick decision to change but also the awareness that change is needed and realizing that change. This insight came from my past experience and from writing my book, The Pivot: Orchestrating Extraordinary Business Momentum . Pivoting should be part of a culture where everyone is ready to change and should not be approached as a one-time project or initiative. I want to help leaders orchestrate such a culture through my knowledge and expertise.

What is your insight on realizing and executing a pivot?

Realizing and executing a pivot, whether a personal change or leading an organization, requires more than just the individual. It involves getting clear enough to set direction and communicating it to everyone so they can commit to it. This is why I wrote my second book, Pivot to Clarity . It's important to pause and think about what would be extraordinary instead of focusing on incremental improvements. Unless you're going towards something extraordinary, you won't have momentum, and it'll just be day after day fighting fires. I encourage individuals to allow themselves to think about what's possible and not immediately interrupt themselves with self-doubt.

Why must leaders cultivate a culture of experimentation?

It is important for leaders to cultivate a culture of experimentation and innovation because it creates a safe space for communication, openness, and empowerment. When an organization is focused and nimble, with a clear direction, employees can filter their work through that direction and make decisions that move the organization toward its vision. Without this culture, employees may only do what they think is expected of them, which may not align with the organization's goals.

How can leaders lead change while maintaining stability?

As a leadership expert, two things are crucial for leaders to maintain stability while pivoting towards an extraordinary ideal.

First, I advocate for being focused and nimble, which means focusing on the work at hand and being adaptable enough to understand the direction in which the organization is headed. This doesn't necessarily mean changing something every day. Instead, it's about the flow of work and working together to make decisions that align with the organization's goals.

Second, I recommend working on empowerment within the organization. As a leader, I may have a global view of the organization, but I don't know how the work is being done on the ground. To address this, I suggest involving those closest to work in strategic planning sessions and asking for their input on measuring progress and which initiatives would work best for their teams. This approach helps keep the workflow going and ensures everyone is aligned with the organization's goals.

How do you see leadership and workplace culture evolving in the future?

Focusing on wellness and how people feel are important for the future of the workplace. Leaders need to notice how people are being and feeling and should be open to communication from their employees. Additionally, leaders must have the courage to communicate a vision for what the organization should look like in the future and inspire their employees to take action toward that vision.

For more advice about leadership, visit Lori's profile on channelWise .
Check out channelWise.com for more experts to help you with your business or career.

Note : Transcript is edited for time and clarity.

How to Sell Managed Cyber Security Services with Matthew Koenig

Fri, 26 May 2023 08:59:23 GMT

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Cybersecurity is a rapidly growing market, and Managed Service Providers (MSPs) must start taking notice.

In this Ask the Expert Episode, Kathryn Rose, CEO & Founder of channelWise, interviewed cybersecurity expert Matthew Koenig, a channelWise expert and Vice President of Channel Sales of Nodeware, to discuss the benefits of selling cybersecurity solutions, how MSPs can improve their sales operations, and the importance of regular assessments for their clients.

Highlights:

MSPs should care about cybersecurity due to the growing market opportunity and the need for companies to adhere to regulatory frameworks.
MSPs should focus on selling a story for their cybersecurity solutions instead of using fear as a motivator.
Regular assessments are crucial for identifying vulnerabilities and educating clients about potential risks.

Why do many MSPs struggle in sales, and what steps can they take to improve their sales processes?

MSPs need a structured lead generation process and a value statement highlighting what they bring. They also need to be organized, define their market, and then use a lead generation platform to contact potential customers. Many MSPs are afraid to reach out to strangers, but they need to overcome this fear and focus on talking about the customer's business and asking open-ended questions to get them thinking about potential issues. Also, MSPs should avoid using fear, uncertainty, and doubt tactics in their sales pitch and instead tell stories about other companies facing similar challenges.

Why don't MSPs and small business owners prioritize cybersecurity?

Many MSPs and small business owners still underestimate the importance of cybersecurity, despite the high number of cyber breaches that impacted businesses in 2021, including those with fewer than a thousand employees. In addition, many small business owners with no cybersecurity measures believe their business is too small to be attacked. However, cyber liability insurance is becoming critical, and more businesses are requiring certain cybersecurity measures to be in place. It's important for MSPs to educate their customers about the importance of cybersecurity and to make sure they're doing the right things to protect their business. If MSPs don't get involved, someone else will, and they risk losing their business.

How can MSPs get leads and grow their business by adding cybersecurity to their practice?

MSPs can get leads and grow their business by adding cybersecurity to their practice, as cybersecurity is becoming increasingly important and required for businesses. One way to get leads is by forging relationships and collaborations with insurance brokers that sell cybersecurity insurance. By becoming a package deal with insurance brokers, MSPs can ensure that everything is as secure as possible for the customer and that the insurance company will pay out in case of an event. MSPs should also understand the requirements of each insurance company, as not understanding these requirements can result in the customer not getting paid in case of a claim.

What are your recommendations for MSPs to sell cybersecurity solutions without leaning too heavily on fear?

MSPs can sell cybersecurity solutions to clients by starting with a business conversation and understanding their specific needs. They can ask questions about how a cyber attack might impact their business and then use assessment findings to educate clients about potential risks in a non-technical way. It's important to avoid fear-based tactics and focus on presenting facts and solutions that are relevant to the client's business. MSPs should also differentiate themselves by highlighting their security process and how it aligns with the client's business needs. I also recommend using an assessment to sell, discuss facts and educate on findings rather than relying on fear-based language. The assessment can also be used to follow up with customers who have not yet made a decision by pointing out concerning issues found during the assessment and encouraging them to take action.

What advice do you have for MSPs in selling and positioning cybersecurity with their customers?

One, have a cybersecurity practice. If you don't, you're getting left behind. Two, don't sell on fear, uncertainty, and doubt. Sell on business and business outcomes. Three, ensure you're talking to your customer regularly about what you are doing to protect them. Four, always use an assessment. Always have an intelligent conversation about what is vs. what could be. And finally, don't be scared of your customers. Ensure you are pricing your offering correctly and not doing it in a way that hurts you because you think you need to give things away to take care of your customers. Also, if you have a customer you are not sure is secure in doing the right things, guess where that risk transfers to. It transfers right over to you. Do you want to carry the risk for that customer? Are they so good of a customer that you're willing to risk your business for them?

For more advice about sales, visit Matthews's profile on channelWise .
Check out channelWise.com for more experts to help you with your business or career.

Note : Transcript is edited for time and clarity.

Business Reviews for MSPs with Marnie Stockman

Thu, 25 May 2023 13:27:48 GMT

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In the world of managed services, customer relationships are critical to success. To enhance and strengthen these relationships, MSPs must adopt a human-first approach prioritizing customer experience and outcomes.

In this Ask the Expert episode, Kathryn Rose, CEO & Founder of channelwise, interviews Marnie Stockman, a channelWise expert , and CEO of Lifecycle Insights, on practical steps for MSPs to use Quarterly Business Reviews (QBRs) to improve customer relationships and business outcomes. They discuss topics ranging from identifying the most valuable clients to conducting business reviews and sharing insights on how MSPs can take the first step toward building more meaningful customer relationships.

Highlights:

A human-first approach is crucial for MSPs to enhance or strengthen customer relationships.
MSPs can improve their customer experience through process maturity and automation by defining and digitizing their process and then moving on to automation.
Business reviews are essential for MSPs and their customers as they help build and maintain the relationship between the MSP and the client. MSPs should conduct business reviews at a proper cadence to engage the client in the value the MSP brings to them.

How can MSPs use a human-first approach to enhance or strengthen customer relationships?

A human-first approach is crucial for MSPs who want to enhance or strengthen their customer relationships. When a customer comes in with a support ticket, they need human compassion and a quick solution to their problem. That's why our company's number one core value is "raving fans," and we do not have a sales team. We want to make sure that customers feel heard and appreciated.

I like to use my favorite equation: customer success equals customer experience plus customer outcomes. To ensure customers have a positive experience, it's important to approach conversations with a smile and make it about the customer's business, not just the technology. People remember how you make them feel, not just what you say, so it's crucial to create a positive experience that customers will remember.

How can MSPs improve their customer experience through process maturity and automation?

MSPs can improve customer experience by focusing on process maturity and automation. MSPs should start by defining and digitizing their process and then move on to automation.

At the beginning, we often start with an undefined process of solving problems for our customers. However, we must look for patterns and opportunities to create pleasant customer interactions, even if they are automated.

It's important to note that many MSPs do not jump from digital to automated, but doing so can transform the business. We should use tools that bridge the gap between digital and automated processes, which can help speed up business and improve the overall customer experience.

Why are business reviews important for MSPs and their customers?

Business reviews are important for MSPs and their customers because they help build and maintain the relationship between the MSP and the client. Business reviews should be conducted at a proper cadence and should not just be a touchpoint call. They are an opportunity to engage the client in the value the MSP brings to them. The whole realm of customer success is a young organization in the managed services world, and business reviews have been around for a long time in the enterprise world and the world of consulting.

MSPs came to business reviews by way of everybody jumping to remote monitoring. As a result, they started losing contact and the relationship with their customers. Thus, it is mission-critical for MSPs to offer business reviews to their clients to let them know what they are doing for them and engage them in the value they bring. The maturity of the business review needs to be more strategic and less tactical, where clients can be engaged in the MSP's value.

Do you recommend doing business reviews with all clients regardless of their size?

As a business consultant, I recommend segmenting our clients based on their value. We look at their monthly recurring revenue (MRR) per process and effort to determine the proper cadence of business reviews for them. We typically focus on high-value, high-effort clients, meeting with them monthly or quarterly and meeting with clients that make up over 10% of our total revenue more frequently because if we lose them, it could significantly impact our business. We also meet with high-value, low-effort clients to find ways to get more referrals. We remarket and rehab conversations with low-value, low-effort clients but still provide them with some type of human interaction once a year. We look closer at high-effort, low-value clients and either renegotiate our terms with them, get them off of whatever software or technology is causing them pain, or even fire them. Not every client needs a quarterly business review, so we ensure they receive the cadence they deserve based on their value to our business.

Where do you recommend starting with identifying the most valuable clients for a managed service provider?

As a managed service provider, we look at tracking customer health and keeping track of all the characteristics that define our clients, including those that have been overlooked in the past. We often find that low-effort clients are a gold mine for opportunities because they have the most growth potential. So, we recommend looking at our verticals to see which industries are performing well and identifying clients with growth potential. Tracking high-effort and low-value clients is also important, as it can drag down employee morale. It's helpful to identify these clients and consider increasing their payment or fixing the root cause of their issues, or even deciding to part ways with them. Doing this will have a positive impact on both our customers and our own employee morale.

What are the challenges with conducting business reviews, and how can MSPs overcome them?

I suggest starting by automating the process of tracking customer health, especially for those low-effort clients who are a gold mine in terms of growth potential. It's important to keep track of their characteristics and anticipate any changes in their business, like being acquired or expanding their offices.

Additionally, it's important to identify high-effort and low-value clients who may be dragging down company morale and cutting them loose. One of the biggest challenges for MSPs in conducting business reviews is getting clients to come to the table. This is often because the previous business review wasn't strategic and engaging enough. To overcome this, it's important to focus on the client's business outcomes, how technology can drive them, and talk about new and upcoming technologies that can improve their business. By engaging clients this way, they will be excited to have the conversation and show up to the table. Finally, to address the time challenge, it's important to define and automate the process of conducting business reviews so that it can be easily repeated.

What should be included in a business review for an MSP's clients?

A business review should always start with an executive summary of the client's goals and objectives. Everything in the report should align with those goals, including the risk assessment, which should outline any potential threats that could impact the client's ability to achieve their objectives. From there, I would make recommendations to improve the client's risk posture and overall productivity, driving the budget forecast for the remediation plan. While asset lifecycle management and user management inventories are important, they are ancillary to the main conversation around the client's business goals and risk assessment. If I have any supporting documentation, such as customer satisfaction or cybersecurity training data, I would include that as well. Ultimately, the drivers of the conversation should always be the client's business goals and the risk assessment aligned with best practices.

How can MSPs who haven't had conversations with their clients about their business goals initiate those conversations?

Step one would be to check out their website to infer their intent, and look at competitors' websites to see how they differentiate themselves. Step two would be to say, "I've been recently talking with some of my other clients about their goals for the next 18 months because we've been able to find ways to help make them more productive, save them a full-time employee, etc. So what are you thinking of doing for the next 18 months?"

As an MSP, it's important to ask the right questions to get them talking. A simple question like, "What is one thing you wish technology could do for you?" or "What is one thing you do all day, every day, that you hate doing?" can uncover problems that can be solved with technology. Because you never thought to ask the question, you might not know it was a problem.

What are your final thoughts on practical steps for MSPs to use QBRs to enhance their business and customer relationships?

I would say defeat the blank page or eat the elephant one bite at a time, whichever your favorite phrase is. But start somewhere and start now because it is where you will differentiate your business from the human element. So start somewhere. And it doesn't have to be perfect right out of the gate, right? So if you are going to start with an asset inventory, start with that. But by golly, discuss business goals while you're there.

For more advice about business reviews and QBRs, visit Marnie’s profile on channelwise .
Check out channelWise.com for more experts to help you with your business or career.

Note : Transcript is edited for time and clarity.

Collaboration in the Channel Ecosystem with Frank Raimondi

Wed, 24 May 2023 13:08:57 GMT

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The success of any channel program depends on how well vendors understand their partners' needs and work collaboratively to provide solutions that work seamlessly.

In this Ask the Expert episode, Kathryn Rose, CEO & Founder of channelWise, sits down with Frank Raimondi, a channelWise expert and VP of IGI Channel Alliances & Partnerships, to discuss the importance of collaboration in the channel ecosystem.

Highlights

The evolution of channel programs has shifted towards developing programs that match partners' needs rather than just the vendors'.
Providing a frictionless environment for partners to find and support products or services is crucial.
Collaborating and sharing knowledge and resources in the channel ecosystem benefits everyone involved, including partners and end-users.

How have channel programs evolved over the years?

In the past, the focus was primarily on getting partners in, but there has been a shift toward developing programs that match the partners' needs. Although there is still a selfish motive for vendors to incentivize big partners, there is a better understanding of partners' businesses, and vendors develop programs tailored to their needs.

I have seen examples such as Intel, where siloed programs were brought under one umbrella to create a program that targeted the partner's needs. There has been a continuous change towards focusing on tools, expertise, and training best suited for the partner's business. The evolution of channel programs has been ongoing, and there is a growing trend of developing programs that match the partner's needs rather than just the vendor's needs.

How has the increasing number of vendors and technologies affected partner programs?

The overwhelming number of options can make it challenging for partners to keep up, especially in cybersecurity. While partner programs are still relevant, partners primarily focus on finding affordable products that deliver value to their customers. The role of a partner program is to supplement these needs rather than dictate them.

As I have seen, partners want to try a lot of cool new technology, but the evaluation process is becoming increasingly difficult. Vendor fatigue is common, and partners often struggle to understand the benefits of new technologies. Therefore, vendors and suppliers must focus on their partners' needs and tailor their programs accordingly. Instead of forcing partners to go to market with them, vendors should ensure they provide partners with what they need when they need it.

What is your advice for channel marketers launching a channel program at a cybersecurity company?

Social media is still a standard approach, but the emphasis should be on face-to-face presence and consistency. There is no easy answer as it depends on the category and ideal customer. To approach this issue, it is essential to identify the end-user persona and take it back to one level to determine where they get their information, advice, and purchases.

It is crucial to align with partners and understand where they get their products and information from. Many vendors have excellent technology, so it is essential to differentiate oneself and ensure the partner program aligns with the partner's needs. It is important to follow the steps back from the product's ultimate end-user and understand how to reach them effectively.

By taking these steps, a cybersecurity company can create a successful channel program that aligns with partners' needs and ultimately drives revenue.

What are some key considerations for communicating with partners?

Providing a frictionless environment for partners to find and support products or services is crucial. To achieve this, use various means such as a YouTube channel, event shows, and partner portals. However, avoid being obnoxious and understand what the end-user is looking for and where they are.

We can also adopt a program like kickpost.io, which combines social media and partner information to provide a community of channel partners. By providing a frictionless environment, we can build strong relationships with our partners and effectively support them. It is essential to make it easy for partners to find us, communicate with us, and get the support they need to promote and sell our products or services successfully.

What is the importance of face-to-face events in channel marketing, and how can they be revived after budget cuts?

As a cybersecurity consultant, events are still a very practical way to connect with partners, especially in-person events where we can establish a personal relationship. While virtual events have some value, face-to-face interactions are still important. Actually, my organization is doing a combination of big and small shows this year, depending on the audience and the value they bring to our business.

Why did you decide to support channelWise?

I believe in the value they offer to small MSPs who don't have access to marketing staff or experts in areas such as SEO and social media. As a founding advisory board member, their on-demand expert advice platform is an affordable and convenient solution for partners who need a few hours of an expert’s time. Also, channelWise’s range of experts is extensive and valuable for all types of partners.

How important is it for vendors to understand their partner's and end users' challenges?

It is crucial for vendors to understand the challenges faced by their partners and end users, even if they do not directly offer solutions for those challenges. Vendors must know their position in the ecosystem and work with other partners to provide comprehensive solutions. Partnerships are a great way to achieve this, and vendors should be open to trying different partnerships that make sense and provide value to all parties involved. Additionally, vendors should be honest about any limitations or redundancies in their solutions and work to support their partners in providing the best possible solutions to end users.

What are some tips for vendors when looking for alliance partners?

As a vendor, you must know your strengths and weaknesses and where your core competency lies. Look beyond what your product needs to work with and consider what would be the next best thing if you were to acquire or be acquired by another company. You have to consider it a starting point, as you may not want to merge, but a partnership can lead to a merger. You must consider what the end user or partner wants and help them find those pieces. When developing an alliance strategy, think about what you are starting with and the next stage if you could develop it yourself. Look for someone in that space or close to it if you don't want to do it yourself.

How important is it for vendors to work together in the channel ecosystem?

It is crucial for vendors to work together in the channel ecosystem to provide a better experience for partners. When vendors collaborate and share their knowledge and resources, it becomes easier for partners to find solutions that work together seamlessly, which helps them to serve their customers more efficiently.

In addition, channelWise provides a platform for partners to access the expertise they need when they need it, making it easier for them to brainstorm and collaborate with others. Ultimately, working together benefits everyone involved, and vendors need to consider this when looking for alliance partners.

For more advice about channel development, visit Frank’s profile on channelWise .

Check out channelWise.com for more experts to help you with your business or career.

Note: Transcript is edited for time and clarity. Originally published on LinkedIn.

How to Prepare for the Future of Work by Connie Steele

Tue, 23 May 2023 12:52:58 GMT

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A massive shift is happening in the workplace today, and it’s not just because of new technology. In this Ask the Expert episode, Kathryn Rose, CEO & Founder of channelwise, interviewed Connie Steele, a channelWise and a Future of Work expert. Connie’s insights will help people better understand the concepts of the Future and the New World of Work, how they impact us, and what we can do to prepare for them.

Highlights:

The Future of Work is the future of work AND life.
The new world of work is a shift from a rigid and conformist workplace to a more collaborative, agile, and multi-dimensional one.
Business owners can leverage the Future of Work by tapping into their employees' diverse skills and interests.

What are the different dimensions of the term "future of work"?

The term "future of work" has multiple dimensions, including the work done, the workplace environment, and the workforce itself. It has historically been associated with using technology for greater efficiency and productivity, but it also includes embracing diversity in people's backgrounds, experiences, interests, perspectives, and approaches. Additionally, the future of work is intertwined with the future of life, as individuals need to feel professionally and personally successful.

Are the terms "new world of work" and "future of work" interchangeable or separate?

The terms "new world of work" and "future of work" are not separate; the former reflects where the latter is going.

The new world of work is evolving from a more siloed and conformist work environment to a more collaborative, broad, and multi-dimensional one, emphasizing individual agency and integration of personal identity. There is a shift towards greater convergence, where people want more flexibility, control, and optionality in their work.

What is the new world of work, and how does it differ from traditional career development progression?

The new world of work is an evolving work environment that values breadth over depth in career development. The next generation of workers seeks organizations that embrace their skills, abilities, and aspirations. The traditional perspective of career development progression is based on a linear and sequential advancement in one area or lane, whereas the new world of work enables people to explore and integrate different areas and interests. Technology plays a role in enabling the level of discovery and mastery that this generation seeks, and they are finding ways to bring their different facets and interests together.

How can small businesses balance specialization with the desire for multidimensional employees?

It is easier for smaller businesses to tap into the desire for breadth in employees because they often need employees to wear multiple hats and have a limited budget. They can leverage employees' creativity and personal experience to co-create and generate ideas.

It is important for employers and leaders to know their employees personally and understand their interests, not just what they do for the business, to bring those passions together and create engaged employees. This way, the employer can create a learning environment that brings out the employees' diverse talents and passion, which can drive growth and development.

How can leaders in large enterprises integrate ideas and engage with their teams in the new world of work?

It comes down to understanding the voice of the workforce. Just like understanding the voice of customers is essential for building successful products and services, leaders need to understand their employees' values, goals, and motivations to determine the right fit and how to optimize against it. Leaders should do a gap analysis to identify what their employees say, what's working, what's not, and why. They should co-create solutions with their employees, try them out, and iterate as the world of work is constantly in motion.

How can leaders develop a mindset to incorporate new ideas into the workplace and make time for them?

To incorporate new ideas into the workplace and create a more agile business, leaders need to develop a mindset that embraces failure as a learning opportunity and makes it psychologically safe for employees to suggest and try new ideas. This can involve creating a culture of experimentation and iteration and making it clear that it's okay to fail as long as the team is learning from those failures. This shift in mindset can help leaders make time for incorporating new ideas and adapting to the pace of change in the new world of work.

How does one prepare themselves and future-proof their next move in the face of downsizing and job loss?

One can prepare themselves by understanding where they deliver the most value, not just in their current role but also in their approach to work. They should also be clear on what they want in life, and what success looks like for them professionally and personally.

By introspection, they can see how their experiences can enable them to achieve their goals and fulfill their core aspects. This will help them build a roadmap for their next move and define their unique value.

How to future-proof your next move after losing or fearing job loss?

Individuals should be clear on what they want and reflect on what success looks like for them professionally and personally. They should understand how their personal and professional experiences can enable them to achieve their goals and build a roadmap for their next move. They should also focus on finding a meaningful fit in an organization, which involves more than just checking the boxes for experience and skills.

What final thoughts do you want our audience to take away from this discussion?

The new normal is continually in flux, and people are redefining their relationship with work and the definition of success.

It is essential to find a broader fit and be open to testing and learning to reach one's potential and deliver the best work for the organization's growth and goals.

Sustainable happiness, fit, and performance are crucial for individuals in the changing work landscape.

For more advice about leadership and the Future of Work for your business, visit Connie's profile on channelwise .

Check out channelwise.com for more experts to help you with your business or career.

Note : Transcript is edited for time and clarity. Originally published on LinkedIn .

Leadership Tips for Scaling Your MSP with Kyle Christensen

Mon, 22 May 2023 10:33:37 GMT

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As the managed service provider (MSP) industry continues to evolve, success requires technical expertise, effective leadership, and a clear vision for growth. But where do you start? In this Ask the Expert episode, Kyle Christensen, a business strategy and outcomes expert on channelWise , shared his perspectives on the leadership strategies that will help MSPs scale and grow.

Highlights:

Brainstorming sessions can help MSPs outline the tasks necessary for growth.
Sticking to a goalpost involves measuring backward and changing perspective.
Discipline and intention are crucial for scaling and growth during economic contraction and restructuring.

What is your advice for business leaders during the pandemic, the great resignation, and the great restructuring or contraction?

Leaders must have discipline and intention in their business plans and strategies, focus on their goals, and march to the same beat, not change direction. This will help them achieve their goals, have a good culture, and have great success.

How do you help clients focus on their goals?

I help them define their goals and understand what is good for them, their legacy, their employees, and their business. By outlining specific goals and reverse engineering a plan to achieve them, we can put a goalpost in the sand and focus on their desired outcomes rather than comparative analysis or one-size-fits-all solutions. This approach helps my clients avoid distractions and work towards the results that matter most.

How can entrepreneurs avoid burnout and wasted effort?

Entrepreneurs can avoid burnout and wasted effort by setting realistic goals and focusing on them as their north star. It's also important to always measure backward and celebrate victories. Measuring backward helps gain perspective and reminds entrepreneurs of how far they have come, which can prevent burnout and wasted effort. It's important to balance achieving goals with taking breaks and celebrating achievements.

What leadership techniques are the most effective for achieving growth?

First, we need to figure out the goalpost. Let's say you want to achieve 50% growth this year, putting you at X million in revenue. We need to understand whether your growth is cyclical or seasonal. Then, determine what new revenue we must achieve to hit that growth target.

The next step is to ask questions, like how can we achieve 50% more every month in that quarter? We then categorize those tasks into three categories: find work, do work, and get paid . We assign ownership of those categories to individuals to ensure accountability. We also pace the tasks in a way that makes sense and addresses any prerequisites. By breaking down the growth process into manageable tasks, we can avoid feeling overwhelmed and steadily progress toward achieving our goals.

What's the main idea about leadership development you want the audience to take away?

I believe that it's important to define what "good" means for you, your business, and your employees. It doesn't have to be mutually exclusive, and being open and transparent with your leadership team can help you find common ground. By doing so, everyone is challenged to do great things, which is how successful teams can grow businesses fast and scale while ensuring that everyone loves working there.

For more advice about leadership strategies for MSPs, visit Kyle's profile on channelWise .
Check out channelwise.com to find more experts to help you with your business or career.

Note: Transcript is edited for time and clarity. Originally published on LinkedIn .

How to Build & Manage a Channel Ecosystem with Nancy Ridge

Sun, 21 May 2023 08:23:24 GMT

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It is increasingly important for companies to understand and be involved in the channel ecosystem. In fact, 86% of the new opportunities organizations have in their funnel come from partners. This means that organizations must know how to provide a positive partner experience.

In this Ask the Expert episode, Kathryn Rose, CEO & Founder of channelwise, interviewed Nancy Ridge, a channelWise Expert and Founder & CEO of Ridge Innovative, to delve into how to build and manage a successful channel ecosystem.

Highlights

Building and managing a successful channel ecosystem requires interdependency, early adopter partners, and following best practices.
Automation through Partner Relationship Management Systems(PRMs) and ecosystem platforms is crucial for success and scalability in the channel ecosystem.
A positive partner experience directly impacts customer experience and revenue, making it a top priority for organizations in the channel ecosystem.

What is the difference between a channel and an ecosystem?

A channel is a distribution method, while an ecosystem is a value-creation network beyond distribution. However, in our industry, the two terms are often used together to describe the interdependent roles played by each party in the value creation and distribution of a company's products or services. The key idea is that each party in the ecosystem or channel provides value to targeted markets or end users.

What is your advice for people in the channel who have been around for a while?

It is important to look beyond the traditional ways of attracting partners while valuing the importance of relationships in the industry. Trust has become more important in today's digital world, making human interaction more special. Furthermore, leaders should embrace early adopters willing to try new things as they bring innovative ideas. They should encourage people in the channel who have been around for a while to let go of old paradigms, get with the flow of what's happening now, and have an early adopter mindset, as it is important to change and stay competitive in the market.

What are some best practices and advice for people entering the channel?

The biggest blocker to improving or getting new programs off the ground is a lack of internal expertise in partner operations, strategy, and development. That’s why leaders at the top must acknowledge that an ecosystem is a place where they can value every major stakeholder's contribution to achieving their goals. Also, choosing partners wisely and having automation in place to build, scale, and serve all partners correctly is essential. They must remember that building a channel ecosystem takes time and requires building relationships, which is a process. The leaders must embrace the idea and direction, or they'll have a divided organization, which won't succeed.

What does automation mean in the channel ecosystem?

Automation refers to integrating different systems to manage partner operations effectively. It is necessary for streamlining messaging, partner onboarding, managing customer data, and retention. In a subscription-based world, it is important to have data readily available and automate the partner and customer experiences so businesses can keep up with the pace and scale efficiently.

How does automation impact the importance of face-to-face interactions in business?

Face-to-face interactions are still important in automation systems. Relationships and trust are critical, and customers want to know that there is a person they can trust to vouch for their decisions. However, automation is necessary for streamlining processes and having data readily available to show up with what partners and customers require in real-time. A bot cannot replace the value of physical support and trust-building.

How can organizations that have been in the channel for a while increase the efficiency of their channel?

Organizations must hang on to tribal knowledge and retain the employees and partners who will help them succeed. To increase efficiency, they should create an attractive workforce environment for people to come and stay. It's also important for these organizations to address challenges such as confusion from mergers and acquisitions. Automation can play a key role in increasing efficiency, but it's also important not to rely solely on automated systems and to provide physical support and face-to-face interaction.

How does the partner experience affect the customer experience?

Our findings showed that 86% of new business opportunities for organizations come from their partners. This highlights the importance of organizations taking care of their partners and ensuring their partner experience is positive. Partners play a crucial role in realizing client results, with 100% of the companies surveyed stating that partners are the key to their success. This study highlights the importance of partner experience and how it directly affects customer experience and revenue.

For more advice about how to build and manage a channel ecosystem, visit Nancy 's profile on channelWise .

Check out channelWise.com to find more experts to help you with your business or career.

Note: Transcript is edited for time and clarity. Originally published on LinkedIn .

ChatGPT Use Cases for Business: How AI Can Help You Do More with Irene Chan

Sun, 21 May 2023 08:11:09 GMT

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Artificial Intelligence (AI) is rapidly evolving, and its applications are becoming increasingly diverse. It is important to understand how AI can be utilized in various workflows and applications, and how it can help with productivity and performance in many aspects.

In this Ask the Expert episode, Kathryn Rose, CEO & Founder of channelWise interviewed Irene Chan , a channelWise and marketing automation expert and discussed how you can use AI to optimize your business and content creation process.

Highlights:

The quality of AI output is determined by the specificity of the input.
AI is a tool that can help with productivity and performance in many aspects. It can make the writing process faster by providing outlines, but it does not replace our role in decision-making.
AI can be utilized in various workflows and applications. However, it is important to understand your business goal and figure out if AI is a viable solution to optimize resources.

Why are you so passionate about productivity?

I have always been a productive person, and I think it's just part of who I am. but, during the lockdowns in 2020, I began to think more deeply about why productivity is so important to me. I now understand that while being productive is important, it's also crucial to balance it with rest.

Resting is just as important as being productive because it allows me to come back more energized and focused. I realize that taking the time to rest actually helps me to be more productive in the long run.

In my culture, being productive is highly valued, and it feels good to do something for myself, my family, my clients, and my team. The more productive I am, the more time I can spend with my family and in my business.

So what's the best way for people to kind of sift through the noise and figure out what the best AI tools are for them?

To decide if an AI tool is useful for a business, consider the goals and strategy. If the tool doesn't meet these criteria, it may not be worth investing resources. Personally, I switched to ChatGPT for content creation in 2021 and recently upgraded to ChatGPT plus for $20 per month because I use it frequently in my day-to-day work as a content creator and marketing project manager.

Will using AI tools like ChatGPT replace content creators' jobs?

I think using AI tools like ChatGPT can actually make my job as a content creator easier and more efficient. For example, instead of spending hours researching and creating an outline for an article, ChatGPT can provide me with a good outline in a matter of seconds. But I don't rely on ChatGPT to write the entire article for me. Instead, I still decide on the structure, title, experiences, and examples that I want to include.

ChatGPT simply helps me leverage a fast and responsive way to research and create an outline, which saves me time and makes the process more efficient. So, using ChatGPT doesn't replace my job as a content creator, but rather it complements it by helping me work faster and smarter.

When using AI tools like ChatGPT, how can you ensure the accuracy of the information and make the output sound more natural?

I've learned that AI writing is a skill that takes practice and patience to master. To make sure that the information is accurate and the output sounds natural, I need to focus on the prompts I give to the AI tool. For instance, if I ask for a general blog post about productivity, the output might not be as accurate or natural-sounding as I want it to be. But if I give more specific prompts such as "write a blog post about productivity for solopreneurs in an educational and friendly tone," the output will be more relevant and better-sounding. Therefore, the accuracy and naturalness of the output largely depend on how well I structure and order the prompts I give to the AI tool.

If I take someone else's article and ask an AI tool to rewrite it, can it do that?

As a content creator, I always want my work to stand out, but sometimes I get stuck with the blank page syndrome. There's a lot of pressure to create a bunch of content, especially when you're a small business owner. That's why I find AI tools helpful to utilize when I need inspiration or to speed up my workflow.

What are the main things you want people to walk away from this conversation?

Using AI tools depend on the individual's or corporation's goal. For me, I wanted to make my writing faster and I achieved that with AI content workflows. It helped me overcome writer's block, and now I have mastered using AI for writing. As a project manager, having a transcript with summaries of strategy calls is a huge time saver. So, it's about transferring brain power to strategy and picking the right things that AI prepared for you.

Time to Get Started with AI

Think about your workflows and if AI can speed up manual tasks for your team or help you achieve your revenue goals. Find the right AI tool based on your criteria, including budget, and integrate it into your everyday workflows.

AI tools such as ChatGPT can be very useful in improving productivity and performance across different applications and workflows. However, it is crucial to understand your business goals and determine if an AI tool is a viable solution for you or your business.

While AI can help in many aspects, it is important to note that it does not replace a person’s role in decision-making.

For more advice about AI automation, visit Irene's profile on channelwise .

Check out channelwise.com to find more experts to help you with your business or career.

Note: Transcript is edited for time and clarity. Originally published on LinkedIn .

How Mergers & Acquisitions Impact the Channel with Dany Bouchedid

Sat, 20 May 2023 09:32:17 GMT

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Mergers and acquisitions have become increasingly common in business, and the channel is no exception. With the rise of private equity (PE) firms and their influence on the industry, many partners are considering consolidation to stay competitive.

In this Ask the Expert Episode, Kris Blackmon, Chief Channel Officer of JS Group, interviewed Dany Bouchedid on behalf of channelWise. Dany is the Chief Executive Officer of COLOTRAQ and a channelWise Expert. As an experienced player in the channel space, Dany provided his valuable advice for partners looking to navigate the changing landscape in this interview.

Highlights:

Mergers and acquisitions have become increasingly common in the channel industry due to the rise of private equity firms and their influence on the industry.
Partners should only consider mergers and acquisitions if they see a return on investment, not just to add scale. Private equity firms may bring a fresh perspective but don't always understand the traditional channel.
While consolidation can be driven by private equity money, concerns arise about the dissolution clause that comes with the money. It's important to be disciplined and say no unless the full amount plus the return can be paid back.

Tell us a little about COLOTRAQ, its history, and how it evolved to its current state.

COLOTRAQ was founded by us in 1999 as a design and build firm that focused on converting old-school NOCs into data centers for telcos. After the dot-com bubble burst, we developed a B2B marketplace for data centers that successfully brought together buyers and sellers of co-location. As the industry evolved, we adapted and signed up strategic partnerships with vendors that could fulfill all of the data center infrastructure needs of an enterprise or business.

In 2009, we opened up to subagents and developed an indirect channel. We remain specialized and laser-focused, with a couple of hundred partners that know data center deployment and are involved with major enterprises doing data center deployment. We never relied on our vendors' multimillion-dollar MDF (Market Development Funds) commitments to keep going during the lockdown, as we grew organically from our own EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization). We are proud to remain completely organic and not take PE (Private Equity) money.

When did market consolidation start picking up steam in the channel, and how did it manifest from your perspective?

Market consolidation started picking up steam relatively recently, in the past decade or so, beginning with the INTELYSIS ScanSource transaction, which was a specific strategic acquisition for ScanSource.

While vendors have always thought about consolidation and done it in any vertical, the flurry of consolidation in the channel began with the lockdown. When the lockdown happened, all MDF funds dried up for the year, which created a crisis for us.

We had two choices: do a major layoff or take on PE money. Since a layoff would show weakness and potentially cause agents to switch to a competitor, we took on PE money to float the operating costs until MDFs and sales returned to normal. Sales have not yet returned to normal, so consolidation is still happening in the channel.

What should partners be considering before they go out and acquire another company?

As a financial expert, no one should acquire another company unless they can see that they're going to be able to get a return on investment out of that acquisition. Any acquisition's fundamental focus should be on getting that profit margin lift. It's not about adding scale for the sake of adding scale.

This is the key to paying off investors with a return. When private equity firms get involved, they risk that business filing bankruptcy sevenfold. The success rate is very low with most of these types of investments. I see a lot of herd mentality among businesses that take on this money.

It's as if they feel like if they don't, they will look bad or somehow be less than their peers. But the ultimate validation for a business model and revenue model is repeated customers constantly buying products and services and paying whatever premium is charged to make money fundamentally.

All the consolidation I'm seeing is just adding bases with the same margins, and in fact, margins are shrinking both on the price compression side and the products and services in telecom and network. This is why businesses should focus on profitability and invest in a profitable business.

What signals within a partner's business indicate it's the right time to start considering a merger or acquisition?

As a business owner, if someone is looking to merge with or acquire my company, I want to see concrete metrics that show how being part of that organization will give me the tools and resources to book more sales and become more profitable. For channel partners who own customer relationships, having access to a larger customer base is a big driver for merging or being acquired. However, the issue is that adding more of the same isn't good enough to get investors' internal rate of return in three to five years. It's also important to consider the earnout structure of the deal and whether or not milestones need to be met to receive the rest of the purchase price. Ultimately, the decision to sell or merge should be based on solid reasons, not just for scale or to validate the business model.

What is your view on partner consolidation and its impact on the channel?

The trend of private equity money entering the industry can be good and bad. While they bring a fresh perspective, most don't understand the traditional channel, which is concerning because they are in control. As a result, we are seeing a lot of consolidation among partners, where ISVs are buying MSPs and MSPs are buying service providers, and agents are also being bought. The private equity community moves in herds, and they start pouring money into different types of companies in the same space just because some other PE firm took a position in it. They don't necessarily understand the industry, but they know money and finance.

While this consolidation can be driven by the herd mentality of the PE community, I am worried about the dissolution clause that comes with the money. Even if we don't sell a majority stake in our company, they can still trigger that clause, which means they have control over us. If we take their money, we must be disciplined to say no unless we can pay back the full amount plus the return, which is about threefold in five years.

When dealing with vendors, it's a different model because they are the actual service provider and tend to have tangible assets on their balance sheets. As for TSBs and agencies, we don't have tangible assets, and our only assets are our receivables and commissions. This means our commissions have a bullseye on them, and we're worried that the minute any PE firm loses patience and starts to realize they're not going to get their money back the way they thought with the return, they'll pull out, and it'll be a house of cards.

Does FOMO influence the way different partner types collaborate or merge or consolidate?

The FOMO we see in the industry is not the main factor driving the collaboration, consolidation, and mergers of different partner types. Instead, money and PE firms are driving this trend. I've seen examples of PE firms initiating agencies and building up TSBs out of nowhere just because they have the funds to do so. This is not unique to our industry, as this happens in other verticals and sectors. The PE firms want to make it happen and will do whatever it takes to acquire or build companies to make a return on their investment.

How do you think M&A activity will impact the channel in the next 12-24 months and the next five years?

As someone involved and in the trenches with actual channel partners, I believe the benefits for a channel partner, an agent, are not what they are being told or promised. The marketing of it is that with deeper pockets, they can give you more sales resources and more tools to be better at selling, but the actual execution has been the exact opposite.

All I'm hearing is that commissions are a mess. There is a mass exodus happening quietly of agents who are finding other ways to get to the vendor to get a quote, whether it's going to the vendors directly. Tons of agents are going behind the scenes and saying, "We don't want to run our deals anymore with this TSB, I know we've been working with them for 15 years, but we are not confident now with the PE money."

So they're trying to find other ways to register deals. And unfortunately, this is what CFOs and PE finance-type minds do. They come in and look at spreadsheets; they're not looking at people, they're not looking at the impact, what it does for reputation, what it does for the channel as a whole.

For more advice about mergers and acquisitions in the channel, visit Dany's profile on channelWise .
Check out channelWise.com for more experts to help you with your business or career.

Note : Transcript is edited for time and clarity.

Goal-Setting for Event Success with Debra Eckerling

Fri, 19 May 2023 13:58:04 GMT

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Attending events can be a great way to network, learn new skills, and grow your business. However, simply attending an event is not enough to guarantee success. To truly maximize your investment, setting specific goals and developing a strategy for achieving them is essential.

In this Ask the Expert Episode, Kris Blackmon, Chief Channel Officer of JS Group, interviewed Debra Eckerling on behalf of channelWise. Debra is a goal-setting and goal-getting specialist who created the D.E.B. Method and is also a channelWise expert. Her tips will help you get the most out of your event investment.

Highlights

Setting goals ensures you get the results you want from attending the event and aligns your business with your mission and goals.
Debra's D.E.B. Method (determining one's mission, exploring options, and brainstorming a path) is a useful framework for setting and achieving goals related to events.
Following up with new contacts after the event is just as important as attending the event itself.

How did you get involved in goal setting and goal getting?

I started helping people with goal setting and goal getting through events I organized at Barnes and Noble in Chicago and later started a writer support group in LA that evolved to include writers, creatives, and entrepreneurs. As people started hiring me for help with goal setting and finishing projects, I created the "D.E.B.method," which stands for determining one's mission, exploring options, and brainstorming a path.

When it comes to events, I put a lot of importance on event strategy to ensure that attendees come away with leads and information rather than feeling like they wasted their time.

Why is it important to set specific event attendance and participation goals rather than following a template for every event?

I need to set specific goals for event attendance and participation because I cannot get what I want unless I know what I want. The reason behind attending an event, whether in person or virtual, is important for aligning my business. Starting with my business goals, it is essential to prioritize my ideal clients or connections and target specific sessions that will benefit my business. Setting goals ensures that I get the result I want from attending the event.

What is your process for goal setting and goal getting in relation to events?

My goal-setting process in relation to events involves starting with visualization and identifying my ideal outcome, then working backward to prioritize my goals. I also explore my options and brainstorm a path to achieve those goals.

I emphasize the importance of starting with a mission statement and a motto that encapsulates the main reason for attending the event and using that to guide my decision-making regarding networking opportunities and session attendance. By doing so, I ensure that all the decisions I make align with my mission and goals for the event.

How to maximize your event investment beyond the event itself?

When setting goals for an event, I visualize my ideal outcome and work backward to prioritize my goals. I also developed a snappy tagline that encapsulates my main reason for attending the event. When exploring my options, I look at all the networking and session opportunities that align with my tagline and mission statement.

To get the most out of my investment, I set appointments to act on new relationships and information gathered at the event, and I dedicate time each week to relationship development and implementing action items.

After the event, I follow up with new contacts by sending them personalized connection requests and staying top of mind. I also take notes during sessions and create action items on the spot or in the evening afterward to ensure I don't forget key takeaways.

For more advice about maximizing your event investment, visit Debra’s profile on channelWise .
Check out channelwise.com for more experts to help you with your business or career.

Note : Transcript is edited for time and clarity.

How to Build an Effective Channel Partner Program with Matt Solomon

Thu, 18 May 2023 09:15:14 GMT

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Are you looking to build trust and strong relationships with your channel partners? Do you want to improve partner enablement and support?

In this Ask the Expert Episode, Kris Blackmon, Chief Channel Officer of JS Group, interviewed Matt Solomon on behalf of channelWise. Matt is the Co-Founder & Chief Business Development Officer of ID Agent and also a channelWise expert. Here they discussed the keys to success in channel program development and how vendors can set themselves apart in a competitive market. From the early stages of building a channel program to improving follow-up processes after events, Matt shared his insights and experiences working with MSPs and other channel partners.

Highlights

Building trust and strong relationships with partners is key to the success of any Channel Program.
Partner enablement and support, such as effective onboarding, consistent communication, and multiple delivery methods for onboarding material, are crucial to partners' success in gaining momentum.
Personalizing communication, addressing specific needs, and offering opportunities for thought leadership and product pitches beyond in-person events are ways vendors can improve their follow-up process and set themselves apart in competitive pitches.

What is the main objective of ID Agent’s Channel Program?

Our main objective with the Channel Program is to become the go-to platform for MSPs looking to evaluate their tech stack. We recognized that product reviews and comparisons are a significant part of the conversation among MSPs in various forums, accounting for about 50% of the chatter. To address this, we focused on bringing greater transparency and validation to these discussions, making it easier for MSPs to compare products and choose the best ones for their needs.

Over the past 11 months, we have worked hard to evolve the program to meet the needs of MSPs better. This included launching product reviews that require MSPs to put their name on them, ensuring greater transparency and authenticity. We have received over 800 product reviews in the last three months alone, indicating that MSPs find the program valuable and useful for their needs. We are committed to providing MSPs with the resources and tools they need to evaluate and select the best tech solutions for their businesses.

What were the early stages of building the ID Agent Channel Program, and how did the program gain the trust of partners?

In the early stages of building our Channel Program, we stumbled upon the idea almost by accident. At the time, we did not have a proper Channel Program that we believed would work. However, after an article was written about our program in a trade publication, we started receiving inbound leads from MSPs. We were fortunate enough to get a few MSPs on board who gave us valuable feedback on how to position the program for it to work for them.

We understood the importance of listening to our partners from the start and prioritized asking for their input and feedback. This feedback helped us hone in on what our partners wanted, and we used it to engage directly with them through product advisory councils. Additionally, we developed policies and procedures for communicating with our customer base, recognizing that it can be difficult to reach them effectively. By engaging with our partners directly and listening to their needs, we have built trust and delivered on their expectations.

What made ID Agent's Channel Program so attractive to other MSPs that allowed them to build out their channel so fast?

In the early days of building our Channel Program, we found that building out partner enablement materials was the biggest key to our success. We got on early with data's roadshow, which allowed me to see what they had built and learn from it. We took what they were doing and did our own version of it. We were very different from other vendors, and we honed in on that.

We built a platform for partner enablement ahead of other vendors at the time and completely separated us from competitors. We were also doing things well before anyone else, such as jumping on sales calls with our partners and providing extra assistance through what we called "goal assist." In those early days, I never said no to anyone and went the extra mile for our partners. You must give your partners time and attention to turn them into raving fans. Getting just one MSP to like you can turn into 10 quickly since so many of them are in peer groups.

What do partners need when it comes to onboarding, and how can vendors help them succeed in gaining momentum?

As a vendor, investing in partner enablement and support is important, and emulating successful Channel Programs can be a good way to start. We should not make the mistake of throwing sales and marketing enablement toward our partners without investing time and energy in having those conversations with them.

Onboarding partners is critical to their success, and having a dedicated customer success person to help partners onboard properly and continue to reach out is essential. It's important to deliver onboarding material in multiple capacities and follow up consistently to ensure partners know everything available to them.

What does it mean to be an expert in boots-on-the-ground marketing?

Boots-on-the-ground marketing means putting in the hard work and hustling at events. At ID Agent, we were fortunate enough to have the budget to attend many events - about 150 over a two-and-a-half-year period before COVID. One of our most successful boots-on-the-ground marketing stories was at Robins's boot camp. I had a main stage speaking slot and made a big announcement about our new product. I then went into five ways our current partners or prospects could get more value in their contracts. I announced that if 50 MSPs signed up with us, they would get 50 extra domains to monitor. We also had a game where we would give you another domain if you wore one of our t-shirts during the event. This created a social selling frenzy, and we signed 87 MSPs at the event. It was pure social selling and a great example of boots-on-the-ground marketing.

How can MSPs use vendors' strategies to promote and build their businesses?

As a vendor, we created incentives to turn our partners into our biggest brand ambassadors. One of our strategies was to be one of the last people to break down our booth at events so that we could speak with more MSPs. This often resulted in signing deals at the very end of the event. We also did webinars and partnered with other vendors to drive thought leadership and reach a larger audience.

As an MSP, I suggest doing the same and borrowing tactics from Fortune 500 companies. For example, partnering with law firms or professional services that target the same audience can be an easy way to drive more business. Local celebrities like athletes or thought leaders can also be brought in for events to draw more attendance. By creating brand ambassadors out of your current client base, you can generate more business and expand your reach.

How can vendors improve their follow-up process after a virtual or in-person event?

As a vendor program manager, personalizing communication with leads is key to effective follow-up after events. It's important to address their needs and not bury the value proposition deep in the email. When I receive sales emails, I look for something that catches my attention by addressing a specific problem or need. It's worth taking the time to research and add a personal touch to the communication.

At our program, we strive to provide ROI over the entire year and not just at in-person events. We offer opportunities for vendors to pitch their products and provide thought leadership through webinars and events. We also understand that the buyer's journey is not always immediate, so we have built a platform allowing vendors to answer frequently asked questions that MSPs have. This saves time and helps us to focus on discussing how our product can solve their problems. We are always looking for ways to make it easier for vendors to have meaningful conversations with leads.

What sets the successful partners or vendors who pitch on Channel Program apart from everyone else?

As a representative of the Channel Program, we focus on five areas during vendor pitches. These include what problem the vendor solves, what makes them different, their pricing structure, their Channel Program, and how they can make us more efficient, cost-effective, or secure. The vendors who spend the most time discussing what problem they solve and what makes them different tend to be the most successful in our program.

We're even considering launching competitive pitches with similar companies on a single pitch to directly address what sets them apart. We've also developed channel charts that provide direct feedback to help MSPs evaluate the stack and determine who separates themselves from the pack during the pitch events.

For more advice about how to build and manage a channel ecosystem, visit Matt's profile on channelWise .
Check out channelWise.com for more experts to help you with your business or career.

Note : Transcript is edited for time and clarity.

Maximizing ROI at Trade Shows with Amy Bailey

Wed, 17 May 2023 14:13:49 GMT

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Trade shows can be a valuable opportunity for businesses to generate new leads, increase visibility, and ultimately, boost their bottom line. However, attending these events requires careful planning and execution to ensure a positive return on investment (ROI).

In this interview, Kathryn Rose, CEO & Founder of channelWise, and Amy Bailey, a channelWise expert and Owner of Unusually Unusual Consulting, covered essential tips for businesses planning their trade show.

Highlights

Businesses should prioritize attending trade shows where they have a local presence and where they can build relationships with potential customers and partners.
When designing their physical booth, businesses should consider creating an open, inviting space that encourages engagement with potential customers.
To get the most out of trade shows, businesses should have a comprehensive strategy that includes pre-show planning, a show floor strategy, and a post-show follow-up plan.

What is the real return on investment (ROI) of exhibiting at events?

The ROI of exhibiting at events can be measured in various ways, such as tracking leads generated from the event, visibility, and new business.

What are some tips for businesses planning their trade shows and which shows should they prioritize?

Businesses should prioritize regional or local shows where they have a presence. Having feet on the street and building relationships with potential customers or partners is important.

Additionally, attending events is just the first step, there needs to be a follow-up plan to continue building those relationships. I always advise clients that there is much work to be done before attending the trade show, such as developing a pre-show strategy. Don't assume that customers or partners will come to you; put in the work to build those relationships.

How should businesses prioritize their budget for larger events with thousands of attendees and exhibitors?

Businesses can prioritize their budget for larger events by identifying where they have seen success before or by talking to others to see which shows have brought them success. They should also consider new or niche shows that might fit their business well. Having a pre-show strategy and reaching out to attendees ahead of time can also help businesses make the most of their time while at the event.

How should businesses assign staff at trade shows?

Businesses should send personable and engaging staff, regardless of their territory or job title. Successful handoffs can be made, and attendees at trade shows expect to be handed off to someone else. They should avoid sending staff who sit behind tables and laptops, as this is not engaging to attendees.

How should businesses train their salespeople for trade shows?

Salespeople should be trained to engage the crowd with professional attire and a friendly attitude. Hiring outside staff for startups or smaller companies that don't have a large sales force may be necessary. However, they should be trained ahead of time and understand the company's products and services well.

What should businesses consider when designing their physical booth for trade shows?

Avoid tables that block the view and create a barrier between your staff and potential customers. Instead, consider having specific areas for literature and swag, and if meetings are planned, a separate meeting room can be a great use of time and money. The meeting room can be made comfortable and tailored to the company's personality, providing a respite for attendees from the often hectic atmosphere of trade shows.

What are some recommendations for a post-show follow-up strategy?

It is important to have a post-show follow-up strategy to ensure that leads are not lost. Drip campaigns can be a good way to remind people of who you are, but having a conversation with them is even better.

You can also use custom questions to gather more information about potential leads during the registration. This will give you something specific to discuss when following up, rather than just saying, "remember me." Using notes and lead capture devices to the fullest extent is crucial for a successful post-show follow-up strategy.

What are some strategies for getting the most out of trade shows?

The main strategies for getting the most out of trade shows include having a pre-show strategy, a show floor strategy, and a post-show follow-up strategy. It is important to make the most out of the opportunities for networking, not only on the show floor but also during parties and coffee breaks.

For more advice about trade shows and events for the channel, visit Amy's profile on channelWise .
Check out channelWise.com for more experts to help you with your business or career.

Note : Transcript is edited for time and clarity.

Why Partner Trust is Crucial for a Profitable Channel Partnership with Dede Haas

Tue, 16 May 2023 07:19:56 GMT

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The success of a company's channel route to market heavily relies on the relationships and trust it builds with its partners. However, building and maintaining this trust can be challenging for vendors, especially when dealing with many partners.

In this Ask the Expert Episode, Kathryn Rose, CEO & Funder of channelWise, interviewed Dede Haas, Channel Strategist and Coach from DLH Services and a channelWise expert. Read on to know the most critical factors for successful channel partnerships, how vendors can develop trust with their partners, and pitfalls to avoid when working with partners.

Highlights:

Trust is the most critical factor in successful channel partnerships, and vendors should prioritize developing trust with their partners to succeed in the channel route to the market.
To develop trust, vendors should communicate transparently, listen to their partners' concerns and suggestions, provide them with necessary resources, and acknowledge their importance to the program.
Vendors should view their partners as equal business partners and provide support and resources to them.

What do you see in the future of channels and partnerships?

I have observed the evolution of the channel since the eighties and have seen the rise of the ecosystem as the new buzzword in the industry. In the nineties, we collaborated similarly with vendors and partners; the ecosystem is important. However, I also emphasize the continued importance of partners in the channel and that not all vendors have let their partners in on the whole memo about the ecosystem. As a counselor to my customers, I remind them of the importance of the ecosystem but also to not forget about their partners in the channel.

What are the most important factors for companies to have successful channel routes to market?

Helping partners succeed builds trust, the most critical factor in successful channel routes to the market. Without trust, companies have nothing. Therefore, I advise companies to prioritize developing trust with their partners and helping them succeed, as this will lead to a successful channel route to market.

What can vendors do to develop trust with their partners, especially when dealing with a one-to-many strategy?

Communication is key in developing trust with partners, especially when dealing with a one-to-many strategy with many partners. To build trust, I advise vendors to keep their partners informed about what they will do to help them succeed and provide them with the necessary resources. It's essential to listen to their concerns, questions, and suggestions and acknowledge them. And lastly, doing what we say we will do are crucial in building that trust. Remember to acknowledge your partners and make them feel valued, even if you have thousands of them. Show your partners that they are important to their program.

What specific strategies can vendors use to foster trust with their partners, especially when partners are bombarded with messages from multiple vendors?

Vendors should focus on quality over quantity when recruiting partners by ensuring they have the correct partner profile. During the recruitment process, I suggest communicating expectations to partners and asking about their expectations. Transparency is key, and we should ensure that partners stay up-to-date with product upgrades and understand what's happening in our company. We should also stay in touch with partners in their preferred method and notify them of any changes.

Overall, it's important to be transparent and upfront with partners and set expectations from both sides. Prioritize the quality of their partnerships and establish clear communication and transparency with their partners.

What pitfalls do vendors fall into when working with partners, and how can they avoid them?

The most common pitfalls are not developing relationships with partners and not having the right partner profile. Vendors may also have unrealistic expectations for their partners or fail to provide support and resources for them.

Additionally, vendors may not treat their partners respectfully or look down upon them. To avoid these pitfalls, we should view our partners as equal business partners and work to establish a relationship with them. We should also provide support and resources for our partners, such as MDF prospecting funds, and avoid having unrealistic expectations. Overall, treating our partners respectfully and acknowledging their limited resources is important.

What should a company look for in evaluating whether or not the channel is a route to market for them?

As a channel expert, I have developed a 13-point checklist for companies considering entering the channel. One of the most important considerations is whether senior management is fully on board with the idea. Without their support, it will be difficult to make the channel successful. Having the necessary resources to provide partners with what they need is also important. Before creating a partner profile, the company must ensure its marketing department and systems engineers are willing to work with partners. These are just a few things that must be considered before entering the channel.

What advice would you give to vendors and suppliers looking to reduce costs but keep their channel program vibrant?

As a channel expert, a company should not cut its channel program resources to reduce costs, as the channel program is not a direct sales team and is designed to use fewer in-house resources to have more partners selling and servicing the products. The channel program is specifically designed to keep numbers low for the company while having a wide outreach. The resources should be put into helping partners with marketing and engineering. The partners should manage customer relationships so the company doesn't have to do it alone. Cutting the channel organization to the barest minimum will result in overworked partner account managers, which can lead to disgruntled partners leaving the program.

For more advice about the channel partnerships, visit Dede’s profile on channelwise .
Check out channelWise.com for more experts to help you with your business or career.

Note : Transcript is edited for time and clarity.

Why Understanding the Ecosystem is Crucial for Success in the Channel with Greg Plum

Mon, 15 May 2023 13:44:45 GMT

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In the channel industry, the ecosystem approach has become a buzzword for a good reason. Understanding the network of partnerships and relationships between different players in the industry is crucial for success.

In this Ask the Expert Episode, Kathryn Rose, CEO & Founder of channelWise and Greg Plum, Director of PartnerReady and a channelWise expert , explored the importance of the ecosystem, how it relates to the customer journey and the key considerations for vendors' or suppliers when starting a partner program or expanding their channel presence.

Highlights

The ecosystem approach in the channel industry emphasizes collaboration, co-creation, and mutual success among vendors, distributors, resellers, solution providers, agents, and subagents.
Understanding the ecosystem is crucial because it encompasses all the different players and relationships that impact the customer.
To be successful in the ecosystem model, vendors, and suppliers should consider their position in the ecosystem, work with partners to offer comprehensive solutions and services, and create new revenue streams.

What is an ecosystem in the context of the channel industry, and why should people care about it?

The concept of an ecosystem is a new buzzword in the channel industry. It refers to the network of partnerships and relationships between different players in the industry, including vendors, distributors, resellers, solution providers, agents, and subagents. The ecosystem approach is gaining popularity because it emphasizes collaboration, co-creation, and mutual success rather than traditional vendor-to-customer relationships. Ecosystems can enable partners to offer customers more comprehensive solutions and services, create new revenue streams, and differentiate themselves in a crowded market. Therefore, understanding and participating in ecosystems can be crucial for the success of businesses in the channel industry.

What is the importance of understanding the ecosystem in the channel industry, and how does it relate to the customer journey?

Understanding the ecosystem in the channel industry is important because it encompasses all the different players and relationships that impact the customer. Recognizing and leveraging these relationships to offer customers more comprehensive solutions and services, create new revenue streams, and differentiate oneself in the market is crucial. The ecosystem approach also extends the concept of the customer journey beyond just the people inside the company to include potential providers of services that surround the customer.

What steps can partners take to leverage the ecosystem approach and strengthen their position with customers?

Partners should identify their ideal customer profile and ask questions to understand who else is influencing them, such as what they are buying, who they are buying from when they are buying, why they are buying, and how they are buying. Once partners have this information, they can build relationships with other influencers in the ecosystem and work directly with them to strengthen their position with the customer. This approach is more strategic and complex than the traditional one-to-one relationship between a partner and a customer. Therefore, partners must understand their value proposition and how it complements and influences other parts of the ecosystem.

What are the key considerations for vendors or suppliers when starting a partner program or expanding their channel presence in the ecosystem?

When starting a partner program or expanding your channel presence, recognize that you are just one piece of the solution in the ecosystem. You must be strategic and patient and ask many questions to understand what you want to achieve and how to do it effectively. Building a partner program can take around 18 months to see any movement of the needle, so you must be prepared for this long-term investment.

To be successful in the ecosystem model, consider your position in the ecosystem and understand the power of relationships and partnerships within it. You should work with partners to offer customers more comprehensive solutions and services and create new revenue streams.

What are the trends in channel and ecosystem management in the next 2-5 years?

The trends in channel and ecosystem management include the growing importance of technology distributors, leveraging systems and data, and the impact of the pandemic on remote communication. The strength of technology distributors, such as the likes of Avant and Intel, is expected to grow. The relationship is still crucial, but data is becoming more critical for business growth. The pandemic has made remote communication more efficient, but face-to-face interaction is essential for building relationships.

For more advice about the channel ecosystem, visit Greg’s profile on channelwise .
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Note : Transcript is edited for time and clarity.