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Direct sales just don’t cut it in the TA solutions business. There, I said it.
A TA solutions provider that concentrates entirely on a direct sales business development strategy simply does not have the power to drive sustainable company growth. All of that effort – whether it involves attending and/or exhibiting at dozens of HR and Recruiting conferences or deploying a massive tele-sales force or relying on a select team of rainmakers or all of the above – whatever it is has a finite limit. And, that limit barely scratches the surface of the total addressable market.
So, what’s the alternative?
A two-part development strategy that uses both direct sales and partnerships is the best way to grow a business. It dramatically expands a company’s reach in the total addressable market. That’s not a new idea, of course, but in my experience, it’s an idea that isn’t always implemented very well. Most TA solution providers acknowledge the importance of partnerships, but far too many fall short of walking the talk.
What does that mean?
All too often, the development and care of B2B partnerships are not given the same priority and attention as the pursuit of direct sales. In fact, the sales effort is almost always 10x or 20x the partnership development effort.
Now, I understand why that’s so. First, sales provide immediate gratification, at least when they happen. And second, that gratification – revenue – is both tangible and measurable. Building partnerships doesn’t offer either of those benefits.
But, they can.
TAtech North America & The World Job Board Forum is the largest gathering of job board and talent technology CEOs, executives and rising stars in the North American market. Why are they there? To hear worldclass speakers and make B2B connections that can grow their business. There’s Jeff Taylor, Founder of Monster, and Tami Nutt, VP of Research & Insights at Aspect43, and there’s Fatih Uysal, CEO of next gen job board Kariyer.net, and Chris Forman, Founder of Appcast. Add them and other speakers as well as moderated discussions on business topics to the opportunity for partnership, product integration and other meetings in the TAtech Deal Center, and there’s no better way to spend a day-and-a-half! Seating is limited at the conference venue, so register today to make sure you have a spot.
Properly implemented partnerships have as much revenue generating power as direct sales and potentially much more. Think of them as interest-bearing accounts. The investment you make in developing partnerships compounds your reach into the market. It gives your products much more visibility among prospective Buyers than even the largest direct sales campaign.
Getting implementation right, however, is not a trivial exercise. The devil, of course, is in the details. It involves a series of steps and the commitment to execute them effectively. They include:
• Identifying the right partner – one that will properly implement the partnership with your company because they have compatible products, a robust customer base and an equal commitment to making the partnership thrive;
• Developing the detailed knowledge of and trust with each partner so they see you as serious about the partnership and respond in kind – designating someone who is responsible for making the partnership work and then giving them the resources and senior-level support to do their job effectively;
• Actively holding up your end of the deal by – (a) providing the ongoing (not launch and done) training and support to enable your partner to sell your product as effectively as you can and (b) if the partnership involves reciprocal product sales, devoting as much energy to selling your partner’s products as you expect them to do for yours.
• Continually refreshing the partnership with face-to-face meetings – though they are B2B deals, at their most fundamental level, partnerships are human relationships and as such, they require attention and continuous care.
• Measuring the results of the partnership regularly – reinforcing those that are working effectively and remediating or, if necessary, terminating those that are not performing as expected and required.
So, what’s the bottom line?
The most successful TA solution providers walk the talk when it comes to B2B partnerships. They not only verbally commit to establishing these relationships, but they also actively work on them all of the time.
Food for thought,
Peter
Peter Weddle has authored or edited over two dozen books and been a columnist for The Wall Street Journal. He is the founder and CEO of TAtech: The Association for Talent Acquisition Solutions.
